KSA signs AI agreement with Dell Technologies

KSA signs AI agreement with Dell Technologies
The agreement was signed last week during GITEX Technology Week 2020 in Dubai between Dr. Esam Al-Wagait, director of Saudi Arabia’s National Information Center (NIC), and Mohammed Amin, senior vice president of Dell’s Middle East wing. (SPA)
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Updated 12 December 2020

KSA signs AI agreement with Dell Technologies

KSA signs AI agreement with Dell Technologies
  • Saudi Data and Artificial Intelligence Authority deal part of the Kingdom’s digital transformation

RIYADH: The Saudi Data and Artificial Intelligence Authority (SDAIA) signed an agreement with the American multinational computer company Dell Technologies, combining the two organizations’ expertise in emerging technologies to accelerate the use of artificial intelligence (AI) in the Kingdom.

As Saudi Arabia aims to diversify its economy away from oil under Saudi Vision 2030, it is stepping up efforts to drive innovation and the use of AI. As part of this agreement, SDAIA will be provided with consulting services that will help them leverage solutions within AI, cloud, data analytics and enterprise storage, as part of the Kingdom’s digital transformation.

“This strategic collaboration will also witness an exchange of industry best practices and expertise needed to develop integrated projects that will serve the needs of public sector entities’ technology across Saudi Arabia,” SDAIA and Dell said in a joint statement.

The agreement was signed last week during GITEX Technology Week 2020 in Dubai between Dr. Esam Al-Wagait, director of Saudi Arabia’s National Information Center (NIC), and Mohammed Amin, senior vice president of  Dell’s Middle East wing.

Saudi Arabia has undertaken a series of initiatives to support its ongoing socio-economic transformation and modernization strategy. The National Strategy for Data and Artificial Intelligence (NSDAI) said recently that it is looking to attract some $20 billion in foreign and local investments by 2030.


Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October
Updated 14 sec ago

Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October

CAIRO: Net foreign assets held by the Saudi Central Bank (SAMA) went down by a monthly rate of 3.3 percent to reach SR1.63 trillion ($433 billion) in October, according to newly released data by SAMA.


OPEC+ likely to be cautious on oil demand at upcoming meeting

OPEC+ likely to be cautious on oil demand at upcoming meeting
Image: Shutterstock
Updated 28 November 2021

OPEC+ likely to be cautious on oil demand at upcoming meeting

OPEC+ likely to be cautious on oil demand at upcoming meeting
  • Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations

RIYADH: The OPEC+ group is likely to take a cautious stance when deciding next week whether to go ahead with planned production increases following the discovery of a new COVID-19 variant has emerged, Geneva-based oil trader Vitol Group said. 

The new variant, named Omicron, has rattled the oil market globally, pushing prices down to their biggest decline since April 2020. 

There are signs that demand may be weakening in some markets going into the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, as reported by Bloomberg.

The new coronavirus variant will probably lead to more flight cancellations this week, he said.

Several countries have tightened travel restrictions against a number of African countries, following the discovery.

Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations.

“OPEC+ have erred on the side of caution,” Muller said on a weekly webinar by Dubai consultancy Gulf Intelligence.

“Post facto they’ve proven to be right. It is likely they will take into account these fundamentals and the possibility of a demand hit over the winter months.”

OPEC and its partners, including Russia, will meet next week to discuss whether it will implement a planned production increase of 400,000 barrels per day.

 


Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
Image: Shutterstock
Updated 28 November 2021

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
  • Goldman Sachs and Barclays are advising National Grid on the sale

RIYADH: Qatar Investment Authority (QIA),  the country’s sovereign wealth fund, may acquire assets of the UK’s National Grid, which operates electricity and natural gas transmission networks, CNBC Arabia reported, citing two unnamed sources.

QIA was part of a consortium of investors that acquired about 61 percent of the British company's gas pipeline assets five years ago.

Now the Qatari fund is competing with other global investment funds, including Macquarie and Equitix, to acquire the gas assets in an estimated $7 billion deal, the sources said. 

Goldman Sachs and Barclays are advising National Grid on the sale, the report added.

This comes amid a protracted energy crisis that has affected the UK and Europe significantly in recent months amid the disruption of global supply chains. 

The country earlier announced it reached an agreement with Qatar to secure its gas needs or 40 percent of the UK’s total energy mix. 

National Grid has a primary listing on the London Stock Exchange and a secondary listing in the form of its American depositary receipts on the New York Stock Exchange.


Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office
Updated 28 November 2021

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

 Amazon has partnered with Abu Dhabi Investment Office (ADIO) to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday


The project will create thousands of jobs, boosting Abu Dhabi's logistics sector and retail ecosystem and will be in line with the UAE's ambition to achieve net-zero emissions by 2050, the media office added.


Gulf countries to establish integrated industrial strategy: Bahraini minister

Gulf countries to establish integrated industrial strategy: Bahraini minister
Updated 28 November 2021

Gulf countries to establish integrated industrial strategy: Bahraini minister

Gulf countries to establish integrated industrial strategy: Bahraini minister

Countries in the Gulf Cooperation Council (GCC) are planning to set up an integrated industrial strategy, Bahraini Minister of Industry, Commerce and Tourism Zayed Alzayani said.

This will be done by creating a unified “Gulf strategy for industry,” Asharq Al-Awsat reported, citing him.

The Gulf countries are also trying to increase dependence on each other instead of importing raw materials from abroad, which Alzayani said could create jobs, diversify economies, and expand their exporting values. 

He added the region is heading towards the formation of a customs and economic union by 2025, and the integrated industrial system will help the Gulf to stand among global conglomerates as a single bloc.

When combined, Gulf countries are the 12th largest economy globally, the minister said, adding their aim to be among the top 10 biggest economies in the world.