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Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go!
From 24th to 29th June 2024
Saudi Arabia invited AI Key Industry players to set up their presence in the Kingdom
RIYADH: Saudi Arabia has taken a few steps to attract International AI firms to invest in the Kingdom. Speaking at the World Economic Forum’s 15th Annual Meeting of the New Champions, in Dalian, China on June 25, Faisal Al-Ibrahim, Saudi Arabia’s minister of economy and planning, has stated the country is taking initiatives to become a leading force in AI.
Saudi Arabia is making a strive to become the global leader in AI through the National Strategy for Data and Artificial Intelligence, launched in 2020. This initiative aims to attract $20 billion worth of investment by 2030 and train 20,000 AI and Data specialists.
Al-Ibrahim emphasized the need to ensure that AI was accessible across the globe so as to eliminate the existing inequalities in terms of economic status. He further stated that the Kingdom’s non-oil sector is expanding faster, making up to 51% of the real GDP.
The World Economic Forum, themed “Next Frontiers for Growth” brought together leaders from 80 countries addressing the issue of world economic growth with the focus on new economic drivers, AI’s role in entrepreneurship, and sustainability.
In conclusion, Saudi Arabia is positioning itself to become a center for AI advancement and enhance international collaboration and fair utilization of technology.
NIDLP report: Saudi Arabia’s non-oil exports exceed SR206 billion in 2023
RIYADH: The non-oil exports of Saudi Arabia reached over SAR206 billion in 2023 according to National Industrial Development and Logistics Program (NIDLP). Since the start of the year the program initiated 283 projects of which 102 have been successfully implemented within the year and contributed to enhancement of GDP by SAR345 billion.
“Renewed Horizons”, the annual report shpwcases NIDLP’s contributions for Vision 2030. It employed more than 204,000 employees, prioritizing local employment; and increasing non-oil exports by 74 percent and raising the economy’s value by more than 35 percent.
The key achievements include new energy and solar projects, mining, among others; the launch of the National Automotive Company for electric vehicles. NIDLP strives at making Saudi Arabia as a world’s industrial and logistic center focused on innovation in the Kingdom.
Saudi-US Council Meeting focuses on boosting trade and investment cooperation
WASHINGTON: The 8th Saudi-US Trade and Investment Council meeting (TIFA) was held in Washington on Friday. The Deputy Governor of the Authority for International Relations Abdulaziz Al Sakran and the Assistant United States Trade Representative (AUSTR) for Europe and the Middle East Bryant Trick were the prominent figures present at the meeting. The meeting was held to increase bilateral trade and investment between the two countries.
This includes areas like trade relations and trade agreements, technical barriers to trade, protection of intellectual property rights, electronic commerce, and joint work in innovation and technology. They also emphasized available sectors such as agriculture and food, pharmaceuticals, the Saudi Green and Middle East Green Initiatives.
A roundtable meeting with private sector of both the countries discussed measures to strengthen bilateral trade and investment in Saudi Arabian key industries, promoting SMEs and overcoming barriers to trade.
The Saudi delegation participated in many events such as investment forums and roundtable discussions with the US officials and the businessmen. The participants were ministry and authority representatives from the Saudi, which indicates the diverse nature of interests and industries involved in the bilateral cooperation.
Saudi non-oil exports to China exceeds $47 billion over five years
Saudi Arabia: The Kingdom of Saudi Arabia has exported more than SR176 billion ($46.93 billion) of non-oil exports to China within the last five years; it includes chemicals, polymers and metals among others. China has emerged as the largest export market for Saudi Arabian exports and consumes 15 percent of the exports as per the latest report from the General Authority for Statistics (Gastat).
There is no doubt that transport and logistics was one of the most important sectors that Saudi Arabia experienced a remarkable performance in its service exports in 2023. The service exports to China rose by 40% from the previous year reaching SR182 billion. Those export services, led by the travel sector which comprise 74% of these exports, rose by 43%, with an export value of SR 135 million. The transport sector exports amounted to SR 24.2 billion and communications sector exports were valued at SR6.3 billion.
Attempts to increase Saudi exports to China reflect the strengthening of Saudi-Chinese relations. The relations of Saudi Arabia with China were initiated during the meeting between King Salman and Chinese President Xi Jinping in 2016 which led to many agreements, including the cooperation on the Belt and Road Initiative. The bond was further solidified in 2019 with the official visit of Crown Prince Mohammed bin Salman to China to cement bilateral cooperation.
