JEDDAH: Saudi Arabia on Thursday unveiled a bold budget statement that outlines plans to increase spending in 2017 as well as measures designed to drastically cut the deficit.
The fiscal deficit is “now manageable” and is forecast at SR198 billion ($53 billion) next year, moving in the right direction as part of an aim to eliminate it altogether by 2020.
That is a decline of one third from the 2016 budget deficit of SR297 billion, itself 9 percent lower than originally forecast, and far below the high of SR366 billion seen in 2015, in the immediate fallout of the oil price crash.
King Salman approved the general budget for 2017 in a session of the Cabinet.
He underscored that the budget announcement comes amid economically volatile situations suffered by most states.
“Our economy is firm and it has sufficient strength to cope with the current economic and financial challenges and this is the result of the prudent fiscal policies taken by the state,” he said.
“We are determined to strengthen the elements of our national economy, where we adopted Saudi Vision 2030 and its programs according to a comprehensive reform plan that can transfer the Kingdom to broader and more comprehensive horizons to meet the challenges and strengthen its position in the global economy.”
The budget documents showed that the government had been able to finance the deficit by drawing from reserves and surpluses, in addition to borrowing SR200.1 billion on international debt markets.
The Saudi budget for 2017 reiterated the Kingdom’s aim to eliminate the fiscal deficit altogether by 2020. This is in line with the Kingdom’s Vision 2030 and related programs, including the National Transformation Plan.
The government plans to phase out its costly subsidies on energy, although low-income citizens will receive “direct cash support” to help them manage.
It will also introduce “minimal” fees on foreigners gradually up to 2020, the Saudi Finance Minister Mohammed Al-Jadaan told reporters in Riyadh.
“There are two kinds of fees, the first is according to the number of family members an expat has in return for utilities used… this minimal amount will increase gradually every year,” the minister said in response to a question from Arab News.
“The second is already imposed on companies which employ expat workers; this will increase gradually as well until 2020.”
The fees do not apply to domestic helpers, such as drivers and cleaners, but only to expats working in commercial entities, the minister said.
The finance minister ruled out income taxes on Saudi nationals, foreigners or company revenues.
The minister added that the Saudi government had paid all outstanding dues to private sector firms as the beginning of December. Any claims submitted in the last three weeks will be paid in two months’ time.
Al-Jadaan said that the budget figures published on Thursday included the cost of the Yemen war, adding that defending the country was vital no matter what the expenditure.
“There is no price tag (not worth paying) for defending our country, borders and people,” he said.
In 2016, Saudi Arabia’s total revenues are expected to reach SR528 billion, and are forecast to rise to SR692 billion next year. Oil revenues for 2017 are estimated at SR480 billion, 46 percent higher than the 2016 projections, while non-oil revenues are estimated at SR212 billion, a 6.5 percent increase.
Expenditure for 2016 stood at SR825 billion, excluding that related to the previous year, and less than the SR840 billion originally forecast. The expenditure in 2017 is estimated at SR890 billion, an 8 percent increase over 2016.
The total national debt for 2016 was approximately SR316.5 billion, which is 12.3 percent of the projected gross domestic product (GDP) in fixed prices for 2016. Official documents showed that the national debt will not exceed 30 percent of GDP.
“Following successful debt issuances in 2016, debt issuance will continue as and when needed, subject to local and international market conditions,” the budget documents said.
“The Kingdom will seek to raise further debt at attractive rates on international markets.”
This could include diversifying the type of issued debt by issuing Shariah-compliant instruments such as sukuk inside and outside the Kingdom.
Saudi budget slashes deficit forecast by a third
Saudi budget slashes deficit forecast by a third
Superintelligent AI could replace human researchers, experts suggest
- AI opens new horizons in hypothesis generation, data analysis, Riyadh panel hears
- Global Healthspan Summit discusses ethical implications surrounding AI in healthcare
RIYADH: Experts at a Riyadh conference on Wednesday tackled the question of whether human researchers will become obsolete in the face of superintelligent machines capable of making groundbreaking discoveries.
A panel discussion during the Global Healthspan Summit, which has Arab News as a media partner, brought together specialists to explore the potential of artificial intelligence in scientific research.
The session, titled “AI — The Greatest Scientist in Waiting?” challenged the scientific community by positing that the new technology could surpass human capabilities in hypothesis generation, experimental design, and data analysis.
Two prominent contributors, Dr. Christoph Benn, director of the JLI Center for Global Health Diplomacy in Switzerland, and Jamie Heywood, CEO and founder of Alden Scientific in the US, took part in the discussion, which was moderated by Dr. Jens Eckstein, investment partner at the Hevolution Foundation in Saudi Arabia.
Heywood opened the conversation by emphasizing the transformative potential of AI.
“Mathematics and data techniques are not particularly new. What changes is the amount of data and the computational power we can apply to it,” he said.
Modern scientific method, when combined with AI, allows researchers to ask more nuanced questions, Heywood said.
Rather than relying on generalized clinical trials, researchers can now tailor inquiries to individual circumstances, thus enhancing the relevance and applicability of findings.
Heywood explained: “With enough variables and carefully designed queries, we can answer critical questions like: What will help me? What might be harmful? How will a change in my life, whether it be a diet or medication, feel?”
Such personalized insights would not be feasible without the integration of modern AI technologies, he added.
However, Heywood also cautioned against the pitfalls of AI, particularly the “garbage in, garbage out” phenomenon.
He explained that while machine learning can generate valuable insights, it is also susceptible to errors if the underlying data is flawed or misinterpreted.
“Machine learning can correct for seasonality errors in data, but it can also produce spurious correlations that traditional scientific methods might not catch,” he warned.
For instance, he recounted how the UK Biobank data suggested a correlation between vitamin D and aging that contradicted prior knowledge, highlighting the importance of critical oversight in AI-assisted research.
Benn echoed these comments, stressing the necessity of using AI responsibly in the context of personalized medicine.
“Is it possible to do modern medicine effectively without machine learning? I’m not even sure,” he said.
Benn said that the complexities of modern health data — comprising thousands of variables — are beyond the capacity of human intuition alone.
“Humans can intuit some relationships, but we can’t analyze data at that level,” he said.
The discussion also explored the ethical implications and regulatory needs surrounding AI in healthcare.
Benn pointed out the importance of establishing frameworks to ensure that AI tools are validated and certified.
“We need to trust these tools, both from the consumer’s perspective and from researchers,” he said.
He shared concerns raised by researchers who were hesitant to market their AI innovations without a clear certification process and accountability measures in place.
“Unless we know whether there is a certification process and whether we will be held accountable for unintended side effects, we will not market our AI tools.”
As the panel concluded, the conversation highlighted a critical juncture for the scientific community, noting that the integration of AI into research has the potential to revolutionize our understanding of health and disease, but also necessitates careful consideration of ethical and regulatory frameworks.
All Saudis should have access to AI health-monitoring tech, says Prince Khaled bin Alwaleed
- Technology can help extend healthy human lifespan, prince says
- Government should invest in improving population’s longevity
RIYADH: All Saudis should have access to artificial intelligence technology that monitors their health in real time, Prince Khaled bin Alwaleed told Arab News in an exclusive interview on Wednesday.
“Every Saudi citizen should have a real-time AI-driven health dashboard tracking metabolic markers, predictive disease risks, and lifestyle optimization strategies,” said the founder and CEO of KBW Ventures on the sidelines of the Global Healthspan Summit in Riyadh, which has Arab News as a media partner.
“We can also incentivize longevity-focused R&D. Governments should treat health-tech startups like they treat defense contractors: Fund them, fast-track them, and make breakthroughs happen.”
The prince and investor spoke about the idea of extending the healthy lifespan of the Saudi population, which is a key focus of the two-day summit.
“Aging isn’t the onset of disease; it’s the failure of medicine to treat the root cause. We’ve been conditioned to believe that heart disease, Alzheimer’s, and metabolic disorders are just part of ‘getting older.’ That’s like saying a car breaking down after 100,000 miles is inevitable. It’s not; it’s a mechanical failure due to wear and tear.”
In addition, the financial stress on economies is not from people living longer, the CEO believes, but rather from people living sick longer.
“Healthcare systems are designed to treat disease, not prevent it. We spend trillions on end-stage care instead of investing in tech that keeps people healthy for longer. The longer people stay active, productive, and self-sufficient, the better it is for the economy,” he said.
According to Prince Khaled, a healthy population is not a burden but an economic accelerator.
He continued: “What happens when we add 20 high-performance years to a person’s life instead of 20 years of dependency? We flip healthcare from an expense to an investment.”
The problem, he said, is governments and legacy institutions that treat healthcare as an expense instead of a growth sector.
However, to change this perspective, longevity should be a national priority, as should investing in new technology to extend healthy lifespans, he added.
“The same way governments invest in infrastructure and energy security, we should be funding longevity tech, AI-driven medicine, and regenerative therapies,” Prince Khalid said.
He added: “We need to overhaul preventative healthcare. Move from a ‘treat once sick’ model to a ‘predict and prevent’ model.”
Another idea the CEO raised was leveraging Saudi Arabia as a biotech corridor.
Saudi Arabia could be presented to the world as a global hub for longevity research, “offering regulatory flexibility, AI-powered clinical trials, and public-private partnerships that make biotech innovation move faster,” he said.
A healthier population will drive productivity, innovation, and economic expansion like never before, he added.
Furthermore, the future of health is not exclusively held by hospitals but by algorithms. With advanced technology, Prince Khaled suggested, AI will design personalized longevity plans for every individual by detecting disease before any symptoms appear.
“AI isn’t replacing doctors — it’s making every citizen their own health CEO. We should be running simulations of every human body and predicting health outcomes before they happen. The data exists. We just need AI to make sense of it,” he said.
While the country is developing and advancing with a number of megaprojects, the CEO believes that the government could build the world’s first longevity-first city as well, where AI can play a significant role in optimizing public health, fostering genetic research, and reversing the effects of aging.
“With AI-driven biotech, the Kingdom can lead in regenerative medicine, gene editing, and age-reversal therapies. A 100-year lifespan shouldn’t be a burden — it should be an advantage,” he said.
“The future of Saudi health isn’t about more hospitals and doctors. It’s about AI-driven longevity, proactive medicine, and ensuring every Saudi lives healthier for longer.”
When aging is viewed as an unsolvable problem, it becomes so, Prince Khaled said. However, if it is treated as an engineering challenge, it can be solved.
In a final note, Prince Khaled said: “The countries that prioritize longevity will dominate the global economy.”
Saudi counter-narcotics authority seizes 11 million amphetamine pills in Dammam
- Smugglers concealed amphetamine pills in a food shipment
- Authorities discovered it at King Abdulaziz Port in Dammam
RIYADH: Saudi Arabia’s counter-narcotics authority thwarted on Wednesday an attempt to smuggle eleven million pills of the illegal and dangerous drug amphetamine.
The General Directorate of Narcotics Control, or GDNC, announced the discovery of 11,108,998 amphetamine pills concealed in a food shipment at King Abdulaziz Port in Dammam, located in the Eastern Region.
Two suspects were arrested — a resident of Jordanian nationality and a Saudi citizen — by the GDNC, acting in coordination with the Zakat, Tax, and Customs Authority, which controls the security of all land and seaports in the Kingdom.
The street value of the seized amphetamine pills, also known as captagon, ranges between $10 and $25 each. Consequently, the value of the shipment is estimated to be between $111 million and $227 million.
Drug smuggling is a serious crime in Saudi Arabia. It is punishable by up to 15 years in prison, along with 50 lashes and a fine for first-time offenders involved in smuggling, consuming or marketing drugs. However, individuals who repeatedly commit this crime may face the death penalty, according to the GDNC.
Security authorities urged the public to report drug smuggling or selling by calling 911 in Makkah, Riyadh and the Eastern Province, or 999 in other regions.
Reports can also be made to the General Directorate of Narcotics Control at 995 or via email at [email protected]. All information will remain strictly confidential.
Data analytics hold potential to extend healthy human lifespan, say experts
- National-level initiatives highlighted in France and the UK
- Technology is reshaping understanding of healthy aging
RIYADH: The role of advanced data analytics and longitudinal studies in extending the healthy human lifespan came under the spotlight at a conference in Riyadh on Wednesday.
Expert panelists said that, as aging research evolved, the integration of large-scale data analytics with clinical trials was reshaping the understanding of healthy aging.
The session at the Global Healthspan Summit, of which Arab News is a media partner, highlighted key national-level initiatives such as France’s Instituts Hospitalo-Universitaires HealthAge and the UK’s Our Future Health.
Dr. Bruno Vellas, founder of the IHU HealthAge in Toulouse, set the stage by underlining the necessity of improving medical practices to align with innovative research.
“There is a need to change medical practice based on the evidence gathered,” he said, stressing the importance of integrating lifestyle factors into healthcare models.
Vellas noted that while data analytics offered immense benefits, they represented only part of the solution.
“To achieve optimal outcomes, findings must be translated into clinical practice,” he said.
The panel featured diverse voices including Dr. Raghib Ali, CEO and chief investigator of Our Future Health, who echoed the need for inclusive research practices.
“The focus is to produce evidence that is relevant to diverse populations, particularly those of South Asian and African descent,” he said, highlighting the urgency of addressing health disparities. “It is essential to ensure that the innovations developed are accessible to all, not just those with the highest incomes.”
Dr. Nikole Kimes, co-founder and CEO of Siolta Therapeutics, provided insights into how advanced analytics allowed researchers to move beyond traditional reductionist approaches in medicine.
“What advanced analytics enables is a shift from merely treating symptoms to understanding the complex interactions within biological systems,” she explained.
Emphasizing the importance of longitudinal studies, Kimes said: “These studies allow for an examination of health outcomes before disease symptoms manifest, providing a crucial advantage in preventative care.”
She also pointed to an emerging understanding of microbiome and nutrition in shaping long-term health outcomes. “By exploring these early factors, it is possible to potentially alleviate chronic diseases before they take root,” she said.
Dr. Richard I. Morimoto, a leading researcher from Northwestern University, elaborated on the cellular mechanisms underlying stress responses.
“Stress, often viewed negatively, can actually be protective at the molecular level,” he said, emphasizing the significance of understanding interpersonal variability in stress responses and advocating for personalized healthcare strategies.
“By harnessing large data analyses, it is possible to uncover how different individuals respond to stress and how to protect against disease,” he said.
“The integration of longitudinal studies and big data opens tremendous opportunities for detecting and mitigating health risks.”
He added that understanding cellular mechanisms in diverse populations was essential for tailoring interventions effectively.
However, as the panel discussed the potential of these innovations, they also acknowledged the challenges in translating research into practice.
Vellas pointed out the need for robust frameworks that could effectively incorporate findings into clinical settings. “There is a need to work diligently to avoid negative trial outcomes and ensure that research translates into tangible benefits for populations,” he warned.
The sentiment was echoed by Ali, who stressed the importance of identifying barriers to effective implementation. “It is critical to map out the stages in the journey from lab research to everyday life,” he said, highlighting the role of evidence-based practices in shaping public health interventions.
The discussions also touched on the ethical dimensions of research into extending the healthy human lifespan.
Kimes pointed out the responsibility researchers have in ensuring findings did not worsen health inequality.
“As new interventions are developed, it is vital to remain vigilant about their accessibility and affordability,” she said.
Her view aligned with Ali’s commitment to producing research with a global impact. “It is essential that findings benefit not only the UK but also communities worldwide,” he said.
In closing, the panelists underscored the critical importance of collaboration across disciplines and borders.
As the field of aging research continues to evolve, the insights shared highlighted the transformative potential of advanced data analytics and longitudinal studies. The prioritization of preventative care and research inclusiveness means experts are paving the way for a paradigm shift in the way healthy aging is approached.
Dhahran conference bridges gap between research, innovation
- Btoul Al-Khalil said the student-led initiative aimed to bridge the gap between students and research, because we want research to be for everyone
- Event, focused on advancing scientific research and its impact, has brought together over 300 participants from Saudi Arabia, Russia, South Korea and North America
DHAHRAN: The Global Students Research Conference, organized by King Fahd University of Petroleum and Minerals, is taking place in Dhahran from Feb. 4-6.
Btoul Al-Khalil, executive leader of the conference and a bioengineering major, said the student-led initiative aimed to “bridge the gap between students and research, because we want research to be for everyone.”
The event, focused on advancing scientific research and its impact, has brought together over 300 participants from Saudi Arabia, Russia, South Korea and North America.
It has featured top researchers, industry leaders and students exploring disruptive technologies, with panel discussions, exhibitions and a hackathon to solve real-world problems using creative thinking and teamwork.
Notable speakers have included Prof. Richard Bush from NEOM who discussed “creating sustainable products, economic growth, and lower environmental impact,” and Nasir Shafiq, who delivered a keynote on “disrupting the business landscape.”
Conference speaker Harmeen Mehta said: “What I like about this conference is two things. One, students are passionate enough to want to understand beyond just their academics. Two, they want to know more than what they’ve already learned from their teachers.”
Her role stemmed from a desire to help students bridge the gap between academic learning and real-world applications.
“For corporate individuals like me, this is a bit of paying it forward because in college, you learn a lot but can’t always link it to the practical implications in the real world,” she said.
Mehta added she was impressed by the students, especially one from Algeria who presented a solution for a hip disease that makes traditional hip replacements impractical for young people.
“What I learned from the students is that the youth here have incredibly innovative ideas,” she said.
