FaceOf: Ahmed Abdulkarim Alkholifey, chairman of the Saudi Arabian Monetary Authority
SAMA has launched its initiative “Fintech Saudi”, which aims to develop financial services technology industry in Saudi Arabia
SAMA was established in 1952 and is the central bank of the Kingdom of Saudi Arabia
Updated 30 April 2018
Arab News
JEDDAH: The Saudi Arabian Monetary Authority (SAMA) launched its initiative “Fintech Saudi” on Sunday. Fintech Saudi strives for the development of the financial services technology industry in Saudi Arabia.
Ahmed Abdulkarim Alkholifey has been the chairman of SAMA since May 2016. He has been its governor since May 7, 2016. Alkholifey has also served as the deputy governor of SAMA’s Research and International Affairs.
Prior to his 15 years of experience in different departments at SAMA, Alkholifey worked as a legal specialist at the Ministry of Petroleum and Mineral Resources. He joined SAMA as an economist in 1995.
Alkholifey attained a law degree from King Saud University, an MBA and a Ph.D. in Economics from Colorado State University.
SAMA was established in 1952 and is the central bank of the Kingdom of Saudi Arabia. It was previously known as the Saudi Arabian Monetary Agency.
The authority aims to transform the Kingdom into an innovative fintech hub with a thriving ecosystem driven by local and international stakeholders. It also aims to achieve this goal by bringing together public and private organizations to foster a culture of innovation, building a broad understanding of fintech and supporting the growth of fintech entrepreneurs and small- and medium-sized enterprises.
The initiative is aligned with Saudi Vision 2030. Fintech is an emerging financial services sector. It applies to any innovation in how people transact business, from the introduction of digital currency to double-entry bookkeeping.
Fintech startups received $17.4 billion in funding in 2016 and were on pace to surpass that sum as of late 2017, according to CB Insights, which counted 26 fintech unicorns globally valued at $83.8 billion.
RIYADH: The Mohammed bin Salman Foundation, also known as Misk, celebrated the graduation of the fourth cohort of the Misk Initiatives Incubator and Impact Accelerator programs at a ceremony held recently at Mohammed bin Salman Nonprofit City in Riyadh.
Minister of Communications and Information Technology Abdullah Al-Swaha and Misk Foundation CEO Badr Al-Badr, along with representatives of government agencies, NGOs and donors, attended the ceremony.
During the event, 11 youth initiatives were transformed into nonprofit organizations with the support of the Misk Initiatives Incubator program. Four NGOs were empowered through the Impact Accelerator program, contributing to achieving the objectives of the nonprofit sector and enhancing the role of young people in development.
Fifteen NGOs took part in the two programs, benefiting 177 people. They were provided with more than 2,000 hours of mentorship and financial grants exceeding SR7 million ($1.86 million) to support the implementation of projects serving young people. The ceremony also featured inspiring success stories, highlighting future projects aimed at amplifying social impact.
Saudi defense minister and Lebanese army chief review military and defense relations
Prince Khalid bin Salman and Gen. Joseph Aoun discuss latest developments in Lebanon and how the Kingdom can support efforts to protect the security and stability of the country
Updated 40 min 58 sec ago
Arab News
RIYADH: Prince Khalid bin Salman, Saudi Arabia’s minister of defense held talks with Gen. Joseph Aoun, commander of the Lebanese army, in Riyadh on Thursday.
They reviewed military and defense relations between their countries and discussed the latest developments in Lebanon, the Saudi Press Agency reported.
Before setting off for the Kingdom, Aoun said the talks would focus on ways to enhance cooperation between the Saudi and Lebanese armed forces, and ways in which the Kingdom can support efforts to protect the security and stability of Lebanon.
Prince Yazid bin Mohammed, an advisor to the Saudi foreign minister on Lebanese affairs, and Hisham bin Abdulaziz bin Saif, director general of the defense minister’s office also attended the meeting, as did Gen. Imad Khreish, director of the Lebanese army commander’s office.
Discover Beyond Hail tour wraps up under governor’s patronage
Updated 44 min 54 sec ago
SPA
HAIL: The Saudi Tourism Development Fund has concluded a campaign promoting travel in Hail, northwest Saudi Arabia.
The Discover Beyond Hail tour was held under the patronage and presence of Hail Gov. Prince Abdulaziz bin Saad bin Abdulaziz.
Hail was the latest stop on the tour, which covered Asir, Al-Ahsa and Taif. The wider scheme is part of a nationwide effort to spotlight untapped investment opportunities across Saudi tourism destinations.
Prince Abdulaziz was briefed about the participating entities and their content. Mohammad Al-Romaizan, chief of staff and corporate governance officer at the TDF, delivered a speech on behalf of the fund’s CEO, Qusai Al-Fakhri, underlining the significance of enhancing tourism investments in Hail.
He said: “At the Tourism Development Fund, we are dedicated to empowering private sector projects in Hail by offering tailored financial and non-financial solutions that support and empower investments in the tourism sector in a sustainable manner.
“By showcasing Hail’s rich heritage and unique cultural identity, we aim to drive sustainable investments in tourism that contribute to the region’s economic development and create a vibrant future for its communities.”
The Discover Beyond Hail tour featured activities including panel discussions on advancing tourism development in Hail, success stories of transformative projects, and inspiring narratives shared by local influencers and content creators in the region.
An exhibition and interactive workshops offered valuable insights into tourism enablement programs and provided one-on-one consultations for investors and stakeholders willing to capitalize on the sector’s investment opportunities.
Why 2024 was a pivotal year for AI adoption and innovation in Saudi Arabia
AI events and initiatives throughout the year have cemented the Kingdom’s place as a regional tech leader
Thanks to new investments, Saudi Arabia now ranks 14th globally and 1st in the Arab world in the Global AI Index
Updated 13 min 5 sec ago
Sulafa Alkhunaizi
RIYADH: Saudi Arabia has enjoyed a fruitful year of events and initiatives intended to advance the adoption of artificial intelligence, propelling the Kingdom to the 14th position in the Global AI Index and 1st in the Arab world.
Recently, Saudi Arabia was also ranked third globally in the Organization for Economic Co-operation and Development’s AI Policy Observatory, behind the US and the UK. But how did the Kingdom rise to such heights?
The “State of AI in Saudi Arabia” report, unveiled by Abdullah bin Sharaf Al-Ghamdi, the president of the Saudi Data and Artificial Intelligence Authority, detailed the Kingdom’s advancements from 2019-23 during the Global AI Summit held in Riyadh in September.
The report provided a comprehensive overview of the Kingdom’s progress in AI, focusing on seven key pillars: regulations and policies, investment, infrastructure, data, talent development, research and innovation, and adoption.
It also highlighted the Saudi Data and AI Authority’s central role in driving the Kingdom’s digital transformation. According to SDAIA’s forecasts, AI is expected to contribute SR58.8 trillion ($15.6 trillion) to the global economy by 2030 and create 98 million jobs by 2025.
Mohammed Al-Qarni, an academic and consultant on AI for business, believes the rapid pace of the Kingdom’s AI adoption has come at “a critical time.”
MOZN office in Riyadh. (Abdulrahman bin Shalhoub)
“It is now or never,” Al-Qarni told Arab News. “Saudi Arabia’s Vision 2030 ambition to be a globally competitive nation means that we must proactively utilize the latest technology to our advantage.
“Think of AI as a means to diversify the economy, another Vision 2030 ambition, or to develop globally competitive citizens.
“How rapidly we advance in AI adoption will significantly impact these ambitions. That being said, I think there is a long way to go. As AI is still developing, we must be agile to shape its future, whether in governance and ethics, technical development, or its impact on human lives.”
Al-Qarni said the most impressive advancement in 2024 was the Riyadh Declaration, a document announced during the 19th session of the Internet Governance Forum, hosted by Saudi Arabia and organized by the UN.
According to the Saudi Press Agency, the declaration focuses on AI with its inclusive, innovative, and impactful dimensions and emphasizes the need for using AI technologies to enable digital access, enhance digital knowledge, address global challenges, and unlock economic value.
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“It asserts Saudi global leadership in AI and focuses on AI’s inclusive, innovative, and transformative potential,” said Al-Qarni.
“The Declaration highlights the importance of leveraging AI technologies to expand digital access, enhance digital literacy, tackle global challenges, and unlock significant economic value worldwide.”
He added: “Nations that embrace AI will win, and those who let fear of AI get the best of them will lose.
Smart Citizens actively embrace AI-powered technologies in luxury apartments and homes. (Supplied)
“Globally, the next few years will offer as much opportunity as risk. Saudi Arabia has shown that it would be in the first camp. I expect more investment in human capital and technology. I also expect regulations to mature over the next few years, and I hope those regulations will more effectively support AI innovation and adoption.”
The past 12 months have seen a flurry of AI investment activity. The Kingdom recently launched a $100 billion AI initiative, named “Project Transcendence,” to position itself as a global tech hub.
The project, led by the Public Investment Fund in collaboration with Google, aims to support local tech startups, create jobs, and collaborate with technology firms globally.
From fashion to sports, AI is already being utilized in almost every sector imaginable. The boxing rematch between Oleksandr Usyk and Tyson Fury in Riyadh on Dec. 21 featured an experimental fourth judge powered by AI, designed to help eliminate bias and human error in scoring.
Technology that supports good sportsmanship has also extended to the digital realm. FACEIT, a platform that uses Minerva, employs specialized AI technology to understand in-game actions and other non-text chat behaviors to improve multiplayer gaming experiences.
DID YOU KNOW?
• The Riyadh Declaration focused on AI’s transformative potential, enhancing digital access, literacy, and addressing global challenges.
• Project Transcendence is a $100 billion initiative led by Saudi Arabia and Google to support startups and create jobs.
• Saudi achievements in the health sector include the world’s first fully robotic heart transplant at King Faisal Specialist Hospital in Riyadh.
• Generative AI research at KAUST aims to pioneer innovation and address global challenges through training and upskilling.
Saudi Arabia’s health-tech sector is also undergoing a major transformation driven by AI, promising significant economic and operational benefits. A McKinsey & Co. analysis forecasts that by 2030, AI could unlock $15 to $27 billion in economic value for the Kingdom’s medical sector.
The Saudi health sector has made significant strides thanks to AI, such as the world’s first fully robotic heart transplant performed on a 16-year-old patient suffering from end-stage heart failure at King Faisal Specialist Hospital and Research Center in Riyadh.
A medical team led by Dr. Feras Khaliel, head of cardiac surgery and director of the Robotics and Minimally Invasive Surgery Program at KFSHRC, performed the operation after practicing the procedure virtually.
These solutions have already shown results with a 40 percent decrease in false alarms. (Supplied)
Saudi Arabia’s King Abdullah University of Science and Technology has also joined the global AI race by accelerating generative AI research through models aligned with the Kingdom’s Research Development and Innovation Authority.
Its Center of Excellence on Generative AI (GenAI Coe) intends to become the premier hub for pioneering generative AI technology to address the most pressing challenges faced by the Kingdom and the world.
The GenAI CoE also intends to focus on making a positive impact through GenAI training and upskilling programs for KAUST researchers, partners, and the general public. Through these training outreach initiatives, the CoE hopes to address the shortage of GenAI talent in Saudi Arabia.
As the Kingdom enters 2025, it is well-positioned to continue its meteoric rise as an AI leader.
Collaboration will enrich visitor experience at historical sites in Diriyah, and expand cultural content through Amazon Alexa, a virtual assistant technology
Updated 26 December 2024
Arab News
RIYADH: The Diriyah Gate Development Authority has signed an agreement with tech giant Amazon to enhance cooperation in cultural and technical fields.
This collaboration will enrich the visitor experience at historical sites in Diriyah, and expand cultural and historical content through Amazon Alexa, a virtual assistant technology.
The deal was signed by Group CEO of DGDA, Jerry Inzerillo, and Amazon Saudi Arabia Country Manager, Abdo Chlala.
Inzerillo said: “This day represents the beginning of an ongoing collaboration that will help make Diriyah a global destination for culture and heritage as we connect the past to the future by investing in modern technologies, highlighting the rich heritage of Diriyah and the authentic culture of the Kingdom of Saudi Arabia.”
Eric King, Amazon’s managing director of Alexa International for EMEA & APAC, said: “We are excited to team up with the Diriyah Gate Development Authority to celebrate the cultural heritage of Saudi Arabia.
“This collaboration will showcase the Kingdom’s rich traditions and history through our innovative technology that continues to delight our customers and enhance their experiences.”
