The Council of Economic and Development Affairs (CEDA) has formally approved the Financial Sector Development Program, one of the 12 programs previously announced by CEDA to achieve Vision 2030.
Speaking at the Financial Sector Development forum on Wednesday, Saudi Minister of Finance Mohammed Al-Jadaan said: “The program supports the national economy by developing the financial sector and enhancing its effectiveness. The objective is to increase the financial sector’s size relative to the GDP by 280 percent. The program will create a deep, diversified, digitized and stable financial sector capable of attracting financial technology companies and focusing on financial literacy to bring savings rates in line with leading international rates.”
“The Financial Sector Development Program is built on three pillars: Firstly, enabling financial institutions to support the development of the private sector; secondly, ensuring the formation of an advanced capital market; and thirdly, promoting and enabling financial planning,” he said.
New development program to enhance effectiveness of Saudi financial sector: minister
New development program to enhance effectiveness of Saudi financial sector: minister
Saudi Arabia to host UN Internet Governance Forum in Riyadh
- Tech experts to discuss internet policies next month
RIYADH: Saudi Arabia will host the Internet Governance Forum 2024 next month at the King Abdulaziz International Conference Center in Riyadh.
International tech experts will discuss internet policies at the 19th edition of the UN Internet Governance Forum, which will be held between Dec. 15-19 with the theme “Building our Multistakeholder Digital Future.”
The forum is expected to attract more than 10,000 participants from 160 countries, and over 1,000 international speakers, the Saudi Press Agency reported.
Abdullah Al-Swaha, the Saudi minister of communications and information technology, said the forum was “an exceptional platform in the era of artificial intelligence to enhance international digital cooperation between governments, the private sector, the nonprofit sector, pioneers, and innovators.”
He added it represented an opportunity to exchange ideas to achieve economic growth, prosperity for societies and a sustainable digital future to serve humanity.
The event will host 300 sessions and workshops, during which participants will discuss the latest internet governance policies and emerging digital challenges while sharing best practices in the field.
The forum will revolve around four main topics: innovation and risk in the digital space; development and sustainability; promoting human rights and inclusiveness; and improving the digital governance of the internet, the SPA added.
A journey through time: Saudi woman transforms century-old house into a heritage hotel, offering a unique cultural and spiritual experience
- Located just a few kilometers away from the Prophet’s Mosque, the Anarat Boutique blends the authenticity and charm of heritage and culture with the spirit of modernity
MAKKAH: A heritage hotel in Madinah located in the city’s historic Al-Mughaisilah neighborhood is attracting scores of people from around the world.
The Anarat Boutique is just a few kilometers away from the Prophet’s Mosque, blending the authenticity and charm of heritage and culture with the spirit of modernity to offer visitors a one-of-a-kind cultural and spiritual experience.
May Al-Musallam, the project’s founder who transformed the century-old house into the heritage hotel, said: “Anarat Boutique represents a unique model in showcasing the heritage identity of Saudi Arabia, especially amid the prevalence of modern glass-designed buildings. Instead of focusing on modern architectural features, the project highlights the beauty of heritage through furniture and intricate artistic details.”
She highlighted continuous efforts to promote the boutique concept and expand its visibility across the Kingdom, introducing visitors to the beauty of Saudi culture through heritage and historical buildings.
“The building was restored using basalt stone, the same material originally used in its construction, along with traditional materials from the past. Very subtle touches were added to preserve its authenticity. The design and restoration process was led by a specialized team from Tech Design in collaboration with consultants to ensure the highest standards of durability and safety,” she told Arab News.
“Although it was a bold and unique idea, its success was expected due to the strong belief in the concept and meticulous planning. With the support of the Madinah Municipality and collaboration with consultancy entities, the project was executed to meet the highest quality standards.”
The feedback has been overwhelmingly positive, with visitors expressing admiration for the intricate heritage details and the unique lodging experience.
“Anarat Boutique has been opened to welcome guests from all over the world, offering exceptional services that include a personal concierge and a certified tour guide to introduce visitors to the key landmarks of Madinah,” Al-Musallam said.
To book a tour, visit the boutique’s Instagram account or connect through Airbnb.
Al-Musallam added: “The boutique has seen a significant influx of visitors seeking a distinct tourist experience. What sets Anarat Boutique apart is its authentic Madinah-style details, presented to guests in a warm and welcoming atmosphere.
“Anarat Boutique is not just a tourist destination, but also a bridge connecting the past and present, offering a window into the authentic spirit of Saudi heritage in its most beautiful form.”
The project’s marketing manager, Ghina Al-Hakari, described the tour experience as “a journey through the rituals of the people of Madinah in the past, teaching visitors about the culture, traditions and customs of the place. The building and the surrounding areas are steeped in history, and we have provided a tour guide with each room to narrate the story of the past.”
She added: “This location is the first branch of Anarat in Madinah and represents the first of 13 planned regions, God willing. Each region will have its own unique details and character, making every experience distinct.
“This experience targets explorers and history enthusiasts, telling the story of the past. As we say in Anarat’s motto: ‘Live the history, live Anarat’.”
Al-Hakari added that many regions in Saudi Arabia are rich in heritage that must be highlighted.
“We provide a wide range of services in the neighborhood, including guided tours of the city and transportation to the Prophet’s Mosque. Through our partners, we also offer a variety of dishes.
“During Ramadan, God willing, the courtyard will transform into a vibrant hub of activities, making the area a remarkable experience for visitors.”
She added: “The heritage home experience is a unique journey through time, allowing visitors to live the rituals of the people of Madinah and explore the culture, customs and traditions of the place.
“This type of experience is distinguished by its historical immersion, as the buildings and surrounding areas are deeply rooted in history, giving visitors a chance to engage directly with the past.”
How AI could help keep Saudi Arabia’s homes safer
- Integration of AI with 'internet of things’ devices enables real-time monitoring and smart threat detection for better security
- Tech firm Smart Citizens’ expansion aligns with Kingdom’s Vision 2030, elevating living standards through innovative technology
RIYADH: As part of Saudi Arabia’s push to establish itself as a leader in the data-driven, AI-powered economy, the Kingdom is harnessing the transformative potential of artificial intelligence to revolutionize homes.
AI and machine-learning technologies are making houses and apartment smarter, more efficient and easier to live in. They are also making them safer.
Real-time monitoring of security video, identifying threats, automated alerts to residents and integration with other smart home devices will completely change how homeowners protect their properties.
Industry leaders such as the tech firm Smart Citizens are expanding into Saudi Arabia following their success elsewhere.
The UAE-based firm says that it delivers innovative, cutting-edge solutions, particularly in smart-home automation.
“Smart Citizens believes AI will drive the most compelling advancements in home security and safety in Saudi Arabia,” Ashraf Nouri, Smart Citizens CEO, told Arab News.
He explained that the integration of AI with a network of devices that could connect and exchange data (known as the “Internet of things”), enhanced home security by enabling real-time monitoring and smart threat detection.
Smart Citizens’ expansion strategy, Nouri said, was crafted to “be in tune with Saudi Arabia’s Vision 2030, which wants living standards to match modern concepts and foster innovation in technology.”
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AI is projected to contribute more than $135 billion to Saudi Arabia’s economy by 2030, making up 12.4 percent of the Kingdom’s gross domestic product, according to accounting firm PwC.
The Saudi Data and Artificial Intelligence Authority was set up in 2019 to help drive the Kingdom’s AI capabilities and make it a global leader in data-driven economies.
Saudi Arabia is also ramping up AI investment, looking to cement its position as one of the world’s main investors in the technology.
The embrace of home AI technology fits with the Kingdom’s mission to become a leader in smart city development. A key example is NEOM, the futuristic mega-city project that integrates advanced technologies and smart home solutions to foster connectivity and sustainability.
Elaborating on how AI is reshaping residential security in the Middle East, Nouri said that his company had developed a comprehensive AI-enabled security ecosystem.
The system, he said, offered a “new generation of smart home security.”
This included AI-driven intrusion detection, voice-activated security controls and predictive maintenance.
Nouri said: “We involve our AI technologies in the following domains: Computer vision for video surveillance and object detection, natural language processing for voice interaction and analysis, and neural networks for driving predictive analytics on maintenance and anomaly detection.”
As Smart Citizens prepares to enter the Saudi market, Nouri said that the company was committed to teaching its consumers about the new technologies it offered.
“Smart Citizens adopts an integrated approach in consumer education for the adoption of advanced technologies, especially in home security and safety, in Saudi Arabia,” he said.
The company’s strategies, he added, include public awareness campaigns, workshops and seminars, partnerships with educational institutions, and incentive programs to drive engagement and adoption.
These initiatives, Nouri said, aligned with the ambitions of Vision 2030 for digital transformation and the development of smart cities.
He added: “Through such programs, the company aspires to encourage a technological society that shall be ready for innovations in home security and safety.”
Nouri explained that his company was “implementing an AI-enabled behavioral analytics system that filters the routine household activities from potential threats.” This, he said, enhanced the accuracy of threat detection.
This was achieved through the integration of “Internet of things” devices, which are essential to the system’s overall effectiveness.
Nouri said: “IoT devices are collecting key data from sensors, smart locks and cameras to build the backbone of our system. The processing and analysis of this data in real-time happen through our AI models.”
DID YOUKNOW?
• Smart homes gain popularity as Saudi Arabia advances its AI-powered economy.
• AI-driven behavioral analytics can filter routine activities from potential threats.
• Internet of things devices enhance home security by enabling real-time monitoring.
Emphasizing that Smart Citizens prioritized user experience, he added: “We design interfaces that are easy to navigate, allowing users to control and monitor their smart home systems effortlessly.”
The company’s AI systems were able to learn individual preferences over time, enabling tailored automation that aligned with each homeowner’s lifestyle, he said.
Nouri said that robust measures were in place to address privacy concerns swiftly and effectively.
“We have multiple approaches to address privacy and security at our systems: Encryption protocols, localized data processing and compliance with UK standards, UAE standards,” he said, noting that his company was also working to ensure full compliance with Saudi regulations.
In the UAE, people were increasingly embracing AI-powered technologies in luxury apartments and homes, he added, describing homeowners there as “keen adopters of high-tech innovations to enhance their lifestyles and ensure comfort.”
Looking ahead, Nouri is optimistic about AI’s growing role in home security, believing that AI will become increasingly autonomous and seamlessly integrated into daily life.
“Solutions like the smart energy management and lighting solutions provided by Smart Citizens will evolve to provide even more personalized and predictive capabilities,” Nouri said.
Smart homes are also seen as a more sustainable solution to mitigate climate change, and Saudi Arabia is adopting a whole-of-society approach to reduce carbon emissions by 278 million tonnes annually by 2030.
A 2019 study published in Environment International found that household energy consumption accounted for one-third of global carbon emissions, and home automation had the potential to reduce these emissions by 12.78 percent.
Nouri said that emerging home security trends, such as biometric security enhancements and edge computing, which processes data on devices closer to the user, will allow for faster, more private operations.
And the impact of these solutions is measurable, providing “up to a 40 percent reduction in false alarms,” he said.
“These AI-powered solutions provided by us make a residence safer through real-time threat detection, personalized security, and seamlessly integrated automation, ensuring constant protection,” Nouri said.
This new AI technology enhances home security while giving residents greater peace of mind and control over their living spaces.
Smart Citizens is just one example of a company entering the Saudi market with AI powered solutions for people’s daily lives.
Many more will follow, deploying data-driven technology that will transform how we live.
Henan University boosts academic ties with visit to KAU
- Delegation met KAU’s Acting Vice President Prof. Hana Abdullah Al-Nuaim to discuss strategies for joint initiatives in research, training and education
- Visiting delegation commending KAU’s state-of-the-art research and training capabilities
JEDDAH: A delegation from Henan University in China visited King Abdulaziz University, or KAU, in Jeddah on Wednesday to explore opportunities for strengthening academic collaboration.
During their visit, the delegation met KAU’s Acting Vice President Prof. Hana Abdullah Al-Nuaim, to discuss strategies for joint initiatives in research, training and education.
The Chinese delegation toured several facilities at KAU, including the King Faisal Convention Center, the Central Library and the Sports Village. Their visit also included the Chinese Culture and Science Institute, a bridge for cultural and knowledge exchange between the Kingdom and China.
The visiting delegation expressed their admiration for the academic standards of KAU, commending its state-of-the-art research and training capabilities.
They underscored the importance of the visit in deepening academic collaboration between the two universities and facilitating the exchange of expertise and knowledge across academic and research domains.
Saudi reforms have ‘reinforced unwavering principles of justice, equality,’ says HRC president
- Since Vision 2030 launched, Kingdom has ‘witnessed unprecedented openness’: Hala bint Mazyad Al-Tuwaijri
- ‘Number of women serving as chairpersons or vice-chairpersons of boards reached 327, and the number of women board members reached 1005,’ delegation says
GENEVA: Saudi Arabia has implemented sustained reforms that have reinforced its unwavering principles of justice and equality, the president of the Kingdom’s Human Rights Commission said on Wednesday.
Since the launch of Vision 2030, the Kingdom has “witnessed unprecedented openness to diverse races, cultures and religions,” said Hala bint Mazyad Al-Tuwaijri.
She is heading the Kingdom’s delegation to the 114th session of the Committee on the Elimination of Racial Discrimination in Geneva, Saudi Press Agency reported.
Al-Tuwaijri said: “The Kingdom’s territory is now home to over 13 million residents of more than 60 nationalities, constituting over 40 percent of the population.”
She added that these residents enjoy equal rights and protection from racial discrimination.
The HRC chief highlighted the issuance and amendment of regulations promoting protection from discrimination.
She said that national policy to encourage equal opportunities and treatment in employment and occupation is a key initiative to eliminate labor market discrimination.
Al-Tuwaijri highlighted national policy to prevent child labor. She also pointed to the establishment of labor courts as a qualitative advancement in the realm of labor justice.
The late King Abdulaziz bin Abdulrahman established the Kingdom on the bedrock principles of justice, equality and the rejection of racism and discrimination, she said.
Under the Saudi leadership, a contemporary interpretation of these steadfast principles has led to the development of a comprehensive legislative, institutional and judicial framework to combat racism and racial discrimination, she added.
Meanwhile, a statement issued by the Saudi delegation to the CERD session said that many regulations and bylaws in the Kingdom have been amended to achieve equality between men and women.
These include the Travel Documents Law, Civil Status Law, Labor Law and Social Insurance Law.
As a result, by the third quarter of 2024, women’s participation in the labor market reached 35.4 percent, with a change rate of 108 percent since 2017, surpassing Vision 2030 targets, the statement said.
“The number of women serving as chairpersons or vice-chairpersons of boards reached 327, and the number of women board members reached 1005. Women held 43.8 percent of mid and senior management positions in the private sector.
“The number of female ambassadors abroad stood at six, with 204 female diplomats and 246 women working in international institutions abroad,” the statement said.
