SR12 billion program launched to support Saudi economy

A man in a car withdraws money from an ATM outside the Saudi National Commercial Bank (NCB), after an outbreak of coronavirus, in Riyadh, Saudi Arabia, March 18, 2020. (REUTERS)
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Updated 22 March 2020
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SR12 billion program launched to support Saudi economy

  • The bank has extended the deadline for all projects that were financed in 2019 and 2020 by six months

RIYADH: The Saudi Social Development Bank, with the support of the National Development Fund, has launched a program to support owners of small and emerging enterprises in promising and priority sectors, as well as low-income families, the Saudi Press Agency reported.
It is doing so by allocating an additional budget of SR12 billion ($3.19 billion) to help mitigate the expected financial and economic impacts of the fight against coronavirus.
The program includes five tracks. In the first, SR4 billion was added to the budget allocated to support low-income families in 2020.
In the second track, SR2 billion was added to the budget allocated to support micro and small enterprises, in which 6,000 entrepreneurs will be funded and enabled to launch their development projects.
In the third, SR2 billion was allocated to support 1,000 small and medium health facilities. In the fourth track, SR2 billion was provided to help finance 50,000 small local facilities throughout the Kingdom.
The bank has also extended the deadline for all projects that were financed in 2019 and 2020 by six months, as it believes in the important role of entrepreneurs who have not been able to launch their projects yet, and thus has allocated SR2 billion for all deferred payments.  

 


Saudi minister highlights nation’s leadership in digital innovation and AI during G20 Summit

Updated 5 sec ago
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Saudi minister highlights nation’s leadership in digital innovation and AI during G20 Summit

  • IT minister Abdullah Al-Swaha says the Kingdom aims to drive economic growth and productivity through adoption of AI technologies
  • He also underscores nation’s achievements in its efforts to empower women and youth in the technology sector

RIO DE JANEIRO: Saudi Arabia on Monday reaffirmed its desire to be a global leader in digital innovation and artificial intelligence, and its commitment to leveraging advanced technologies for the benefit of humanity.

Speaking on the sidelines of the opening day of the G20 Leaders’ Summit in Brazil, the Kingdom’s minister of communications and information technology, Abdullah Al-Swaha, highlighted Saudi Arabia’s efforts to drive economic growth and productivity through the adoption of AI technologies.

He also underscored the nation’s achievements in its efforts to empower women and youth in the technology sector, noting that participation by women increased from 7 percent in 2018 to 35 percent in 2024.

He credited Saudi Vision 2030, the national plan for development and diversification, as a key enabler of this progress, in particular its promotion of digital governance as a cornerstone for digital inclusion and trust.

Al-Swaha pointed out the growing global international recognition of the Kingdom as a leader in digital services; in September it ranked fourth worldwide in the Digital Services Index, which is part of the UN’s E-Government Development Index.

The minister also highlighted the launch of the nation’s AI Readiness Framework, in collaboration with the UN International Telecommunication Union, and the establishment of the International Center for AI Research and Ethics, in partnership with UNESCO.

He reiterated the Kingdom’s commitment to the enhancement of international cooperation and the development of policies that promote technological innovation and global welfare.


Saudi Arabia calls for peace, addresses global challenges at opening of G20 Summit

Updated 10 min 16 sec ago
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Saudi Arabia calls for peace, addresses global challenges at opening of G20 Summit

  • Prince Faisal bin Farhan leads Kingdom’s delegation on behalf of crown prince 

RIO DE JANEIRO: Saudi Foreign Minister Prince Faisal bin Farhan led the Kingdom’s delegation at the first session of the G20 Summit in Rio de Janeiro, which opened on Monday.

Prince Faisal, who is leading the delegation on behalf of Crown Prince Mohammed bin Salman, spoke at the summit’s opening session which was called “Social Inclusion and Combating Hunger and Poverty.”

Prince Faisal highlighted pressing global challenges, noting that increasing tensions, military conflicts, and humanitarian crises were significant obstacles to achieving the UN’s Sustainable Development Goals for 2030, adding: “Development and prosperity cannot be achieved on the ruins of death and destruction.”

Moving on to the ongoing crises in the Middle East, Prince Faisal pointed to Israeli military actions in Gaza and Lebanon, describing them as sources of severe human suffering and catalysts which were pushing the region toward broader conflict.

He said: “The ongoing Israeli aggression in Gaza and Lebanon has caused unprecedented levels of human suffering; is pushing the region to the brink of a wider war … and is undermining the credibility of international law and institutions.”

Prince Faisal reiterated Saudi Arabia’s commitment to peace, stating the Kingdom’s unwavering stance on the need for an immediate ceasefire in Gaza; unrestricted access to humanitarian assistance; the release of hostages; and a serious commitment to lasting peace based on the two-state solution according to the 1967 borders, the Saudi Press Agency reported.

The minister also addressed the situation in Sudan, expressing concern over the severe human toll due to the conflict, and obstacles preventing the delivery of humanitarian aid to affected communities.

In addition to political challenges, Prince Faisal commended Brazil’s initiative in launching the International Alliance Against Hunger and Poverty, which aligns with Saudi Arabia’s development and humanitarian objectives. He announced the Kingdom’s participation in the alliance, which resonates with its long-standing global efforts.

He said: “The Kingdom is pleased to be part of this alliance that is in line with its development goals and its global role in this regard, which is expressed by the programs of the King Salman Center for Relief and Humanitarian Aid (and) the Saudi Fund for Development, in addition to its global contributions to the programs of the International Monetary Fund and the World Bank to support developing countries.”

The Kingdom’s delegation included Minister of Finance Mohammed Al-Jadaan, Deputy Minister of Finance (Saudi Sherpa for the G20) Abdul Mohsen bin Saad Al-Khalaf, and Ambassador to Brazil Faisal bin Ibrahim Ghulam.

The G20 Summit in Brazil serves as a platform for the world’s leading economies to address global challenges and promote collective solutions aimed at fostering sustainable development and social equity.

On the sidelines of the summit, Prince Faisal met with US Secretary of State Antony Blinken. During their meeting they discussed US-Saudi relations, as well as regional developments and the efforts made in this regard.


Saudi defense minister meets governor of US State of Indiana

Updated 18 November 2024
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Saudi defense minister meets governor of US State of Indiana

  • The two discussed bilateral ties and other issues of common interest

RIYADH: Saudi Minister of Defense Prince Khalid bin Salman met with Governor of the US state of Indiana Eric Holcomb in Riyadh on Monday.

During the meeting, the two discussed bilateral ties and other issues of common interest, the Defense Ministry said in a statement.

Saudi Deputy Minister of Defense Prince Abdulrahman bin Ayyaf and Chief of Staff Gen. Fayyad bin Hamed Al-Ruwaili were among the Saudi officials present.

Commander-in-Chief of the Indiana National Guard Maj. Gen. Roger Lyles and head of the US Military Training Mission in the Kingdom Col. Dirk Smith were among the US officials present.

 


Misk City, Samsung Saudi Arabia to collaborate in smart city technology

Updated 18 November 2024
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Misk City, Samsung Saudi Arabia to collaborate in smart city technology

  • Partnership forms part of vision to create ‘integrated system that supports innovation and creativity among Saudi youth’

RIYADH: Mohammed bin Salman Nonprofit City, which is also known as Misk City, on Monday signed a memorandum of understanding with the tech giant Samsung Electronics to cooperate in the sectors of smart city technology, sustainability, and youth empowerment.

Misk City’s CEO David Henry signed the memorandum with the President of Samsung Electronics Saudi Arabia Hendrick Lee, on the sidelines of the Misk Global Forum in Riyadh, which finishes on Tuesday.

Henry said that the partnership with Samsung “represents an important step in line with Misk City’s strategic vision of creating an integrated system that supports innovation and creativity among Saudi youth,” the Saudi Press Agency reported.

He stressed the importance of working with Samsung “to create a vibrant and innovative environment that presents a unique model for smart cities.” 

Lee said that Samsung’s “cooperation with Misk City represents our unified commitment to leading innovation and sustainability with the aim of developing transformative solutions that enhance urban life and empower future generations in the field of technology, which benefits our communities.” 

The two parties will also collaborate on developing training programs specifically designed to hone the skills of Saudi’s youth to help enhance smart city experiences. These programs will later be hosted and delivered in Misk City, the SPA added.

Samsung Electronics is also considering setting up a showroom in Misk City to showcase its latest artificial intelligence-powered smart technologies, providing visitors with a firsthand experience of smart homes and understanding of future innovations.


Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI

Updated 18 November 2024
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Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI

  • Wozniak shared his insights on artificial intelligence, creativity, and the importance of ethics in technology
  • Steve Wozniak: The greatest things happen when you take risks

RIYADH: Steve Wozniak, the co-founder of Apple and a pioneer of the modern computing era, delivered an inspiring talk titled “Me, Myself, and AI” at the Misk Global Forum in Riyadh.

Speaking to a packed audience of young Saudis and global tech enthusiasts, Wozniak shared his insights on artificial intelligence, creativity, and the importance of ethics in technology, emphasizing the unique potential of Saudi youth to lead the next wave of innovation. 

The session, part of a larger series focused on innovation, opened with Wozniak reflecting on his journey in shaping the personal computing revolution. He encouraged the audience to embrace risks and challenges as integral to success.

“The greatest things happen when you take risks,” he said. “Even if they fail, we always hear that you learn from your failures. But I think step after step after step, the total number of hours that you have put into doing things, even the risks that don’t come through, they lead up to your own abilities.”

This emphasis on resilience and perseverance resonates with Saudi Arabia’s aspiration to become a global leader in technology and entrepreneurship under Vision 2030.

Addressing the rise of AI and its transformative power, Wozniak highlighted the need for ethical considerations in its development. He explained that while AI can serve as a valuable tool, human oversight remains crucial.

“AI should be like a reporter bringing the information and a human being should be the editor (who) looks at it and decides which of it is important,” he said.

Wozniak also warned about the dangers of misinformation and manipulation in the digital age, calling for greater transparency in AI systems.

He advocated for clear guidelines to ensure that AI-generated content is accurate and trustworthy. “When AI generates information, users should be able to click and see where it came from. Attribution and accuracy are critical for building trust,” he explained.

This call for transparency aligns with Saudi Arabia’s efforts to integrate cutting-edge technologies while ensuring they serve the public good.

Wozniak urged the young audience to approach AI not just as a tool for progress but as a responsibility to humanity, emphasizing the need to create systems that reflect ethical values. 

Throughout the session, Wozniak’s advice to Saudi youth centered on embracing creativity and taking ownership of their ideas. He encouraged them to focus on meaningful projects and hands-on learning, which he believes are essential for fostering innovation. “Whether it’s robotics, AI, or another area of technology, young people should focus on building something meaningful,” he said.

Drawing from his experience as a fifth-grade teacher, Wozniak shared how empowering students through project-based learning can unlock their potential. “When students take ownership of a project, they learn skills that go beyond the classroom. They develop critical thinking and creativity, which are key to driving innovation,” he said.

Wozniak also emphasized the importance of creating an environment where students can experiment and explore without fear of failure. 

He ended his session on a personal note, sharing his philosophy on life and success. For him, happiness and positivity take precedence over material accomplishments. “My formula for life is not about accomplishment. It’s about happiness,” he said. “Focus on the positive, that’s the optimistic side. Don’t argue with people … always look for constructive solutions.” 

As the session ended, he urged young innovators to collaborate across disciplines and respect diverse perspectives. He emphasized the importance of teamwork in creating impactful solutions. “Engineering, marketing, and business must work together to create meaningful solutions. No single discipline can succeed alone,” he added.

As Saudi Arabia continues its journey toward becoming a global innovation leader, Wozniak’s message to its youth is clear: take risks, stay ethical, and build with purpose.