RIYADH: Saudi Arabia’s active participation in the World Economic Forum underscores its commitment to advancing global initiatives aimed at enhancing the digital economy, fostering innovation, and leveraging artificial intelligence, a senior official has stated. 

Minister of Communications and Information Technology Abdullah Al-Swaha emphasized that the Kingdom’s presence at the annual Davos meeting, held from Jan. 20 to 24, comes at a pivotal moment as the world transitions from the digital age to the era of artificial intelligence. 

Saudi Arabia’s participation aligns with its National Strategy for Data and AI, which seeks to position the country among the top 10 nations on the Open Data Index and the top 20 in peer-reviewed data and AI publications by 2030.  

The strategy also aims to attract SR30 billion ($7.9 billion) in cumulative foreign direct investment and SR45 billion in local investment in data and AI by the same year. 

In a statement to the Saudi Press Agency, Al-Swaha noted that the forum offers a global stage to showcase the Kingdom’s developmental, economic, and technological progress under the framework of Vision 2030. 

He highlighted Saudi Arabia’s collaboration with the international community to harness AI as a vital tool for propelling sustainable development and achieving shared global objectives.  

He underlined that these endeavors aim to enhance quality of life, bolster the digital economy, and generate fresh employment opportunities across diverse sectors, all contributing to a sustainable and prosperous future for everyone. 

Earlier this month, the Ministry of Communications and Information Technology, in collaboration with King Abdullah University of Science and Technology and consultancy firm Hello Tomorrow, released a report highlighting Saudi Arabia’s advancements in deep technology. 

The report revealed that up to 50 percent of the Kingdom’s deep tech startups are focused on developing artificial intelligence and the Internet of Things. It also noted that more than 43 high-growth startups in Saudi Arabia collectively secured over $987 million in funding by 2022. 

The funding surge was attributed to a rapidly expanding investment ecosystem, which ranked among the top three in the Middle East and North Africa for funding volume and deals. 

In September 2024, an analysis by global consulting firm Strategy& Middle East projected that Saudi Arabia’s technology sector could achieve an SR15 billion increase in operating profit by 2028 through the adoption of generative AI. 

The study suggested that a 15-percentage-point margin growth is attainable if technology companies capitalize on the demand for advanced hardware and infrastructure while developing and commercializing new generative AI use cases. 

JEDDAH: Kuwait’s non-oil exports rose to 23.2 million dinars ($74.9 million) in December 2024, a 12.08 percent increase from November, according to data from the Ministry of Commerce and Industry. 

The ministry’s Department of International Organizations and Foreign Trade Affairs reported that 1,766 certificates of origin were issued for Kuwaiti exports to Gulf Cooperation Council countries in December, with a total value of around 16 million dinars.  

This marked a slight decline in volume compared to November 2024, which saw 1,785 certificates valued at approximately 11.4 million dinars. 

The rise in December exports comes despite broader economic challenges. A recent report from the International Monetary Fund highlighted Kuwait’s ongoing recovery in its non-oil sector amid easing inflation.  

However, the IMF noted that the country’s real gross domestic product contracted by 1.5 percent year on year in the second quarter of 2024, driven by a 6.8 percent decline in the oil sector, offset by a 4.2 percent expansion in non-oil activities. 

Exports to Arab countries included 336 certificates covering 11 nations, totaling 7 million dinars in December, down from 8.9 million dinars across 10 countries in November. 

European exports saw modest growth, with five certificates issued to four countries, valued at 179,413 dinars in December, compared to three certificates worth 47,811 dinars issued to three countries in the prior month. 

Kuwaiti exports to African markets showed an uptick, with three certificates issued for three countries in December, valued at 26,027 dinars, up from one certificate worth 16,071 dinars issued in November. 

In the Americas, five certificates were issued for one country in December, valued at 150,060 dinars, marking a decline from November’s 10 certificates worth 223,296 dinars, which covered three countries. 

Asian and Australian markets saw six certificates issued for four countries, valued at 39,544 dinars in December, compared to five certificates worth 51,662 dinars issued to three countries in November. 

The ministry clarified that certain Kuwaiti exports do not require certificates of origin, meaning the figures reflect only shipments processed through the ministry. This underscores the evolving nature of global trade dynamics, where some importers bypass formal documentation for specific products. 

Kuwait’s exports continue to gain traction in global markets, spanning GCC nations, Arab countries, Europe, Africa, Asia, Australia, and the Americas. Key export products include liquid gases, foodstuffs, and polyethylene, as well as organic solvents, and packaging materials like empty cartons. 

Additionally, refined oils, mineral oils, medical oxygen, dairy products, empty glass bottles, and copper rods remain significant contributors to Kuwait’s export portfolio, according to KUNA.