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. 

RIYADH: Ports in the Gulf Cooperation Council have earned global recognition, with 10 container terminals ranking among the 70 most efficient worldwide in 2024, according to newly released data.

The rankings highlight the growing importance of the Gulf region in international shipping and logistics.

The ports were selected from a pool of 405 terminals globally, underscoring the region’s increasing role in global trade, the Emirates News Agency reported, citing data from the GCC Statistics Center.

In addition to port efficiency, countries in the region—Saudi Arabia, the UAE, Oman, and Qatar—have been ranked among the top 35 nations for the size of their maritime fleets by tonnage and capacity, according to the UN Conference on Trade and Development’s 2024 report.

The GCC Statistics Center noted that the Gulf’s commercial fleets now account for 54.2 percent of the total Arab shipping fleet, reinforcing the region’s status as a major player in global maritime trade. With more than 25 major seaports across its member states, the GCC’s maritime infrastructure is positioned for further growth.

On container productivity, two Gulf ports have secured rankings among the world’s top performers, handling more than 4 million containers annually. Another eight ports were classified as medium performers, with annual container throughput ranging between 500,000 and 4 million. These results reflect the region’s substantial investments in port infrastructure and logistics capabilities.

The GCC countries—Saudi Arabia, Oman, the UAE, and Qatar—are continuing to enhance port efficiency and productivity through strategic investments aimed at establishing the region as a critical global trade hub. These efforts include significant infrastructure upgrades, operational improvements, and policy initiatives designed to strengthen the competitiveness of the Gulf's maritime sectors.

In Saudi Arabia, the government’s Vision 2030 framework, under the National Industrial Development and Logistics Program, seeks to position the Kingdom as a global logistics hub. Key projects led by the Saudi Ports Authority include a SR640 million ($170.5 million) expansion of Jeddah Islamic Port’s berths to accommodate mega container ships with capacities of up to 24,000 twenty-foot equivalent units. Additionally, the government has allocated over SR7 billion to upgrade container terminals at King Abdulaziz Port in Dammam, enhancing both infrastructure and operational capacity to boost trade competitiveness.

Oman is capitalizing on its strategic location to strengthen its role in global maritime trade. The country is making substantial investments in port infrastructure, integrating advanced technologies to improve operational efficiency and streamline logistics operations.

The UAE continues to lead the maritime sector, with Dubai’s Jebel Ali Port ranked as the world’s ninth-largest container port. The UAE is home to DP World, one of the largest port operators globally, managing 181 terminals across 64 countries.

In Qatar, port infrastructure development is central to the country’s broader economic diversification strategy. The Ministry of Commerce and Industry has introduced incentives, including reduced service fees, to attract foreign investment and enhance the business environment, with the goal of integrating Qatari ports more fully into global trade networks.

GCC-Stat emphasized the region’s commitment to sustainable port development, noting that the focus on sustainability has positioned Gulf ports as key players in global supply chains. The organization also highlighted the strategic importance of Gulf maritime operations in maintaining regional security and stability.

The GCC’s ongoing investments in port infrastructure and sustainable practices are expected to further solidify the region’s role as a critical node in global trade.