Saudi Aramco executive highlights key factors to unlock AI potential

the executive vice president of technology and innovation at Saudi Aramco, Ahmad Al-Khowaiter.
the executive vice president of technology and innovation at Saudi Aramco, Ahmad Al-Khowaiter.
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Updated 09 February 2025

Saudi Aramco executive highlights key factors to unlock AI potential

Saudi Aramco executive highlights key factors to unlock AI potential

RIYADH: Real-world data, computing power, and talent are the three key factors required to unlock the full potential of artificial intelligence, according to a Saudi Aramco top official.

On the first day of LEAP in Riyadh from Feb. 9-12, the executive vice president of technology and innovation at Saudi Aramco Ahmad Al-Khowaiter, discussed in his speech “Transforming Industries with Data and AI” these main requirements crucial to Aramco’s success.

This falls in line with the National Strategy for Data and Artificial Intelligence, which aims to train 40 percent of the workforce in essential skills to combat data and AI illiteracy and develop a talent pool of 20,000 data and AI specialists.

It also aligns well with the strategy’s target of attracting SR75 billion ($19.99 billion) in local and foreign investments, as well as supporting over 300 startups to encourage entrepreneurship. 

“Maximizing its (artificial intelligence) potential requires three main elements, three main enablers. One is tremendous amounts of real-world data. You need the data first, then you need to be able to put in place computing power, computing infrastructure to be able to do the models,” Al-Khowaiter said. 

“Finally, and probably the most important element, which I think we tend to forget in our excitement around technology, is you need the talent. You need the subject matter experts who can tell you if the model is telling the truth,” he added. 

The executive highlighted that Aramco has over 90 years of proprietary data from its extensive geological and process surveys. He explained that the company collects about 10 billion data points daily across all its facilities. 

Al-Khowaiter also shed light on how building capable AI models are not limited to global tech companies. 

He said: “It is within the reach of enterprises, even startups, to design AI suited to their own businesses. We have believed this from the beginning, developing our own models with our own data, which is why it gives me great pleasure to introduce our latest innovation Plant Meta Brain, a time series transformer model utilizing large time series data sets.”

He added: “Using these large data sets, we’re able to model the real-time processes that underlie our operations, and we are able to provide actionable insight in real-time to operators, engineers, and scientists. By working in real time with minimal user input, we anticipate demand, optimize operations, predict product qualities, and maximize production.” 

Al-Khowaiter explained that this approach would allow the company’s experts to focus on more value-added tasks instead of troubleshooting or developing models from the ground up.

“We believe our AI is only as good as our HI, our human intelligence, and this is why we are training. More than 6,000 AI developers across the company,” he said. 

“We’re also using the engineers, scientists and operators we already have to work with those AI developers to train new models, making them more robust and more reliable,” he added.

Al-Khowaiter concluded by saying: “Aramco is not only using our unique size and scale to maximize the use of AI on an industrial scale but our decade’s worth of data.” 

Held under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector. 

The event plays a critical role in ’s ambition to become a global technology hub, aligning with its Vision 2030 plan to diversify the economy. As part of this initiative, the Kingdom has pledged $100 billion toward advancing its technology sector.


Syria completes first global SWIFT transfer since war

Syria completes first global SWIFT transfer since war
Updated 8 sec ago

Syria completes first global SWIFT transfer since war

Syria completes first global SWIFT transfer since war

DAMASCUS: Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in the country’s push to reintegrate into the global financial system.

Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.

“The door is now open to more such transactions,” he said.

Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria’s central bank.

Assad was ousted as president in a lightning offensive by rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed Al-Sharaa and US President Donald Trump in Riyadh.

The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.

Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the UN.

Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.

The aim of the meeting was to accelerate the reconnection of Syria’s banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.

“We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks,” Husriyeh told Reuters.

Among the banks invited to Wednesday’s conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.


Global FDI set to drop again this year after 11% fall in 2024: UNCTAD

Global FDI set to drop again this year after 11% fall in 2024: UNCTAD
Updated 30 min 26 sec ago

Global FDI set to drop again this year after 11% fall in 2024: UNCTAD

Global FDI set to drop again this year after 11% fall in 2024: UNCTAD

RIYADH: Global foreign direct investment is set to fall again in 2025 thanks to high investor uncertainty prompted by trade tensions, according to a UN analysis.

In its latest report, the UN Conference on Trade and Development revealed that FDI dropped 11 percent to $1.5 trillion in 2024, marking a second year of decline.

While FDI flows were up 4 percent, this figure was inflated by volatile flows through conduit economies.

Ongoing trade tensions have lead to downward revisions of most indicators, including FDI prospects, capital formation, and exports of goods and services, as well as financial market volatility, and investor sentiment.

The views of UNCTAD align with a recent report released by the World Bank, which said that FDI flows into developing economies dropped to $435 billion in 2023, the lowest level since 2005, as rising trade barriers, geopolitical tensions, and growing fragmentation curbed cross-border investment.

The World Bank added that FDI into advanced economies also dropped, sinking to $336 billion in 2023, the weakest level since 1996.

Commenting on the latest report, Antonio Guterres, secretary-general of the UN, said: “At a time when the world should be deepening cooperation and expanding opportunity, we are seeing the opposite. 

“Barriers are rising. Globalization is retreating. And the consequences for sustainable development are profound.”

He added: “Infrastructure investment is slowing. Industrial investment is under strain. And developing countries – those most in need – are being left behind.

“Rising trade tensions, policy uncertainty and geopolitical divisions risk making the investment environment even worse.”

The analysis revealed that inward FDI inflows in totaled $15.73 billion in 2024, representing a 31 percent decline from the previous year. 

The Kingdom’s outflows in 2024 were $22.04 billion, marking a year-on-year rise of 27.1 percent. 

Geographically, FDI value in Europe stood at $182 billion last year, representing a decline of 58 percent compared to 2023.

North America attracted FDI worth $343 billion, a 23 percent increase year on year. 

Africa’s FDI flows rose by 75 percent year on year, reaching $97 billion in 2024, while FDI flows in developing Asia stood at $605 billion, marking a 3 percent decline. 

In Latin America and the Caribbean, FDI flows stood at $164 billion, representing a 12 percent drop compared to the previous year. 

“Among developed countries, a sharp fall in inflows in Europe contrasted sharply with rising investment in North America. FDI flows to developing countries were flat, despite sizeable increases in Africa and in South-East Asia,” said the report

Earlier this month, global credit rating agency S&P Global said FDI inflows into Gulf Cooperation Council countries are expected to slow in 2025 due to rising investor uncertainty. 

The outlook reflects shifting US trade policies, lower oil prices, and a more gradual rollout of economic diversification projects in the region. 

S&P Global also forecast a net negative impact on global FDI in the near term, driven by the indirect effects of US tariffs, a weaker oil price outlook, and declining global investor confidence.

According to UNCTAD, international project finance also continued its slump in 2024, registering a 26 percent decline in value compared to the previous year. 

“The global economy continues to grapple with a complex set of challenges: mounting debt, persistent underperformance in GDP (gross domestic product) growth, geopolitical tensions, and structural shifts in trade and investment flows,” said Rebeca Grynspan, secretary-general of UNCTAD. 

She added: “Global foreign direct investment contracted for the second consecutive year. International project finance, critical for large-scale infrastructure and development, registered the steepest decline, falling by 26 percent.” 

International project finance makes up a higher share of FDI in the least developed countries, which are therefore proportionally more affected by the downturn.

According to the analysis, the number of greenfield projects announced in industrial sectors increased by 3 percent year on year. However, their value fell by 5 percent to $1.3 trillion, still the second-highest on record. 

The value of cross-border mergers and acquisitions, which mostly affect FDI flows in developed countries, increased by 14 percent to $443 billion, still well below the average of the last decade. 

“While there has been some weakness in overall M&A markets, the share of cross-border deals in the total is declining, with domestic deals and near-market acquisitions becoming more important in the face of growing policy risks and regulatory scrutiny,” said UNCTAD. 

The report highlighted that the digital economy is the only sector to have seen growth in 2024, witnessing a 17 percent increase in project numbers and a doubling of initiative values. 

“The digital economy is expanding at an annual rate of 10 to 12 percent, outpacing global GDP growth and accounting for a rising share of value creation worldwide,” said Grynspan. 

She added: “Yet this growth is not equally distributed. Despite more than $500 billion in greenfield investment in the digital economy into developing countries over the past five years, this investment is heavily concentrated in a few countries.” 

The UNCTAD secretary-general further said that several structurally weak and vulnerable economies remain marginalized, constrained by inadequate technical infrastructure, limited digital skills, and policy and regulatory uncertainty. 

According to the report, investments aimed at achieving sustainable development goals also faced hurdles in 2024, as projects in renewable energy declined by 12 percent and those in critical minerals fell by almost 50 percent.

“What is most alarming, however, is the continued deterioration of investment flows into key sectors aligned with the Sustainable Development Goals,” said Grynspan. 

She added: “This trend comes at a time when the world can least afford to fall short. Reversing this negative trend in Goals investment will demand not only more capital — both public and private — but also deeper alignment of investment flows with long-term sustainability goals.”


Industrial cities in ’s Qassim region hit 77% occupancy rate, official reveals

Industrial cities in ’s Qassim region hit 77% occupancy rate, official reveals
Updated 19 June 2025

Industrial cities in ’s Qassim region hit 77% occupancy rate, official reveals

Industrial cities in ’s Qassim region hit 77% occupancy rate, official reveals

RIYADH: Industrial cities in ’s Qassim region are performing at occupancy rates of up to 77 percent, with 158 factories currently in operation, reflecting strong growth and a supportive business environment, according to a top official.

During a meeting organized by the the area’s chamber of commerce, the Kingdom’s Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil Ibrahim bin Salamah explained that the value of industrial investments in the region during the first quarter of 2025 reached SR700 million ($186 million), with the city of Buraydah accounting for the largest share, the Saudi Press Agency reported.

This reflects the Kingdom’s National Industrial Strategy, introduced in October 2022, which aims to increase the number of factories in the Kingdom to approximately 36,000 by 2035. This approach is designed to attract investment, scale up local production, and strengthen non-oil exports.

The SPA statement said: “The meeting aimed to introduce the most prominent ministerial services and programs and discuss the sector’s aspirations to achieve continued growth in development and investment.”

It added: “The meeting addressed several topics related to the industrial sector, including standard incentives for the industrial sector, which enhance the competitive sustainability of the industrial sector in the Kingdom.”

The statement further revealed that the assembly addressed the environmental impact of industrial facilities and presented solutions to help improve efficiency and quality.

It also included a review and introduction to the Factories of the Future Program, as well as the process of converting these facilities to adopt modern manufacturing practices, automation, and digitization, which directly contribute to the development of the industrial sector in the Kingdom.

The gathering also saw a review of the Industrial Links Program, which connects manufacturers with major projects to achieve the goals of the national strategy for increasing local content.

The Qassim region experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom’s goal of balanced development, the Ministry of Commerce reported in a post on its official X account in May.

The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the ministry said at the time. 

In 2024, Qassim Municipality announced that the region had successfully concluded 711 investment contracts, with a total value exceeding SR740 million. The municipality also provided 1050 diverse investment opportunities aimed at supporting economic development and enhancing the quality of life in the region.

The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector’s share of the gross domestic product from 40 percent to 65 percent by 2030.


Chinese JD Logistics launches Riyadh hub to speed up deliveries in

Chinese JD Logistics launches Riyadh hub to speed up deliveries in
Updated 59 min 55 sec ago

Chinese JD Logistics launches Riyadh hub to speed up deliveries in

Chinese JD Logistics launches Riyadh hub to speed up deliveries in

RIYADH: China’s JD Logistics has launched a regional operations center in Riyadh, enabling same-day and next-day deliveries across through its self-operated express service, JoyExpress.

The new 8,000-sq.-meter smart warehouse — JD’s first in the region — will serve as a logistics base for its business-to-consumer delivery network, supported by advanced automation and a robust supply chain infrastructure, the company said in a press release. 

The facility is expected to meet rising consumer demand in , with a report released in April by Research and Markets showing that the Kingdom’s e-commerce market is expected to grow at a compound annual growth rate of 12.10 percent during the period from 2025 to 2033, to reach $68.94 billion.

Rayan Al-Bakri, deputy minister for Logistics Services at ’s Ministry of Transport and Logistics Services, said: “JINGDONG Logistics’ investment in aligns with our national vision to become a global logistics hub.”  

He added: “We welcome the company’s advanced self-operated express delivery services, which we believe will not only elevate service standards in the Kingdom but also create new opportunities for employment, innovation, and industry development in support of Vision 2030.” 

’s National Logistics Strategy aims to position the Kingdom as a leading global logistics hub by enhancing infrastructure, fostering economic growth, and ensuring integration across various modes of transport. 

During the launch, JD Logistics Vice President Wang Ying announced that the company’s services will cover most regions of the Kingdom, the Saudi Press Agency reported. 

’s Courier, Express, and Parcel market is expanding rapidly, fueled by a digitally savvy population and the ongoing rise of e-commerce. 

According to a report by Mordor Intelligence, the Kingdom’s Courier, Express, and Parcel market is projected to grow at a compound annual growth rate of 6.48 percent from 2025 to 2030, with the B2C segment already comprising 56 percent of the market value in 2024. 

“The launch of JoyExpress marks a key milestone in JD.com’s international journey and business development in ,” said Charlie Peng, head of Middle East at JD Logistics. 

He added: “JINGDONG Logistics will provide leading edge services to our customers in and importantly, align with ’s Vision 2030 strategy with its focus on logistics and job creation.” 

The launch comes amid a broader wave of international investment in , aligned with the Kingdom’s regional headquarters program. 

The initiative offers incentives including a 30-year corporate income tax exemption, withholding tax relief, and regulatory support for multinationals operating in the Kingdom. 

In March, SPA reported that 600 foreign companies have established regional headquarters in the Kingdom since 2021. 

Notable firms include BlackRock, Northern Trust, and Bechtel, as well as PepsiCo, IHG Hotels & Resorts, PwC, and Deloitte.


Saudi CMA approves 3 parallel market listings in a single day

Saudi CMA approves 3 parallel market listings in a single day
Updated 19 June 2025

Saudi CMA approves 3 parallel market listings in a single day

Saudi CMA approves 3 parallel market listings in a single day

RIYADH: Three Saudi firms received regulatory approval to list on Nomu in a single day, underscoring growing investor appetite for the Kingdom’s bourses. 

Zahr Al Khuzama Aluminum, Sahat Almajd Trading, and Quality Education Co. were given the green light by the Capital Market Authority on June 18, marking a rare instance of multiple listings being cleared simultaneously. 

This paves the way for all three companies to offer shares exclusively to qualified investors, with each expected to publish its prospectus ahead of the offerings. 

The surge in simultaneous approvals comes amid broader reforms to ’s capital markets, as the Capital Market Authority rolls out new frameworks — including regulations for special purpose acquisition companies — to expand financing options and boost private-sector participation. 

An official release stated that Sahat Almajd Co. Trading will float 4.375 million shares on the parallel market, representing 11.11 percent of its capital.  

Quality Education Co. will offer 2.5 million shares, accounting for 20 percent, while Zahr Al Khuzama Aluminum can offer 300,000 shares, also representing 20 percent. 

The approvals highlight the role of Nomu as a streamlined listing venue designed to enable micro, small, and medium-sized enterprises to access capital. With lighter requirements for market capitalization, public float, and disclosure, it offers a more accessible alternative to the main market. 

In 2024, Nomu recorded 28 initial public offerings and three direct listings, raising over SR1.1 billion ($293.2 million).   

The platform has become central to ’s efforts to deepen its equity markets and support SMEs, which now constitute 30 percent of listed companies in .   

The Kingdom is targeting a 35 percent contribution from the SME sector to its gross domestic product by 2030, in line with the Vision 2030 economic diversification plan.  

Investor appetite for listings remains strong. Al Rajhi Capital forecasts 50 to 60 IPOs across Saudi exchanges over the next two years.  

Separately, EY projects 27 IPOs in in 2025 — out of 38 corporate listings anticipated across the Middle East and North Africa region — along with 22 fund listings.  

The triple listing approvals came as Nomu posted a dip in market performance but maintained healthy trading activity.   

On June 18 — the same day the CMA cleared the three IPOs — the Nomu index closed at 26,203.84, down from 26,458.24 the previous day.   

Despite the decline, the market recorded a volume of 3.58 million shares traded across 5,651 transactions, reflecting continued engagement from qualified investors.  

Over the past month, Nomu’s index has retreated from a high of 27,499.65 on May 19, with intermittent recoveries.   

Trading volumes have remained relatively stable, averaging around 3.2 million to 4.5 million shares daily.   

The highest daily value traded during this period reached SR50.4 million on June 1, signaling strong liquidity ahead of the CMA’s latest approvals.  

Over the past month, Nomu recorded an average daily trading value of SR36.36 million.