According to a report by the New York Times, the government of Saudi Arabia is planning to create a fund of approximately $40 billion to invest in artificial intelligence.

The Public Investment Fund (PIF) of Saudi Arabia has been discussing a possible partnership with venture capital company Andreessen Horowitz and other financiers in recent weeks.

The report suggests that PIF and Andreessen Horowitz have discussed the possibility of the U.S. firm setting up an office in Riyadh.

The plan is to launch the artificial intelligence fund in the second half of 2024, and other venture capitalists may join the fund.

PIF officials have indicated that the country is interested in supporting various tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers.

The report suggests that the fund’s plans could still change.

Last month, PIF’s governor Yasir Al-Rumayyan pitched the kingdom as a possible hub for Ai activity outside the U.S., citing its energy resources and funding capacity.

Al-Rumayyan had said that the kingdom had the “political will” to make Ai projects happen and ample funds it could deploy to nurture the technology’s development.

Neither PIF nor Andreessen Horowitz have commented on the news yet.

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According to the IBM Global AI Adoption Index 2023, 42 percent of businesses in the UAE have already incorporated artificial intelligence (AI) in their day-to-day operations.

This indicates the country’s continuous efforts towards technological advancement and digital transformation.

IBM conducted two studies that revealed the growing acceptance of AI in business operations and the retail sector, not only in the UAE but also in the wider Middle East and Africa (MEA) region.

The first study, the 2023 Global AI Adoption Index by Morning Consult, provides insights from companies in the UAE. The second study, ‘Revolutionize retail with AI everywhere: Customers won’t wait’, focuses on the retail sector.

These studies demonstrate the transformative effect of AI on reshaping business strategies, enhancing operational efficiency, and revolutionizing the retail landscape to meet evolving consumer expectations.

The IBM Global AI Adoption Index 2023 surveyed over 8,500 IT professionals, including some from the UAE. The study shows a rapid adoption and integration of AI into different business sectors, with 65 percent of IT professionals in the UAE reporting an increase in AI adoption over the past two years.

This has resulted in reshaping the way businesses operate, and increased efficiency, innovation, and competitiveness in the UAE market.

With 42 percent of companies already using Artificial intelligence, the UAE is emerging as a frontrunner in technological advancement in the region.

The study also reveals that 34 percent of companies in the UAE have a comprehensive AI strategy, while an additional 30 percent are in the process of developing one.

The reasons for Artificial intelligence adoption in the UAE include the increasing integration of AI in standard business applications, cost reduction, and automation of essential processes.

In addition to the UAE findings, IBM’s retail and AI research highlights consumer preferences and demands in the MEA region. Despite a preference for physical stores, only three percent of MEA consumers are satisfied with the in-store experience.

However, 75 percent of MEA consumers are supplementing their in-store experiences with mobile applications, indicating a shift towards a digitally integrated shopping experience.

It has immense potential to enhance the shopping journey, with nine out of every ten consumers expressing interest in AI applications for shopping.

Meanwhile, 75 percent of MEA respondents are eager for AI applications, and 67 percent for Artificial intelligence enhancements like virtual assistants.

IBM:

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According to the state-owned Saudi Press Agency, the international technology conference LEAP 24 has attracted investment deals worth $888 million. 

The investments include funds for venture capital and start-ups and are intended to support innovation and tech entrepreneurship in the region.  

Investcorp launched a $500 million fund to target Saudi businesses in their growth stages. 

 The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46. 

Merak Capital also established an $80 million fund to back game accelerators in the kingdom.  

Furthermore, another fund worth $50 million was launched by Takamol Holdings to support early-stage firms, while Plug and Play and X by Unifonic announced two more funds to support technology start-ups and business software services for young businesses.  

In addition, Saudi-based start-ups raised a total investment of $53.4 million. Among them, BRKZ, an international information technology firm secured $8 million in a Series A round. 

 FanZ, an AI-enabled sport tech secured $1.5 million in pre-seed funding, and Lawazem, an online B2B supplies player secured $8 million, among many others. 

About LEAP 2024: 

LEAP 2024 was a highly successful technological conference that attracted 50,000 guests from outside the Kingdom.  

Al-Khamisi proudly declared it as the most attended conference of its kind in the world, with a total of 215,000 visitors. 

This contributed to a surge in hotel occupancy rates in Riyadh, which reached 99 percent during the conference. Furthermore, many new projects were announced at the event. 

investments totaling $13.4 billion, showcasing the Kingdom’s growing economy in the global tech landscape. 

 Read More about LEAP 2024

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The opening day featured presentations from tech giants such as HTC, Accenture, and Microsoft. Dr Yaser Al-Onaizan, CEO of SDAIA, inaugurated the event by introducing the day’s theme as “The Dawn of AI” in front of a diverse audience of international thought leaders, practitioners, policymakers, and academics from different fields.

Al-Onaizan revealed that this week’s participants include people from big companies such as Google, Meta, and Huawei, as well as entrepreneurs and smaller companies, and people working in AI from some of the world’s leading universities, such as Stanford and Berkeley.

The opening ceremony also marked the public debut of Mohammad the Humanoid Robot, QSS Systems’ latest Saudi-made bilingual robot, and the male counterpart of SARA, the first humanoid robot built in the Kingdom. Mohammad addressed the audience in flawless Arabic while gesticulating with his hands, introducing himself as the first Saudi robot in the form of a man.

He explained that he was developed in the Kingdom of Saudi Arabia as a national project to showcase the country’s achievements in the field of artificial intelligence and inspire a new generation of AI enthusiasts.

On the DeepMedia Stage, Waseem Sayegh, Head of Live Ops at TikTok METAP, delivered a keynote address about the evolution of media from the first public television demonstration in 1927 to the present-day internet age. He highlighted the power of online creation and how TikTok users can showcase Saudi culture to the world, build partnerships, relationships, and careers.

He also mentioned the recent tribute to Saudi Arabia launched on TikTok, which celebrated Foundation Day and broadcasted Saudi culture to billions of people worldwide through thousands of hours of content created by thousands of creators.

Sayegh then provided examples of regional creators who have used TikTok accounts to develop their careers, from a Saudi cooking influencer who renowned chef Jamie Oliver invited to review his restaurant, to a UAE-based fashion influencer who has launched her own clothing label and is in the process of creating her first makeup At the DeepFest Main Stage, Omar Hatamleh, the award-winning Chief Advisor of AI and Innovation at NASA, delivered a 20-minute presentation that covered various topics.

He spoke about racial and gender bias in AI, 3D printing of biological organs based on genetics, collective learning in the automobile industry, and the economic impact of longevity. He also highlighted the potential negative impact on humans’ cognitive skills through increased use of AI.

Hatamleh, who holds four engineering degrees and speaks four languages, showed a short video of two men attacking a mechanical robot and asked the audience if they felt empathy for the faceless, metal robot. Only a few hands went up.

He then posed a philosophical question, “What if this robot looked like a human, understood you, and was able to empathize with you on a deeper level than anybody else in the world?” Hatamleh has received multiple awards and recognitions from NASA, including the Silver Achievement Medal, the NASA Innovation Award, and the Superior Achievement Award.

In his closing comments, Hatamleh urged strategists to see things from different perspectives. He compared it to how astronauts look at the globe from space and see an incredibly beautiful planet without borders or countries. He then comes back to Earth with a transformed mind.

Gary Sorrentino, the Global CIO at Zoom Inc., shared his perspective on the new economy of ‘New Collar Workers’ who are becoming a challenge for employers today. These workers have proved they can do high-level work as well as showing they do not need to do it in an office.

Sorrentino urged corporate leaders to learn from past technological advancements. He emphasized that when it comes to AI, you can’t just turn it on. Instead, you need to figure out how to operationalize it and teach employees how to use it.

He used spreadsheets as an example, stating that even though the most famous spreadsheet software was created 30 years ago, we still only use two percent of it.

DeepFest, which runs from March 4-7 at the Riyadh Exhibition and Convention Centre in Malham, continues Tuesday with presentations from Google, Meta, the US Chamber of Commerce, Noon, and many others. The event also includes live demos, training sessions, and start-up pitches.hes.

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SAUDIA, also known as Saudi Arabian Airlines, will be participating in the third edition of the “LEAP” tech conference from March 4 to 7, 2024, at the Riyadh International Convention and Exhibition Center.

The conference will showcase the airline’s latest digital initiatives that aim to bring about unprecedented changes in its service system using artificial intelligence (AI) technologies.

SAUDIA will highlight its integrated connectivity services with various entities to provide seamless digital travel services for various guest segments.

More on Saudia:

The company is well-prepared to welcome visitors at its pavilion, Stand No. A02, providing an interactive experience where attendees can explore a range of digital projects aligned with the goals of Saudi Vision 2030.

One of the key highlights of SAUDIA’s participation in the conference is the introduction of “Travel Companion,” an AI-powered virtual assistant aimed at streamlining booking processes, flight planning, and destination exploration, thereby revolutionizing the travel experience.

SAUDIA is the first airline in the region to develop this technology and is utilizing this international conference to provide a beta version, enabling visitors to exclusively experience and explore its benefits.

Moreover, SAUDIA is showcasing “GovClick”, an e-wallet service facilitating seamless government ticket issuance and after-sales services through a unified digital platform.

Vice President of Digital Transformation at SAUDIA Group, Manal Alshehri, highlighted the significance of SAUDIA’s participation in this international conference hosted by the Kingdom.

She pointed out that this comes at a time when several initiatives of the digital transformation project are being implemented across sectors.

This project is considered a cornerstone of the new era and aims to enhance guest services and operational management through AI technologies.

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• Tahakom
• Dahua Technology.
• Carrier Corporation
• Softbank Group.

These companies have decided to collaborate towards accelerating the adoption of sustainable manufacturing processes, to reach carbon neutrality in their output.

Amit Midha, the global CEO of Alat, emphasized the company’s commitment to transforming the manufacturing industry through sustainable energy practices.

By utilizing renewable energy sources such as solar and wind power, as well as green hydrogen, Alat plans to revolutionize manufacturing by integrating artificial intelligence and technology from the fourth industrial revolution.

Alat has partnered with the following groups to achieve its goals:

• Softbank Group: to establish an industrial automation business in Saudi Arabia.

This joint venture will concentrate on developing innovative industrial robots, with an initial investment of up to $150 million.

The aim is to launch a fully automated manufacturing and engineering facility by December 2024.

• Carrier Corporation: a partnership to establish an innovative manufacturing and research and development facility.

The facility will be dedicated to advancing energy efficiency and reducing emissions in buildings.

This collaboration will bring about the latest HVAC solutions and generate more than 5,000 job opportunities in the local area.

• Dahua Technology Ltd: Alat and Dahua Technology will establish a joint venture, Alat AIVisio Technology Co. Ltd., to manufacture technology products for safety and surveillance applications.

A $200 million investment will support the creation of a state-of-the-art manufacturing facility in Saudi Arabia, focusing on vision-centric products for intelligent cities and enterprises.

• Tahakom: Collaborating with Tahakom, Alat seeks to advance smart mobility and intelligent city solutions aligned with Saudi Arabia’s Vision 2030.

This partnership will drive innovation in Intelligent Transportation Systems (ITS) and Artificial Intelligence (AI), fostering technological advancement in urban development.

Alat plans to innovate across seven business units, encompassing semiconductors, smart devices, smart buildings, smart appliances, smart health, advanced industrials, and next-gen infrastructure.

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Google has announced the release of a new and improved version of their chatbot Bard which utilizes the advanced features of their multimodal AI model, Bard Gemini Pro.

The Gemini Pro model is an upgrade that offers a text-to-image feature called imagen2. It is equipped with safety measures and ethical considerations, including SynthID watermarks that distinguish between AI-created and human-made digital artwork. These watermarks come with guidelines set by Google for explicit creations.

Initially available only in English, Gemini Pro is now accessible in over 230 countries and supports 40 languages. The new language support enhances diversity and breaks down language barriers.

In addition, Google has expanded its AI capabilities with ImageFX and MusicFX. ImageFX allows users to transform text into visual art, while MusicFX leverages Google’s MusicLM AI model to turn user text prompts into musical tracks. Both features include the SynthID watermarking system.

The double-check feature has been updated and is now available in more languages, including Arabic. This feature is designed to verify the accuracy and reliability of the information provided by the Bard Chatbot. It is expected to improve the user experience and increase users’ trust in the chatbot.

Google has also pointed out that the Chatbot will continue to be worked on and updated to enhance its features to meet the demands of its users, this is pointed out by the frequent updates the chatbot has been getting including some quality-of-life features, more can be found on Google’s official update notes.

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The platform utilizes advanced analytics to streamline rig movement operations through AI-enabled route optimization and coordinate the movement of assets, including rigs, personnel, and equipment, across multiple drilling sites. By automating the scheduling process, the software will provide real-time updates on rig availability and maintenance, resource allocation, and conflicts improving overall efficiency. A key feature of the software solution is its ability to facilitate collaboration within day-to-day business operations and reduce the total distance covered for every rig move. The reduction will have a direct estimated impact on total carbon emissions for the entire fleet of rigs.

“The UAE has been making major strides within the space of AI technology. AIQ is proud to be working alongside Bayanat in the development of an AI software solution that can positively disrupt a core industry and further contribute to the UAE’s AI 2031 Vision.  The combination of our AI expertise with Bayanat’s geospatial intelligence will transform logistical operations across the Energy sector, drive efficiency and reduce overall emissions,” said Omar Al Marzooqi, CEO of AIQ.

“We are excited to embark on this collaboration with AIQ. Through this partnership, we aim to revolutionize the oil and gas industry by streamlining complex logistics processes, minimizing downtime, and significantly enhancing rig move efficiency. Our joint efforts will pave the way towards a more sustainable future for the sector as we drive innovation and deliver cutting-edge solutions,” said Hasan Al Hosani, Managing Director, Bayanat.

Implementing the Rig Move project will involve the development of a custom software solution that integrates seamlessly with existing systems and provides a reporting and analytics module that includes comprehensive data analysis and visualization tools. The solution’s architecture includes components such as the pathfinder module, analytics module, scheduling algorithms, and reporting modules with real-time update features to make informed decisions and respond to changes quickly.

AIQ and Bayanat are committed to delivering state-of-the-art software that simplifies the rig move process, reduces downtime, and increases productivity for oil and gas companies. With the partnership’s combined expertise, AIQ and Bayanat aim to revolutionize the industry and drive sustainable practices into the upstream business’s most capital and carbon-intensive part. AIQ is actively looking to expand its partner ecosystem to further develop AI solutions that can drive efficiency, reduce emissions, and accelerate the digital transformation of industries.

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