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September 25, 2024
Saudi Arabia succeeded in hosting the Global Artificial Intelligence Summit, where initiatives were launched and more than 80 local and international agreements were signed to enhance technological innovation and develop modern technologies to support the digital economy and achieve sustainable development goals.
I am talking about investments in technology in the Kingdom that exceeded $1.6 billion, and are expected to increase to more than $20 billion before 2030. Saudi Arabia also achieved seventh place globally, fifth place among the G20 countries, and first place regionally, in the United Nations E-Participation Index 2024.
In addition to its interest in the field of artificial intelligence, Riyadh will host an international conference on nuclear emergencies, in cooperation with the International Atomic Energy Agency, at the end of 2025, as part of the Kingdom’s interest in preparing for radiological emergencies. In short, at a time when several countries in the region are facing continuous power outages, Saudi Arabia has completed the basic components for fulfilling its obligations under the comprehensive safeguards agreement, to implement its national nuclear energy project for peaceful purposes.
Riyadh is also preparing to host the International Labor Market Conference in January 2025, a global platform for supporting the future of youth. Unemployment among Saudis hit a record low in the first quarter of 2024, reaching 7.6%. In addition, the homeownership rate among citizens rose from 47% in 2016 to around 63% this year. Saudi stocks also achieved their highest close in 31 months. The winner in this equation is the Saudi citizen, as the per capita share of GDP in Saudi Arabia jumped 425% over the past 50 years, rising from $6,130 in 1974 to around $32,250 in 2023.
Saudi Arabia recorded its highest contribution to GDP at 50% last year, and non-oil activities grew by 4.9% in the second quarter of this year. The national tourism strategy set a target of 100 million tourists by 2030, and this target was exceeded and reached 109 million tourists.
The Kingdom’s economic relations with the world are constantly developing. The Saudi Mining Company (Maaden) signed an agreement to subscribe to shares with the American advanced aluminum company “Alcoa”. Also, the Saudi Capital Market Authority approved the first exchange-traded funds for shares in Hong Kong. Riyadh is also holding talks with Britain and Argentina to explore and enhance cooperation opportunities. At the same time, 7,000 Italian companies seek to invest in the Saudi market, and the South Korean Internet company “Naver” plans to establish a regional office for the Middle East in Saudi Arabia.
*Saudi Writer
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http://abdullahalami.blogspot.com
@AbdullaAlami1
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