Saudi Arabia ranks 2nd in global study of AI awareness

Saudi Arabia has a keen interest in artificial intelligence and has hosted global summits on the topic. (@globalaisummit)
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Updated 06 April 2023
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Saudi Arabia ranks 2nd in global study of AI awareness

  • Findings made by Stanford University in 2023 Artificial Intelligence Index Report

RIYADH: Saudi Arabia ranks second globally for societal awareness of artificial intelligence, according to the 2023 Artificial Intelligence Index Report by Stanford University.

The study provides information for policymakers, researchers and industry professionals to better understand the current situation regarding artificial intelligence and possible future trends.

This year’s report suggests a high rate of confidence among Saudi citizens when dealing with AI products and services. The Kingdom ranked second globally, after China, in terms of people’s positivity and optimism toward the technology.

The survey covered several areas, the most important being the extent of “society’s knowledge of the benefits and value of AI products and services.”

Saudi Arabia ranked joint first with China on a question about the “positive impact of AI products and services on the lives of respondents in the survey during the next three to five years.”

It ranked second on the question of “whether AI products and services will make the lives of the respondents in the survey easier” and also when respondents were asked about their “knowledge of the benefits and value of AI products and services.”

Saudi Arabia has a keen interest in artificial intelligence. At the G20 Summit in Osaka in 2019, Crown Prince Mohammed bin Salman said: “We live in a time of scientific innovations, unprecedented technologies and unlimited growth prospects.

“If used optimally, these new technologies, such as artificial intelligence and the internet of things, can avoid many harms and bring huge benefits.”


Closing Bell: Saudi main index closes in green at 11,134 

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Closing Bell: Saudi main index closes in green at 11,134 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 185.3 points, or 1.69 percent, to close at 11,133.58. 

The total trading turnover of the benchmark index was SR6.84 billion ($1.82 billion), as 205 of the listed stocks advanced, while 53 retreated. 

The MSCI Tadawul Index increased, up 25.93 points, or 1.76 percent, to close at 1,496.09. 

The Kingdom’s parallel market Nomu gained 145.25 points, or 0.62 percent, to close at 23,513.27. This comes as 35 of the listed stocks advanced, while 33 retreated. 

The best-performing stock was Middle East Healthcare Co., with its share price surging 10 percent to SR36.30. 

Other top performers included Bupa Arabia for Cooperative Insurance Co., which saw its share price rise by 7.89 percent to SR155.90, and Derayah Financial Co., which saw a 7.07 percent increase to SR26.66. 

On the downside, Advanced Building Industries Co. recorded the biggest decline of the day, with its shares falling 4.45 percent to SR40.38. 

Aldrees Petroleum and Transport Services Co. fell 4.4 percent to SR121.80, while CHUBB Arabia Cooperative Insurance Co. declined 3.77 percent to SR24. 

On the announcement front, Saudi Arabian Mining Co. said it has commenced its offering of US dollar-denominated trust certificates, commonly known as sukuk. 

The issuance, which runs from Jan. 22 to Jan. 29, is targeted at eligible investors in the Kingdom and internationally. 

While the final size, pricing, maturity, and returns of the offering will be determined based on market conditions, the minimum subscription has been set at $200,000.  

According to a Tadawul statement, Maaden has appointed a syndicate of 14 joint lead managers, including Albilad Investment, Citigroup, and Goldman Sachs, as well as HSBC, J.P. Morgan, and SNB Capital, to manage the issuance.  

Maaden’s share price closed at SR72.45 on the main market, marking a 1.43 percent decrease.