SDAIA chief calls for strong legal frameworks to mitigate AI risks

SDAIA President Abdullah bin Sharaf Al-Ghamdi visits a technology firm in Seoul. SPA
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Updated 07 June 2024
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SDAIA chief calls for strong legal frameworks to mitigate AI risks

RIYADH: The chief of Saudi Arabia’s artificial intelligence authority took part in a top-level summit on AI held in South Korea from May 21-22.

Co-hosted by South Korea and the UK, the summit focused on international cooperation in data and AI, as well as preparations for the third edition of the Global AI Summit, hosted in Riyadh by the Saudi Data and AI Authority in September.

The authority’s president, Abdullah bin Sharaf Al-Ghamdi, in a roundtable discussion at the Seoul summit, said that AI technologies will “experience significant developments” that will result in more efficient and scalable models capable of handling a wider range of tasks.

He highlighted the significance of open-source AI, which fuels innovation and reshapes the technological landscape. A goal of the summit was to explore the transformative potential of open-source AI and open-access databases, he added.

“Open-source AI has the capability to add flexible character to technology, making advanced tools and algorithms accessible to a broad spectrum of creators, such as large companies and individual developers,” Al-Ghamdi said.

This inclusivity accelerates technological advancement through collaboration and ensures a level of transparency in the digital age, Al-Ghamdi added, calling for robust governance frameworks, international cooperation and continuous public awareness efforts to mitigate risks.

Governments require strategies that balance the need for open-source databases to fuel AI innovations while protecting individual privacy and ensuring data security, a balance that can be achieved through strict data protection laws and technical solutions, the SDAIA chief said.

As data flows transcend national borders, coordinating international standards for data access and privacy becomes critical, he added.

“This requires the presence of globally standardized data protection laws, where local regulations must adapt to address specific cultural and economic contexts. This coordination facilitates smoother data exchange, enhances security and privacy, and helps address global challenges collectively.”

By adopting open-source AI and open databases, “we can bring technology to a larger number of people, promote transparency, and foster a more inclusive technological landscape,” Al-Ghamdi said.

“However, this future also requires effective governance, strong regulatory frameworks, and proactive international collaboration to overcome risks and harness the full potential of AI responsibly.”

The Seoul summit was attended by technology and communications ministers as well as AI experts from countries around the world.


Record $14.4bn rise in Saudi holdings of US Treasuries

Updated 19 January 2026
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Record $14.4bn rise in Saudi holdings of US Treasuries

RIYADH: Saudi Arabia increased its holdings of US Treasuries by 10.71 percent in November in what was the largest increase since data tracking began in 1974, according to the latest official data,

The Kingdom’s US Treasury portfolio stood at $148.8 billion in the month, up $14.4 billion from October.

Following the increase, Saudi Arabia moved up one place to 17th place among the largest foreign holders of US Treasuries.

Countries including Saudi Arabia invest in US Treasuries for their perceived safety, liquidity, diversification benefits, and alignment with economic ties to the US. 

The Kingdom’s holdings were 17.25 percent higher in November compared with January 2025.

The allocation highlights Saudi Arabia’s preference for longer-dated US government debt as part of its foreign reserve strategy, focused on capital preservation, liquidity, and diversification amid global market volatility. 

Saudi Arabia’s holdings included $106.8 billion in long-term securities, accounting for 72 percent of the total, while short-term holdings stood at $42 billion, or 28 percent. 

Globally, Japan remained the largest foreign holder of US Treasury securities at $1.2 trillion, followed by the UK at $888.5 billion, mainland China at $682.6 billion, and Belgium at $481 billion. 

Canada ranked fifth with holdings of $472.2 billion, followed by the Cayman Islands and Luxembourg in sixth and seventh positions, with portfolios valued at $427.4 billion and $425.6 billion, respectively. 

France placed eighth with $376.1 billion, followed by Ireland at $340.3 billion and Taiwan at $312.5 billion. 

Other countries included in the top 20 list include Switzerland, Singapore, Hong Kong, and Norway, as well as India and Brazil. 

The trade relationship between Saudi Arabia and the US remains strong, with the Kingdom exporting SR5.20 billion ($1.39 billion) worth of non-oil goods in October, data from the General Authority of Statistics showed.

Speaking to Arab News in October, Nasser Saidi, founder and president of economic and financial advisory services firm Nasser Saidi & Associates and a former minister of economy and trade in Lebanon, said US Treasuries are a critical pillar of stability.

“Holding treasuries allows Saudi Arabia to meet its international payment obligations — finance imports, service external debt, portfolio, and capital flows — provide a buffer against oil revenue shocks, while also generating a steady, low-risk stream of income,” he said.