Kevin O'Leary on why investors are betting big on Saudi Arabia
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Saudi Gazette
15 hours ago
- Saudi Gazette
Over 424,000 Saudis enroll in AI training as SDAIA scales national transformation
Saudi Gazette report RIYADH — More than 424,000 Saudi citizens have enrolled in the "SAMAI" initiative — an artificial intelligence (AI) awareness and training program led by the Saudi Data and Artificial Intelligence Authority (SDAIA) — as part of the Kingdom's ambitious plan to equip 1 million Saudis with foundational AI knowledge. The initiative reflects the nation's broader efforts to build a digitally empowered society aligned with Vision 2030. SDAIA highlighted the growing global impact of data and AI technologies, which it said are driving transformative change across sectors such as education, healthcare, industry, cybersecurity, agriculture, energy, and national security. These technologies are not only enhancing productivity and innovation, but also helping solve complex developmental challenges to create a more inclusive, sustainable, and peaceful world. Since its establishment in 2019, SDAIA has become the Kingdom's national reference in the regulation and advancement of data and AI. The authority focuses on maximizing the economic value of data, ensuring ethical AI practices, and developing local capabilities through specialized courses and certifications. SDAIA also issued a comprehensive set of AI regulatory frameworks and ethical guidelines for both government entities and the public, including principles on generative AI, deepfake content, national data governance, and academic standards for AI-related disciplines. These guidelines aim to ensure safe, responsible, and culturally aligned adoption of AI technologies. To raise trust in AI systems, SDAIA launched an AI service provider certification program for the private sector. Certified providers are evaluated across five maturity levels—from 'Aware' to 'Leader'—and are granted a validity period of one year, encouraging higher quality AI applications and services. The authority further introduced a self-assessment tool on AI ethics via the National Data Governance Platform. This tool supports public and private institutions in evaluating their ethical compliance during AI development and deployment phases. In a move to address global concerns, SDAIA released a specialized report on AI bias, highlighting risks that emerge as AI adoption grows across critical sectors worldwide. The report emphasizes the need for fairness and inclusivity in algorithmic decision-making. SDAIA has also advanced personal data protection by introducing the Kingdom's 'Personal Data Protection Law,' which regulates how personal data—such as names, addresses, ID numbers, images, and financial information—is processed and shared. The law seeks to preserve privacy and prevent misuse of data in both public and private sectors. One of SDAIA's most impactful projects to date is its partnership with the Expenditure and Project Efficiency Authority, which resulted in over SR5 billion in financial impact through the 'DEEM Cloud' platform. The platform consolidated 230 data centers and now offers 49 services to more than 180 government entities. Looking ahead, AI is projected to play a major role in global employment shifts. According to the World Economic Forum's latest 'Future of Jobs' report, AI will contribute to the creation of 69 million new jobs over the coming years. Complementary research by the International Labour Organization suggests generative AI will support human roles rather than eliminate them by automating selected tasks. In terms of efficiency, consulting firms Deloitte and McKinsey estimate that generative AI can reduce operational costs by up to 30%. McKinsey's study of over 1,300 companies revealed significant cost savings in HR departments (10–37%) and profit growth in supply chain divisions, in some cases exceeding 6%.
Saudi Gazette
17 hours ago
- Saudi Gazette
Harbinger Group becomes first foreign owner in Saudi Pro League
Saudi Gazette report RIYADH — U.S.-based Harbinger Group has officially become the first foreign owner of a Saudi Pro League club after completing a full acquisition of Al-Kholood FC, the Ministry of Sports announced. The move signals a new era of international investment in Saudi football. In a statement, Harbinger Group confirmed it had acquired 100% ownership of the club based in Al-Rass, which finished ninth in the 2024–25 Saudi Pro League season. The Ministry also revealed that two other clubs — Al-Ansar and Al-Zulfi — have been successfully privatized and transferred to new investors as part of Saudi Arabia's broader sports privatization strategy. Ben Harburg, the founder and managing partner of Harbinger Group, said the acquisition of Al-Kholood was a "tremendous honor," positioning the group as the first foreign entity to fully own a top-tier Saudi football club. "We are on the cusp of extraordinary growth under Saudi Arabia's Vision 2030, especially with the Kingdom hosting the FIFA World Cup in 2034," Harburg said in a video statement shared by the Ministry. 'We believe football players are Saudi Arabia's greatest export to come.' On their journey to acquiring Al-Kholood Club Ben Harburg and Brian Wright Vias speak : — Ministry of Sport (@mosgovsa_en) July 24, 2025 "During our due diligence process, we reviewed multiple clubs, but Al-Kholood stood out due to its strong trajectory, passionate fanbase, and the dynamic Al-Qassim region." Brian Wright Vias, a senior member of Harbinger, described the acquisition as both a privilege and a great responsibility. 'We are grateful to the Ministry of Sports and to the Saudi people for this opportunity,' he said. 'Our goal is not to buy global stars, but to develop them — to build Saudi talent and make them global exports.' Unlike the Kingdom's four elite clubs — Al Hilal, Al Nassr, Al Ittihad, and Al Ahli — which are majority-owned by the Public Investment Fund (PIF) and have attracted world-class players like Cristiano Ronaldo, Karim Benzema, and Neymar, Al-Kholood currently does not field global superstars. But the new owners believe in long-term development. This milestone is part of the Saudi Ministry of Sports' privatization initiative, in collaboration with the National Center for Privatization. The program aims to foster private sector participation and enable clubs to become financially sustainable, talent-driven entities that contribute to the growing sports ecosystem. Since 2022, Saudi Arabia has significantly ramped up its investment in football, highlighted by Ronaldo's record-setting arrival and a wave of international signings, sponsorships, and global tournaments hosted across the Kingdom — from Formula 1 and LIV Golf to boxing, MotoGP, and the Spanish and Italian Super Cups. With the privatization of Al-Kholood, Al-Ansar, and Al-Zulfi, Saudi Arabia has taken a major step forward in transforming its domestic football landscape and welcoming international partnerships as part of Vision 2030's sports transformation goals.
Argaam
a day ago
- Argaam
NDF inks SAR 5.5B credit facilities with Riyad Bank, SAB
Logo of National Development Fund (NDF) The National Development Fund (NDF) signed two credit facility agreements with Riyad Bank and Saudi Awwal Bank (SAB), at a value of SAR 5.5 billion. The facilities aim to provide more support for development projects in the Kingdom and enable its 12 development funds and banks to achieve their development goals, reinforce economic growth, and accelerate the pace of national transformation, the bank said, in a statement. It added that these partnerships represent a fundamental pillar for driving development and accelerating the achievement of the goals of Vision 2030 by supporting major projects and financing development initiatives that contribute to building a prosperous and sustainable economy for future generations.
