GLOBAL-AI-SUMMIT
21.10.2020 18:01:06 CEST | Business Wire | Press release
The World Bank and Saudi Arabia have announced a long-term partnership to accelerate the use of Artificial Intelligence (AI) in developing nations in support of economic and development goals. The objective is to ensure that no nation is left behind in the race to unlock the value of AI while ensuring the appropriate safeguards are in place to manage the risks associated with AI.
Under the partnership, the World Bank and Saudi Arabia, represented by the Saudi Data and Artificial Intelligence Authority (SDAIA), will cooperate to assist countries in creating policies and initiatives that harness the power of AI to support national development and growth. AI and related technologies are expected to unlock an additional $15tn of economic value worldwide before 2030, but many developing nations do not have yet the technical readiness to share in this new wealth.
The partnership will support target nations to identify gaps in their own readiness and ability to utilize AI and data and develop their own AI policies for innovation and acceleration of AI based on sustainable development goals. As part of this initiative, AI country readiness analysis will be conducted to identify key opportunities and challenges as well as policy options to increase responsible AI diffusion. The initiative will first focus on the African continent given the potential for digital-powered development.
The initiative was announced today by HE Esam bin Abdullah Alwagait, Director of the National Information Center (NIC), and Mr. Makhtar Diop, the World Bank Vice President of Infrastructure, at the Global AI Summit in Riyadh.
HE Dr. Alwagait said: “Through this partnership with the World Bank, Saudi Arabia aims to help all countries of the world to unlock the value of artificial intelligence and to share in the benefits of data-driven decision making to support economic and social growth. Data and AI are at the heart of Saudi Arabia’s Vision 2030, and through the development of our own AI agenda and policies, we have developed skills and resources that we want to share to ensure that all nations are equally prepared to harness the value of AI.”
Makhtar Diop also highlighted that “AI offers significant potential to create new opportunities and solve complex development challenges to end poverty and build prosperity. The technology also comes with risks which, if left unattended, can threaten to inflate the widening AI divide between—and within—developing countries, increasing social inequality and leaving millions, if not billions, even further behind. This initiative aims to help governments harness AI technologies while adopting the appropriate safeguards for ensuring privacy and protection as well as inclusivity and unbiased algorithms.”
The new partnership will build on the on-going work of the World Bank to actively help developing countries increase their readiness on AI opportunities and risks for technological leapfrogging. There is an emphasis on scaling innovative use of responsible AI in various applications for development such in public sector, energy, agriculture, transport, education and health.
About the Global AI Summit
Taking place in Riyadh on 21st and 22nd October 2020, the Global AI Summit connects key decision makers from government, academia, industry and enterprise, technology companies, investors, entrepreneurs and startups, to initiate discussions and collaboration on artificial intelligence, including its applications, impact on social and economic development, and the global challenges and opportunities of AI.
https://www.theglobalaisummit.com/
View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005762/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Photonics Innovators Worldwide Invited to Compete for SPIE Prism Awards1.7.2026 20:33:00 CEST | Press release
19th annual award honors exceptional new products transforming light-based technologies SPIE, the international society of optics and photonics, invites the optics and photonics community to apply for this year’s SPIE Prism Awards, which recognize outstanding new products making waves on the market. Honorees will be announced at the highly-anticipated award ceremony on 3 February 2027 at SPIE Photonics West in San Francisco, California. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701642411/en/ SPIE Prism Awards honor exceptional new products transforming optics and photonics technologies. These awards, dubbed the “Oscars of Photonics,” provide scientists and engineers in the optics and photonics industry the opportunity to showcase their contributions to the field. Finalists and winners receive extensive print, web, and onsite promotion at SPIE Photonics West, which draws more than 22,000 researchers and industry leade
Around 500 Attend Sino-European ESG Conference in Germany1.7.2026 18:00:00 CEST | Press release
Around 500 government officials, business executives and academics from China and Europe gathered in the western German city of Mainz on Friday for the Third Sino-European Corporate ESG Best Practice Conference to discuss how deeper cooperation can support sustainable economic growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701255421/en/ Group photo of selected attendees at the conference. Hosted by the Chinese Consulate General in Frankfurt and jointly organized with authorities from Germany and China, the conference brought together participants from China, Germany, France, Italy, the Netherlands, Denmark, Luxembourg and several other countries under the theme "From Vision to Practice: Empowering Sustainable Growth Through Collaboration." Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), delivered a video address. Speaking at the opening ceremony, Huang Yiyang, Chinese Co
Sinopec Receives CSR Award at Sino-European ESG Conference in Germany1.7.2026 15:38:00 CEST | Press release
China Petroleum & Chemical Corp. (Sinopec) has received the Corporate Social Responsibility Best Practice Award at the 3rd Sino-European Corporate ESG Best Practice Conference in Mainz, Germany, for its case study on carbon footprint management and low-carbon development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701696760/en/ Huang Yiyang (L), Chinese Consul General in Frankfurt, presents the award to a representative of Sinopec. The conference jury said Sinopec has developed a carbon management framework centered on product carbon footprint management, covering the full product life cycle while aligning with both Chinese and European standards. It cited the company’s work with German chemical producer BASF to achieve mutual recognition of carbon footprint accounting methodologies as a milestone that could support greener cooperation across international industrial supply chains. According to the jury, Sinopec’s eff
Vercel and Mercedes-AMG PETRONAS Formula One Team Announce Multi-Year Strategic Partnership1.7.2026 15:30:00 CEST | Press release
The agentic infrastructure platform known for speed is joining forces with one of the world's fastest Formula One teams Today Vercel, the agentic infrastructure company, announced a new multi-year deal with the Mercedes-AMG PETRONAS Formula One Team. Starting with the British Grand Prix July 2 – 5 2026, Vercel branding will appear on the Mercedes-AMG PETRONAS Formula One Team race cars as the partnership begins its first chapter, before expanding significantly across the team ecosystem from 2027 onward. The partnership includes global branding rights, premium hospitality experiences, customer engagement, content creation, and technical collaborations, including plans to evolve the team’s digital platforms to Vercel. “Formula One is where every millisecond matters, every decision counts, and continuous innovation is fundamental to success. Vercel shares that same philosophy,” said Richard Sanders, Chief Commercial Officer, Mercedes-AMG PETRONAS Formula One Team. “The Vercel platform is
OXMIQ Raises $35 Million to Scale OxCore™ Architecture1.7.2026 15:15:00 CEST | Press release
OXMIQ Labs Inc., a unified GPU and AI architecture company founded by Raja Koduri, today closed its $35 million Series A financing, bringing the company’s total capital raised to $60 million. The funding will scale OxCore™, OXMIQ’s licensable GPU architecture that allows semiconductor companies and AI system builders to build custom AI silicon without a full chip program. The round was co-led by Fundomo and Samsung Catalyst Fund, with participation from MediaTek, AM Intelligence Labs, Pegatron Venture Capital, CDIB-TEN, Darwin Ventures, and Morgan Creek Digital, among other financial and strategic investors. OXMIQ’s expertise spans the full AI stack, from renewable power and data center infrastructure to silicon IP, electron-to-token machines (ETMs™), along with the software that runs AI factories and agents. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701241910/en/ OXMIQ Funding raised to date of $60M after current $3
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom