海角直播

How 海角直播鈥檚 KAUST is pushing the envelope on Generative AI possibilities

How 海角直播鈥檚 KAUST is pushing the envelope on Generative AI possibilities
An aerial view of the King Abdullah University of Science and Technology in Thuwal is shown nin this photo posted on KAUST鈥檚 Facebook account. (Photo courtesy of KAUST)
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Updated 20 July 2024

How 海角直播鈥檚 KAUST is pushing the envelope on Generative AI possibilities

How 海角直播鈥檚 KAUST is pushing the envelope on Generative AI possibilities
  • Launch of King Abdullah University of Science and Technology鈥檚 Center of Excellence was announced on July 1
  • The goal is to find solutions aligned with four national priority areas outlined in Kingdom鈥檚 RDIA Vision 2030

RIYADH: 海角直播鈥檚 King Abdullah University of Science and Technology is joining the global artificial intelligence race by accelerating generative AI research and development through models that align with the Kingdom鈥檚 Research Development and Innovation Authority鈥檚 Vision 2030.

鈥淕enerative AI (GenAI) is on its way to transform every aspect of our civilization and has already started doing so. It will be central to the future development of (海角直播), with a plethora of applications in health care, industry, energy, sustainability and entertainment, among many others,鈥 Bernard Ghanem, chair of the Center of Excellence in Generative AI at KAUST, told Arab News.

On July 1, KAUST announced the launch of its Center of Excellence (CoE) on Generative AI, which intends to be the premier research, development, and innovation hub for pioneering generative AI technology aimed at addressing the most pressing challenges faced by the Kingdom and the world.




KAUST's new Center of Excellence (CoE) on Generative AI aims to be the premier research, development, and innovation hub for pioneering generative AI technology in the Kingdom. (KAUST photo)

鈥淭he KAUST GenAI CoE will push the envelope on what is possible with GenAI, in terms of technical capabilities, applications and real-world impact,鈥 Ghanem said.

鈥淲e envision that the CoE will play a major role in boosting and expediting the GenAI landscape in the Kingdom and the world at large, leading to an explosion of new models with real-world applications in the four national priority R&D sectors identified by the Kingdom.鈥

KAUST鈥檚 mission is to enable GenAI research and development through GenAI models to find solutions aligned with the four national priority areas outlined in the Kingdom鈥檚 RDIA Vision 2030: Health and wellness; sustainability and essential needs; energy and industrials; and economies of the future.

鈥淭hroughout its lifetime, the GenAI CoE will work with partners in the Kingdom and the world to identify specific challenges to tackle within each of the four RDI pillars,鈥 Ghanem said.




Bernard Ghanem, chair of the Center of Excellence in Generative AI at KAUST. (KAUST photo)

He outlined KAUST GenAI CoE鈥檚 strategies for using GenAI in the Kingdom鈥檚 priority research and development areas.

For health and wellness, the center aims to develop a GenAI multi-modal foundation model designed for clinical image analysis as well as establish a GenAI-based drug design and development pipeline for the Arab population.

In line with sustainability, KAUST GenAI CoE is working to develop GenAI foundation models for Earth observation data from satellite inputs as well as using the set foundation models for insights about Earth observation, with emphasis on specific-use cases including agricultural informatics, ecosystem assessment, and weather forecasting and prediction.

On energy and industries, Ghanem explained that the center of excellence was developing and specializing in GenAI foundational models in the domain of chemistry.




鈥婯AUST鈥檚 mission is to enable GenAI research and development to find solutions on health and wellness, sustainability and essential needs, energy and industrials, and economies of the future. (Shutterstock image)

The center is using 鈥渇oundation models for chemical reaction optimization (i.e., discovering the optimal chemical setup for a reaction to produce the best outcomes) and advanced material discovery and synthesis (i.e., combining GenAI models with an automated robotic chemistry lab for significantly expedited real-world discovery).鈥

Finally, in its mission to build the economies of the future, the GenAI Center of Excellence is developing and specializing in multi-modal GenAI models for business and government transformation. Through this, it aims to create GenAI models for the education sector such as intelligent tutoring for students and teacher assistance.

Ghanem said that the work in GenAI also extended to establishing 鈥渕ore expressive and more efficient GenAI models for visual content creation to support the growing creative industry such as social media, gaming, and entertainment in general.鈥

鈥淭he prospects of GenAI in creating massive value are supported by recent reports that expect this technology to conservatively add to the world economy a market size of several hundreds of billions of USD by 2030 and to significantly contribute to 海角直播鈥檚 GDP by 2030,鈥 Ghanem said.听

Opinion

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Ghanem explained that this mission would be executed through three main pillars: 鈥淭he innovation of general-purpose GenAI models that are endowed with properties needed for ubiquitous, efficient and trustworthy deployment, the specialization of these models for solutions in all four pillars of the RDIA 鈥 and the delivery of the Kingdom鈥檚 ambition to accelerate the adoption of GenAI in the Kingdom by focusing on translational research and talent development.鈥澨

With advances in Gen AI, new concerns are raised about the technology鈥檚 negative societal impacts, such as data privacy, environmental sustainability, and disparities in quality and coverage across regions and cultures.听

The KAUST CoE plans to address these concerns through its research projects on GenAI trustworthiness, efficient training and inference, and Arabic language model development.听

Ghanem underlined their mission in these projects to 鈥渦sher in the next phase of GenAI technological evolution headlined by trustworthiness, internationalization, open access, and less environmental impact.鈥澨

The GenAI CoE also intends to focus on making a positive impact through GenAI training and upskilling programs for KAUST researchers, partners, and the general public. Through their training outreach initiatives, the CoE hopes to address the shortage of GenAI talent in 海角直播.听




File photo showing participants in the World Artificial Intelligence Competition for Youth held at KAUST in Thuwal last year. KAUST has emphasized the importance of such competitions in fostering AI skills and knowledge among young people. (SPA)

In a press statement, the center recognized that much more will be needed in the way of training, especially at the national level, 鈥渢o truly drive significant impact in this aspect.鈥澨

When asked what scientific, technical and upskilling challenges need to be addressed to advance the Saudi GenAI sector, Ghanem spoke of the importance of 鈥渁ccess to large-scale data, talent development, GenAI hardware infrastructure, and GenAI Investment.听

鈥淭he GenAI ecosystem in the Kingdom is young and flourishing, and much progress has been made so far. However, several challenges still remain,鈥 Ghanem said.听

鈥淎rguably, one main reason why popular GenAI tools perform so well right now is their access to large-scale data for training and fine-tuning. Getting access to such volumes of data is crucial for future GenAI development in the Kingdom. Although efforts are ongoing in this respect within 海角直播, more can be done to open source data from various organizations and entities.鈥澨




KAUST also听aims to create GenAI models for the education sector such as intelligent tutoring for students and teacher assistance. (Shutterstock image)

Developing a suitable GenAI environment in 海角直播, Ghanem said, 鈥渨ill require a mass-scale talent development program (i.e., GenAI for the masses). This includes access to higher education in the field, but more importantly, it is based on short-term and focused training programs that teach the essentials of GenAI development to non-experts.鈥澨

Ghanem believes that having access to large-scale data and sizable local talent is not enough for a thriving GenAI ecosystem.听

鈥淎ccess to specialized hardware accelerators (e.g., high-end GPUs) is paramount for GenAI large-scale training and mass inference. Unfortunately, without access to enough of this hardware infrastructure, progress will be dampened, and the ecosystem will not progress and deliver impact in a timely manner,鈥 he said.

On the topic of GenAI investment, Ghanem explained that healthy investment in this sector for homegrown and internationally competitive technology and commercial solutions is essential for a thriving and self-sustaining GenAI ecosystem.听

鈥淲hile there are efforts in this respect currently ongoing, more concerted efforts can be made to address this challenge in such a fast-paced and ever-evolving field,鈥 he said.听

鈥淭hrough the CoE, new GenAI models will be developed and deployed to tackle the most pressing national and global challenges. We will do so while maintaining the utmost levels of AI ethical standards, by enforcing key values (e.g., fairness, safety and trustworthiness) in our R&D pipelines.鈥


UAE shares end higher as outcome of US-China trade talks awaited

UAE shares end higher as outcome of US-China trade talks awaited
Updated 09 June 2025

UAE shares end higher as outcome of US-China trade talks awaited

UAE shares end higher as outcome of US-China trade talks awaited

LONDON: Stock markets in the UAE ended higher on Monday, in step with Asian peers, as investors awaited the outcome of US-China trade talks in London in the hope that a deal could boost the global economic outlook.

Top US and Chinese officials will sit down in London on Monday for talks aimed at defusing the high-stakes trade dispute between the two super powers that has widened to export controls over goods and components critical to global supply chains.

Dubai鈥檚 benchmark index hit its highest levels since 2008 and settled up 1 percent, with almost all sectors in positive territory.

Tolls operator Salik Company gained 2.3 percent and Deyaar Development surged 14.6 percent.

In Abu Dhabi, the index was up for a third straight session and gained 0.1 percent, lifted by a 1.6 percent rise in blue-chip developer Aldar Properties and a 1.8 percent advance in Abu Dhabi鈥檚 flagship energy firm Abu Dhabi National Energy Company.

Most stock markets in the Gulf and Egypt including Saudi, Qatar, Kuwait are closed on Monday due to a public holiday.


Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax

Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax
Updated 09 June 2025

Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax

Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax
  • Year-to-date earnings reached SR32.97 billion, an annual rise of 20%
  • Banks getting balance sheets ready for next investment wave

RIYADH: 海角直播鈥檚 banking sector extended its winning streak in April, posting SR7.77 billion ($2.07 billion) in pre-zakat and tax profits, a 16 percent increase compared to the same month last year.

According to the Saudi Central Bank, also known as SAMA, this brought year-to-date earnings to SR32.97 billion, an annual rise of 20 percent, keeping the Kingdom firmly on course for another record-breaking period.

The sustained momentum is attributed to a robust mix of state spending on giga-projects, resilient consumer demand, and still-elevated interest rates.

Financing volumes continue to climb, driven primarily by corporate borrowers across a growing range of industries, including manufacturing, utilities, insurance, and private education. 

Speaking at the inaugural 24 Fintech conference in September, Finance Minister Mohammed Al-Jadaan said the Kingdom had licensed 224 fintech firms by the second quarter of 2024. File/SPA

Contractors are also racing to secure long-term credit for giga-projects such as NEOM, Diriyah, and the Jafurah gas field.

A wider Gulf picture

Strong as those local figures are, the broader region is also gaining momentum. A Kamco Invest report released in May showed that Gulf banks collectively earned a record $15.6 billion in the first quarter of 2025, an 8.6 percent increase from a year earlier.

Financial institutions in the UAE posted the largest absolute increase, adding $639.6 million, while Saudi lenders recorded the fastest annual growth at 17.2 percent.

Kamco added that fee income is rising, costs are under control, and loan-loss provisions fell sharply during the period, cushioning a small dip in net interest income.

Investor appetite is visible in market valuations. Forbes Middle East鈥檚 鈥30 Most Valuable Banks 2025鈥 March list includes 10 Saudi lenders with a combined market cap of about $269 billion鈥 roughly one-third of the entire ranking.

Al Rajhi Bank led the pack at $105.6 billion, with Saudi National Bank following at $54.7 billion.

Contractors are racing to secure long-term credit for giga-projects such as NEOM, Diriyah, and the Jafurah gas field. NEOM

Global Finance named Saudi Awwal Bank the Kingdom鈥檚 best lender in its May 鈥淲orld鈥檚 Best Banks in the Middle East 2025鈥 release, highlighting its HSBC-backed mobile app upgrades, Visa Direct payments, and one-stop small and medium-sized enterprises lending platform.

Cleaning the books and raising cash

Banks are also getting balance sheets ready for the next investment wave.

Bloomberg reported in March that lenders are exploring sales of older non-performing loans to specialist investors to free up capital for upcoming mega project drawdowns.

They鈥檙e also tapping capital markets. By June, they had issued over $5.6 billion in Additional Tier-1 bonds, already a full-year record and the world鈥檚 second-largest AT1 issuance in 2025, according to Bloomberg.

The spree includes Al Rajhi Bank鈥檚 $1.25 billion deal in April, Banque Saudi Fransi鈥檚 $650 million perpetual at 6.375 percent in May, Saudi Awwal Bank鈥檚 $650 million inaugural issue, and Alinma Bank鈥檚 $500 million of sustainable sukuk, all heavily oversubscribed.

Saudi National Bank was ranked in the Forbes Middle East鈥檚 鈥30 Most Valuable Banks 2025鈥 March list. Shutterstock

By tapping eager investors now, while margins remain healthy and global demand for Gulf paper is strong, lenders are bulking up capital buffers and keeping loan-to-deposit ratios in check. That leaves them better prepared to fund the fast-rising credit needs of projects like NEOM and Diriyah without tripping liquidity alarms later in the year.

Fintech role

Fintech is reshaping Saudi banking from the ground up. The Saudi Central Bank鈥檚 Open Banking Framework 鈥 most recently updated in September to cover payment-initiation services 鈥 sets common technical rules that let lenders and start-ups plug their systems together safely and at speed.

Speaking at the inaugural 24 Fintech conference in September, Finance Minister Mohammed Al-Jadaan revealed that the Kingdom had licensed 224 fintech firms by the second quarter of 2024, up from fewer than 100 just three years earlier.

One of the newest players is Riyadh-based Stitch, which closed a $10 million seed round on May 28. The company offers a single set of application-programming interfaces that lets banks, fintechs and even non-financial brands bolt on real-time payments and open-banking functions far faster than older systems.

Early adopters already include Lulu Exchange and point-of-sale platform Foodics. The founders say the fresh cash will go toward doubling the engineering team and expanding the product suite.

海角直播鈥檚 sustained momentum is attributed to a robust mix of state spending on giga-projects, resilient consumer demand, and still-elevated interest rates. File/AFP

Looking ahead

Riyad Capital鈥檚 first-quarter preview, released in April, expects another double-digit profit rise this year, about SR19 billion for the listed banks it tracks, as loan growth stays strong and rate cuts arrive slowly.

S&P Global, in its 海角直播 Banking Sector Outlook 2025 report, says a 10 percent increase in lending should outweigh a 20- to 30-basis-point dip in margins, keeping sector returns on assets near 2.1 percent to 2.2 percent.

Funding is the main watchpoint. Moody鈥檚 shifted its system outlook to stable on Feb. 25, saying strong credit growth is tightening liquidity, but capital buffers remain solid.

For now, asset-quality risks remain low. S&P expects non-performing loans to edge up to just 1.7 percent by the end of 2025, while loan-loss provisions are projected to stay around 50 to 60 basis points. Banks鈥 total capital ratios, hovering near 19 percent, provide a solid buffer to absorb potential shocks from falling oil prices or rising private-sector leverage.

Saudi lenders are still the region鈥檚 earnings workhorse. Profits are rising, market values are high, and fresh money 鈥 from bond buyers to venture capitalists 鈥 is flowing in. If they can keep gathering deposits quickly enough to fund a fast-growing loan book, the Kingdom鈥檚 banks look set to stay ahead of their Gulf neighbors in both profit and ambition well into next year.


Saudi carrier flynas to expand operations across 4 hubs, official says听

Saudi carrier flynas to expand operations across 4 hubs, official says听
Updated 09 June 2025

Saudi carrier flynas to expand operations across 4 hubs, official says听

Saudi carrier flynas to expand operations across 4 hubs, official says听
  • Hubs include Riyadh, Jeddah, Madinah, and Dammam as part of growth plan
  • Carrier expanded its summer schedule, launching four new international destinations

RIYADH: 海角直播鈥檚 low-cost carrier flynas is set to expand operations across its four main hubs 鈥 Riyadh, Jeddah, Madinah, and Dammam 鈥 as part of an ambitious growth plan, according to a top official. 

In an interview with Al-Eqtisadiah, Waleed Ahmed, the company鈥檚 official spokesperson, said that flynas holds the largest aircraft order in the Kingdom and one of the biggest in the Middle East, with a total of 280 aircraft set to be received. 

This follows a major deal signed in July with Airbus to acquire 160 new aircraft, including 30 wide-body A330neo and 130 single-aisle jets across A320neo, A321neo, and A321LR models. 

The airline has seen a sharp rise in passenger traffic, with volumes climbing from around 11 million in 2023 to more than 14.7 million in 2024, reflecting the low-cost carrier鈥檚 rapid expansion in line with 海角直播鈥檚 push to position itself as a leading global hub for tourism and business. 

鈥淭hese numbers reinforce the company鈥檚 role in supporting Vision 2030, which aims to increase the number of passengers to 330 million and attract more than 150 million international passengers by that year.鈥 Ahmed said, as quoted by Al-Eqtisadiah. 

He also highlighted that, as part of its ambitious strategic plan, flynas has expanded its summer schedule by launching four new destinations for the first time: Krakow in Poland, Geneva in Switzerland, Milan in Italy, and Rize in Turkiye, in addition to its usual summer routes. 

Last week, flynas finalized its initial public offering at SR80 ($21) per share 鈥 the top of its indicated price range 鈥 following strong demand from both institutional and retail investors. 

The pricing values the airline at an estimated market capitalization of SR13.6 billion at listing. 

The offering followed the company鈥檚 announcement last month of its intention to float 30 percent of its share capital on the Saudi Exchange, making flynas the first airline in the Kingdom to go public and the first Gulf airline IPO in nearly two decades. 

In line with its ongoing fleet expansion, flynas recently took delivery of its fourth Airbus A320neo of 2025, bringing the total number of A320neo aircraft in its all-Airbus fleet to 57. The current fleet includes 63 aircraft 鈥 57 A320neo, four A320ceo, and two A330neo wide-body jets.


Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities

Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities
Updated 09 June 2025

Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities

Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities
  • Group said visit reflects its ongoing strategy to explore new cooperation with Syrian government
  • Khalaf Al-Habtoor to visit Syria in coming days

RIYADH: The head of Dubai conglomerate Al-Habtoor Group is set to visit Syria with a delegation of senior executives to discuss potential investments and partnerships with the new government.

According to a statement, the visit reflects the group鈥檚 ongoing strategy to explore new avenues of cooperation with the Syrian government and to assess potential investment opportunities across multiple sectors. 

It added that the trip stems from 鈥渁 firm belief鈥 in Syria鈥檚 ability to recover its strength and regional standing and the importance of public-private partnerships in the country鈥檚 rebuilding phase.

The move comes as Syria鈥檚 transitional government, led by President Ahmed Al-Sharaa, pushes economic reforms to attract foreign investment, including privatizations, relaxed trade policies, and major infrastructure deals. 

Speaking ahead of the trip, the group鈥檚 Chairman Khalaf Ahmad Al-Habtoor said: 鈥淪yria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment.鈥  

He added: 鈥淲e look to Syria with great confidence. Its people possess the energy and resilience needed to shape a strong and prosperous future. As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.鈥

Al-Habtoor Group, a UAE-based multinational with a strong presence in the hospitality, real estate, and automotive industries, has a history of large-scale investments in the Middle East. The move follows the organization鈥檚 recent withdrawal from Lebanon, where it cited instability as a barrier to business.


Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May

Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May
Updated 09 June 2025

Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May

Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May
  • Gold holdings at the end of May were valued at $7.76 billion
  • Qatar Central Bank recorded a 3.6% increase in its foreign currency reserves and liquidity

RIYADH: Jordan鈥檚 foreign exchange reserves remained largely unchanged in May, standing at $22.76 billion, as per new data released by the Central Bank of Jordan. 

The slight month-on-month dip 鈥 about 0.2 percent from April 鈥 reflects broad stability in the Kingdom鈥檚 external buffers. 

Jordan鈥檚 foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. 

The Qatar Central Bank recorded a 3.6 percent increase in its foreign currency reserves and liquidity, reaching 258.135 billion Qatari riyals ($70.9 billion) in May, up from 249.165 billion riyals in May 2024. 

Jordan鈥檚 long-term foreign-currency issuer default rating was affirmed at 鈥淏B-鈥 with a stable outlook by Fitch Ratings. File/AFP

Egypt鈥檚 foreign exchange reserves rose to $48.525 billion by the end of May, compared to $48.144 billion in April, marking an increase of $381 million. 

鈥淭he Central Bank of Jordan stated in a statement today that its total foreign reserves are sufficient to cover the country鈥檚 imports of goods and services for approximately nine months,鈥 the Qatar News Agency reported. 

The central bank also reported that gold holdings at the end of May were valued at $7.76 billion, totaling 2.345 million ounces, underscoring the role of bullion in Jordan鈥檚 reserve composition. 

鈥淚t added that the presence of comfortable levels of foreign reserves enhances the ability to influence exchange rates, provides a stable economic environment, and enhances the confidence of foreign creditors and investors,鈥 the QNA report stated, citing the Jordan Central Bank. 

The Central Bank of Jordan said its total foreign reserves are sufficient to cover the country鈥檚 imports of goods and services for approximately nine months. File/AFP

In May, Jordan鈥檚 long-term foreign-currency issuer default rating was affirmed at 鈥淏B-鈥 with a stable outlook by Fitch Ratings, citing the country鈥檚 macroeconomic stability and progress on fiscal and economic reforms. 

The US-based credit rating agency noted that the rating and stable outlook also reflect Jordan鈥檚 resilient financing sources 鈥 including a liquid banking sector, a robust public pension fund, and sustained international support. 

Despite the stable outlook, Jordan鈥檚 credit rating remains below that of several other countries in the region. In February, Fitch affirmed 海角直播鈥檚 IDR at 鈥淎+鈥 with a stable outlook, while the UAE was rated 鈥淎A-.鈥 

Fitch said the ratings are constrained by high government debt, moderate growth, risks from domestic and regional politics, as well as current account deficits and net external debt levels that exceed those of rating peers. 

Jordan鈥檚 foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. Central Bank of Jordan

A 鈥淏B鈥 rating indicates elevated vulnerability to default risk, particularly in the event of adverse shifts in business or economic conditions. However, it also suggests some degree of financial or operational flexibility in meeting commitments. 

Fitch also noted that Jordan鈥檚 government remains committed to advancing its three-pillar reform agenda 鈥 spanning economic, public administration, and political sectors 鈥 despite external pressures. 

The agency added that the pace of reforms will continue to be shaped by the need to preserve social stability, resistance from vested interests, and institutional capacity limitations.