Craig Smith explores the media’s role in AI conversations

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Updated 17 November 2024
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Craig Smith explores the media’s role in AI conversations

Craig Smith explores the media’s role in AI conversations

RIYADH: The media’s primary role is to translate complex ideas into digestible content for the public, said Craig Smith, host of the Eye on AI podcast and a former correspondent.

In a recent conversation with the Saudi Data and Artificial Intelligence Authority’s GAIN podcast, Smith discussed the rapidly evolving field of artificial intelligence and the challenges media faces in accurately covering it amid both excitement and misinformation.

“You can put AI in a robot, but robotics is one field, and AI is another,” Smith explained, stressing the need for more precise portrayals of AI in the media.

As AI discussions have intensified in the past two years, particularly around its potential threats, Smith emphasized that these debates are meant to encourage further research into AI safety and prompt regulation. However, he noted that the popular press often misinterprets the purpose of these discussions, leading to sensational headlines that contribute to widespread fear.

“The purpose of that discussion is to generate more research around the safety of AI and to spur regulation to get the governments looking at what’s happening,” Smith said.

“But the media often misses this goal, resulting in alarmist narratives like AI will ‘kill us all,’ which detracts from the vital work of understanding and regulating this technology.”

While it’s easy to imagine a dystopian future for AI, Smith pointed out the far more nuanced reality. “We’re still working on getting large language models to be truthful and stop spouting nonsense,” he said, illustrating the long and challenging path ahead in developing reliable AI systems.

Reflecting on the rapid pace of change in the field, Smith highlighted the exciting progress in AI research, particularly since the introduction of the transformer algorithm in 2017.

“It was Ilya Sutskever at OpenAI who built a model around the transformer algorithm and scaled it up,” Smith noted, acknowledging the profound impact this algorithm has had on the development of large language models like ChatGPT and Claude.

Smith’s insights underscored the media’s crucial responsibility in accurately covering AI. By bridging the gap between complex technological advancements and public understanding, journalists have the power to foster informed discussions that will ultimately shape the future of AI in society.


UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months

UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months
Updated 17 sec ago
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UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months

UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months

RIYADH: Gold reserves held by the Central Bank of the UAE increased by 25.9 percent during the first five months of 2025 to reach 28.93 billion dirhams ($7.9 billion).

The regulator’s statistical bulletin revealed that the UAE’s gold holdings also edged up on a monthly basis, recording a 0.49 percent rise in May to 28.79 billion dirhams, compared to 28.65 billion dirhams at the end of April, Emirates News Agency reported.

In addition to stronger gold reserves, the bulletin showed that demand deposits grew significantly, surpassing 1.16 trillion dirhams by the end of May. This was an increase from 1.10 trillion dirhams at the end of 2024.

Of the total, 892.57 billion dirhams were held in local currency, while 274.33 billion dirhams were in foreign currencies.

Savings deposits also registered a sharp increase, climbing to 359.57 billion dirhams by the end of May from 317.48 billion dirhams in December. Local currency savings accounted for 305.51 billion dirhams, while the figure for foreign currency stood at 54.06 billion dirhams.

Furthermore, time deposits surpassed the 1 trillion dirham mark for the first time by the end of May. Of this figure, 614.85 billion dirhams were denominated in local currency, while 398.35 billion dirhams were in foreign currencies.

The UAE’s banking sector continued its steady expansion, with total assets, including bankers’ acceptances, rising 0.6 percent in April to 4.75 trillion dirhams.

The increase was driven by resilient credit demand and a surge in non-resident deposits, Emirates News Agency reported.

Across the Gulf, banking performance was mixed. Kuwait posted a 6.7 percent year-on-year rise in assets to 93.5 billion dinars ($303 billion) in March, while Saudi Arabia saw a 7.4 percent jump to SR5.3 trillion ($1.41 trillion) in April. 

Qatar, however, recorded a marginal 0.1 percent monthly decline in total assets to 2.07 trillion riyals ($559 billion), reflecting weaker domestic holdings.

Global prices

Gold prices edged lower on Thursday after the US Federal Reserve’s July meeting minutes showed a majority consensus on holding interest rates steady.

Spot gold was down 0.2 percent at $3,340.09 per ounce, as of 0802 GMT. US gold futures for December delivery also lost 0.2 percent to $3,382.30.

Minutes from the Fed’s July meeting showed the policymakers who dissented against last month’s decision to keep interest rates unchanged were alone in advocating for a rate cut.

Non-yielding gold typically performs well in a low interest rate environment.

The Fed has held rates steady since December, although investors still expect an 81 percent chance of a quarter-point cut by September, according to the CME’s FedWatch tool.

Fed Chair Jerome Powell is expected to speak on Friday at the Aug. 21-23 Jackson Hole symposium, with investors watching whether he backs measures to bolster the labor market or focuses on curbing inflation.


Saudi Industry Ministry, SIC partner to empower innovators

Saudi Industry Ministry, SIC partner to empower innovators
Updated 29 min 3 sec ago
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Saudi Industry Ministry, SIC partner to empower innovators

Saudi Industry Ministry, SIC partner to empower innovators

JEDDAH: Saudi entrepreneurs and innovators in the industrial and mining sectors are set to gain support through a new partnership aimed at driving development, innovation, and digital transformation.

The Ministry of Industry and Mineral Resources signed a cooperation agreement with the Saudi Innovation Club to implement joint innovation programs and initiatives as part of efforts to empower national talent in the two sectors, the ministry said in a statement on Aug. 21.

The agreement, signed under the patronage of Assistant Minister for Planning and Development Abdullah Al-Ahmari, aims to foster innovation and create opportunities for innovators. It was finalized during a Ministry meeting under the ‘Innovative Industrial and Mining Products Program’ connecting innovators with service providers, incubators, and accelerators.

This initiative is part of the Ministry of Industry and Mineral Resources’ broader strategy to foster innovation in the industrial and mining sectors, enhance their global competitiveness, and strengthen their contribution to the diversification of the Kingdom’s economy.

The initiative builds on the Ministry of Industry and Mineral Resource’s Innovative Industrial and Mining Products Program, which was announced in December, with the aim to advance development and drive the digital transformation of the industrial and mining sectors.

“The agreement sets a joint framework for the two parties to organize activities and initiatives that foster a culture of innovation and showcase innovators’ success stories,” the statement said.

It added that the deal provides channels of cooperation in line with its provisions, including exchanging innovation and entrepreneurial expertise, organizing business meetings, holding workshops, and launching initiatives to support innovators and entrepreneurs.

The agreement was signed by Mohammed bin Saeed Al-Dughaim, general manager of the innovation management department at the ministry, and Majid bin Mohammed bin Anzan, chairman of the Saudi Innovation Club.

The ministry emphasized that the partnership underscores its commitment to fostering innovation, raising public awareness, and creating a supportive environment for innovators in line with the Kingdom’s economic transformation plans.

According to the Industry Ministry, the Innovative Industrial and Mining Products represents “a key step toward fostering innovation in the industrial and mining sectors” and reflects its commitment to “developing innovative solutions that support the Kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.”

Commenting on the program when first announced, Minister of Industry and Mineral Resources Bandar Alkhorayef said the program seeks to “provide an integrated environment that enables innovators to transform their ideas into executable and competitive products locally and internationally.”

He noted that the initiative will drive innovation — a cornerstone of economic growth — and advance digital transformation in the industrial and mining sectors, the minister stated in a post on his X handle at that time.


Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 

Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 
Updated 57 min 7 sec ago
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Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 

Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 

RIYADH: Kuwait’s inflation inched higher in July as rising food and beverage costs pushed the annual rate to 2.39 percent, up from 2.32 percent in June, data from the Central Statistical Bureau showed. 

The food and beverages group, a key component of the index, climbed 0.63 percent month on month, while miscellaneous goods and services rose 0.43 percent and clothing and footwear gained 0.27 percent. 

The latest data follows signs of economic recovery, with real gross domestic product expanding 1 percent year on year in the first quarter of 2025, ending seven consecutive quarters of contraction, according to the National Bank of Kuwait. The rebound has been supported by steady improvements in the non-oil sector. 

In its latest report, the Central Statistical Bureau stated: “The Consumer Price Index (CPI) increased by 0.22 percent at 137.2 as a result of the increase in prices of some major groups in the movement of the indices.” 

It added: “Prices of recreation and cultural group increased by 0.15 percent because of an increase in prices of audio-visual, photographic and information and tools and other recreational equipment, gardens and pets.” 

Prices of furnishings and household maintenance edged up 0.14 percent, reflecting cost increases in home textiles, glassware, and household utensils. By contrast, the transportation group dipped 0.07 percent, weighed by lower operating costs for personal vehicles. 

Housing, health, communication, education, and restaurants and hotels categories remained flat during the period. 

In March, Fitch Ratings reaffirmed Kuwait’s AA- long-term foreign currency rating with a stable outlook, citing its strong fiscal position and external balance sheet.

The US-based agency noted that the country’s external balance sheet remains the strongest among all Fitch-rated sovereigns, with net foreign assets projected to rise to 601 percent of GDP in 2025, up from an estimated 582 percent in 2024. 

This comes as Kuwait’s non-oil business activity continues to grow. The latest Purchasing Managers’ Index, released earlier this month by S&P Global, showed the PMI rising to 53.5 in July from 53.1 in June, signaling a solid monthly improvement in the non-oil private sector. 

S&P Global noted that inflationary pressures eased in July, with purchase prices and staff costs rising at their slowest pace in six and four months, respectively.

The survey also showed that Kuwaiti companies remain strongly optimistic about future growth, expecting output to rise further in the remaining months of the year. 


Saudi construction costs edge up 0.7% in July on diesel, rental rates: GASTAT 

Saudi construction costs edge up 0.7% in July on diesel, rental rates: GASTAT 
Updated 21 August 2025
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Saudi construction costs edge up 0.7% in July on diesel, rental rates: GASTAT 

Saudi construction costs edge up 0.7% in July on diesel, rental rates: GASTAT 

RIYADH: Rising diesel prices and higher equipment rental rates pushed up building costs in Saudi Arabia by 0.7 percent year on year in July, official data showed. 

Figures from the General Authority for Statistics also showed the residential sector, which carries a significant weight in the Construction Cost index, climbed 0.7 percent from a year earlier, while non-residential building costs rose by 0.6 percent.

Equipment and machinery rentals jumped 1.8 percent, driven by a 2.5 percent increase in unoperated equipment rentals. 

This comes as Saudi Arabia’s Vision 2030 giga-projects amplify demand for labor and materials. 

Similar trends are seen across the region, though at different paces, with the UAE’s diversified project mix and stronger local supply chains helping to temper cost pressures. 

Overall, costs are climbing at varying rates. The UAE is projected to see a 2 to 5 percent rise in 2025, while Saudi Arabia faces sharper inflation, with tender prices expected to surge 7.4 percent, according to a report by cost management firm Stonehaven. 

In its latest report, GASTAT stated: “This rise (in the residential sector) had a significant impact on sustaining the annual inflation rate for July 2025 due to the weight of this sector, which is 77.5 percent.” 

It added: “In the same context, energy prices increased by 9.9 percent, driven by a 27.3 percent rise in diesel fuel prices. Labor costs also rose by 1.5 percent compared to July 2024.” 

A 0.7 percent drop in basic materials costs, including a 2.1 percent decline in wood and carpentry products and a 1.9 percent fall in metal products, helped offset some of the inflationary pressure. 

Non-residential sector

The most significant push in the non-residential sector came from a 1.9 percent rise in equipment and machinery rental costs, again propelled by a 2.3 percent increase in the specific category of unoperated equipment rentals. 

Labor costs in non-residential construction increased by 1.2 percent, while energy prices jumped by the same 9.9 percent seen in the residential sector, with diesel fuel’s 27.3 percent hike again being the primary cause. 

The cost of basic materials for non-residential projects also decreased by 0.7 percent, due to a 1.9 percent decline in metal products and other building materials. 

Monthly changes  

The report also detailed month-on-month changes, indicating an acceleration in cost pressures as the summer progressed. Compared to June, residential construction costs increased by 0.4 percent in July, primarily due to a 1.1 percent rise in labor costs. 

Similarly, the non-residential sector costs saw a higher monthly increase of 0.5 percent. This was driven by a 1.3 percent rise in labor costs and a 0.8 percent increase in equipment and machinery rental fees, suggesting building momentum in cost inflation heading into the second half of the year.

The CCI is an official metric that tracks the monthly price change of essential construction inputs, including materials, labor, equipment, and energy. 

The index, which uses 2023 as the base year, tracks 60 construction input items, with data collected monthly across 13 regions from contractors, engineering firms, and suppliers.


ACWA Power begins commercial operations at 3 solar plants in Saudi Arabia

ACWA Power begins commercial operations at 3 solar plants in Saudi Arabia
Updated 21 August 2025
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ACWA Power begins commercial operations at 3 solar plants in Saudi Arabia

ACWA Power begins commercial operations at 3 solar plants in Saudi Arabia

RIYADH: Saudi utility giant ACWA Power has commenced commercial operations at three solar power plants in Saudi Arabia, with a combined capacity of 2.79 gigawatts, the company said in statements to Tadawul. 

ACWA Power said it received an initial commercial operation certificate for the Al Kahfah solar Independent Power Plant project in the Hail region, which has a capacity of 1,425 megawatts. 

The company added that it also received the commercial operations certificate for 1,000 MW at the Al-Rass 2 solar PV plant in Qassim. 

ACWA Power also obtained the second commercial operation certificate for the remaining 365.7 MW capacity in the SAAD 2 PV project in Riyadh, bringing its total operating capacity to 1,125 MW.

These developments align with Saudi Arabia’s goals to generate clean energy, primarily using solar power.

The Kingdom plans to generate 58.7 GW of renewable energy by 2030, with 40 GW from solar PV. It also plans to generate 16 GW from wind energy and 2.7 GW from concentrated solar power. 

This commitment is part of the broader National Renewable Energy Program strategy, aimed at diversifying Saudi Arabia’s energy portfolio and reducing reliance on fossil fuels. 

ACWA Power said the impact of these projects is expected to be reflected in the company’s financial performance in the second half of this year. 

The firm owns a 50.1 percent stake in the Al-Kahfah, Ar Rass 2, and SAAD 2 solar projects. 

In July, a consortium led by ACWA Power signed agreements worth SR31 billion ($8.3 billion) to develop seven major solar and wind energy projects with a combined capacity of 15,000 MW in the Kingdom. 

Five of the new projects are photovoltaic solar initiatives, including the Bisha Project in the Asir region and the Humaij Project in Madinah, each with a capacity of 3,000 MW. 

The Khulis Project in Makkah will generate 2,000 MW, while the Afif 1 and Afif 2 projects located in the Riyadh region will add another 4,000 MW combined.

In addition, two wind energy projects will be developed in Riyadh, which include the 2000 MW Starah Project and the 1,000 MW Shaqra Project.