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The Gulf Cooperation Council (GCC) Foreign Trade Report for 2023, issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), highlighted the region’s significant position in global trade.
The GCC ranked sixth globally in the volume of trade in goods index, accounting for 3.4 percent of the total global trade in goods. The region’s trade volume reached $1.5 trillion in 2023, reflecting a 4.0 percent decrease compared to 2022.
The GCC also ranked third globally in the merchandise trade balance index in 2023, with a value of $163.7 billion, compared to $381.3 billion recorded in 2022, which marked a decrease of 57.1 percent.
In commodity exports, the GCC ranked fifth worldwide, contributing 3.1 percent of the global total with exports valued at $0.8 trillion in 2023, down 14.5 percent from 2022. Conversely, the region ranked ninth in total merchandise imports, accounting for 2.7 percent of global imports at a value of $0.7 trillion in 2023, reflecting a 13.4 percent increase from the previous year.
The report further detailed that GCC trade in goods (excluding intra-trade) decreased by 4.0 percent, amounting to $1,482.4 billion in 2023, compared to $1,482.4 billion in 2023.
Commodity exports fell from $962.6 billion in 2022 to $823.1 billion in 2023—a decline of $139.5 billion or 14.5 percent. However, commodity imports rose to $659.3 billion in 2023, up from $581.3 billion in 2022, an increase of $78.0 billion or 13.4 percent.
Oil exports of the GCC countries decreased by 20.5 percent in 2023 to reach $525.5 billion, compared to $661.1 billion in 2022.
As for the main trading partners, the GCC-Stat explained that China ranked first on the list of main trading partners in the commodity trade volume index in 2023. The value of the commodity trade volume amounted to $297.9 billion, surpassing its closest competitor, India, which ranked second with a value of $150.4 billion, with a difference of $147.6 billion.
China is also the GCC Countries’ most important trading partner. It ranked first in terms of the commodity exports index by importing 19.2 percent of the total Gulf commodity exports to global markets in 2023, at a value of $158.3 billion compared to $190.4 billion in 2022, with a decrease of 16.8 percent.
China also ranked first among the GCC countries’ main trading partners in the 2023 Total Merchandise Imports Index. It exported 21.2 percent of the GCC’s total merchandise imports in 2023, with a value of $139.6 billion compared to $126.0 billion in 2022, recording an increase of 10.8 percent over the previous year.
The 1 Billion Followers Summit, the world’s first and largest event dedicated to shaping the content creator economy, organised by the UAE Government Media Office, will convene over 125 prominent CEOs from major global firms, as it returns for its third edition, organised by the UAE Government Media Office and hosted in the UAE from 11 to 13 January 2025 at Dubai’s Emirates Towers, DIFC and the Museum of the Future, under the theme “Content for Good.”
These CEOs will join a prestigious lineup of content creators and influencers from around the world, sharing their expertise during panels, interactive discussions, workshops and roundtables. These sessions will explore the latest trends in business, economy, investment, and content creation, empowering aspiring talents and fostering innovation within the industry.
The list of speakers at the third edition of the 1 Billion Followers Summit include Maye Musk, mother of Elon Musk, the world’s richest man. A 76-year-old millionaire and model, Musk’s career began in 1969 as a Miss South Africa finalist. She became a prominent model, representing numerous major brands, and continues to work today. Despite her busy schedule, she earned two degrees in dietetics and nutritional science and founded her own nutrition company.
Musk, who enjoys an active social media presence with over 3.35 million followers, will share her parenting journey at the 1 Billion Followers Summit, discussing how she raised three children, including Elon, and the parenting style that contributed to his success.
Leading Egyptian businessman and global entrepreneur Naguib Sawiris, who has over 10.6 million social media followers, will share his insights at the Summit. He leads global companies in various sectors, including mining, real estate, financial services, telecom, investment, and media. Naguib Sawiris is the owner of Orascom Telecom, launched the first mobile network in North Korea in 2008 and founded ONTV network. He also owns 88% of EuroNews shares, and is the founder of Egypt’s El Gouna Film Festival.
Andre Le Masurier, Senior Director and Global Head of brand and Creative at Skyscanner, will share his experience of over 20 years in brand vision, marketing and product design, as he held leadership roles in leading companies and contributed award-winning work that spanned major brands.
Andrew Graham, Head of Digital Corporate Advisory & Partnerships at the Creative Artists Agency (CAA), will share his experience in cultivating and monetizing digital-native talent, and his work in developing digital strategies for A-list celebrities.
Ben Relles, who leads Content Strategy at the Office of entrepreneur and LinkedIn Co-founder Reid Hoffman, will address the topic of AI and its utilization in social media content creation.
Cayman Rojas, Community Manager at LinkedIn, will discuss how he works with, and supports prominent voices on the platform. He works closely with influencers with an outsized impact on the community, from CEOs and content creators to musicians, actors, and celebrities.
Joining the speakers lineup is Chris Williams, who founded and leads Pocket Watch, a studio specializing in kids and family entertainment through digital-first content and lifestyle products. Williams will share his experience of 20 years in developing online video content.
Emma Harman, President, EMEA at Whalar Group, will share her experience of over 25 years blending entertainment, music, and social marketing, and applying this experience in brand-talent collaborations. Harman will also highlight the importance of impactful content and supporting the Creator growth Economy.
Grigory Lavrov, VP Marketing, Local Brands & Franchise Management in CEE & MENAT at Warner Bros. Discovery, is also speaking at the Summit. In addition to his publishing experience, Lavrov oversees brands like TLC, DMAX, and Fatafeat.
Kate Ward & Zach Honarvar will share their experience as Founders of Creator Now, a platform that aims to build a film school reimagined for creators to help the next generation turn their creative passions into a full-time career.
The list includes Lewis Crosbie, Co-founder and CEO of Komi, which is a software platform and “one-stop-shop” for creators, bringing features found on Shopify, Patreon, and Linktree into one place to help creators engage with their fans around the world.
Paul Bakaus, Executive Vice President of Product and Creator Tools at Spotter, will showcase the platform’s efforts in empowering content creators everywhere to accelerate their workflow and unlock their creative potential.
Also joining the lineup of prominent speakers at the Summit are Brittany Brown, Director of Digital Communications & Strategy at NASA, sharing insights into impactful visual storytelling; Aliana Miller, Director of Influencer Marketing at Roblox, discussing strategies for building authentic creator relationships and achieving record-breaking results; Elise Swopes, Sr. Adobe Express Evangelist & Community, offering her perspective on mobile creativity and the intersection of art and technology; Sherry Wong, CEO at Roster, focusing on building strong support teams for creators; Ahad Khan, CEO at Kajabi, sharing insights into scaling online businesses using creator-focused platforms; and Jonathan Chanti, President of Talent at Viral Nation & CGO of Viral Nation Group, who will share insights into leveraging data-driven strategies and emerging technologies for influencer collaborations and brand growth.
Jouf Gov. Prince Faisal bin Nawaf bin Abdulaziz has praised the country’s leaders and the Ministry of Environment, Water and Agriculture for supporting the region’s record-breaking developmental and economic initiatives.
Prince Faisal made the comments during a ceremony marking the region’s achievements, the Saudi Press Agency reported on Monday.
Two certificates were presented by Guinness World Records representative Kenzi Al-Dafrawi to Mazen Badawood, CEO of the Al-Jouf Agricultural Development Co.
The certificates honored the company for having the world’s largest and most modern organic olive farm, the SPA reported.
The event was attended by Abdulaziz Al-Rujai, director general of the ministry in the Jouf region.
Prince Faisal said: “We take pride in the national accomplishments that the Kingdom’s Vision 2023 has realized in promoting self-sufficiency and achieving food security.”
Badawood thanked Prince Faisal for his dedication to serving the people of the region.
He said Jouf’s agricultural, environmental and water purification projects provide a model for others to follow.
The awarding of the two certificates coincided with Organic Food Day, celebrated on Nov. 11, which the Kingdom marked with a series of events across the country.
Organic Food Day is aimed at encouraging people to make healthy dietary choices and embodies efforts to achieve sustainable food security, in line with the objectives of the Kingdom’s Vision 2030 plan.
The ministry aims to encourage farmers to adopt organic farming practices, educate consumers, as well as promote resource sustainability and local production.
As a part of the celebrations, Riyadh is hosting the Saudi International Exhibition for Organic Products from Nov. 11 to 13 to support the local community, and position the nation as a leading hub in this growing sector.
source/content: arabnews.com (headline edited)
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Two certificates were presented by Guinness World Records representative Kenzi Al-Dafrawi to Mazen Badawood, CEO of the Al-Jouf Agricultural Development Co.
Jebel Ali Free Zone (Jafza) has won five major category awards from the Financial Times’ fDi World’s Best Free Zones 2024, including being ranked number one in the comprehensive global list of free zones.
Jafza said that winning these awards underscores its global standing in the field of trade and logistics, noting that it was ranked number one, in addition to the titles of “Best Industrial Zone” and “Best Sustainable Zone” for this year, in the global and Middle East categories.
Abdulla Bin Damithan, CEO and Managing Director, DP World, GCC, said: “As we approach our 40th anniversary, we are proud of our achievements in the fields of global trade and industry. Jafza has evolved over these four decades to meet the changes in the global trade arena and has maintained its leadership in promoting innovation and sustainable growth.
For his part, Abdulla Al Hashimi, Chief Operating Officer, Parks and Free Zones, DP World, GCC, said that these prestigious awards confirm the effectiveness of the investment approach in infrastructure and sustainability, after Jafza was able to establish the foundations of a vital infrastructure that benefits customers, and maintained the clarity of its goal of driving innovation and sustainable growth, by keeping pace with the latest developments in the sector, and responding to customer needs, while continuing to focus on efficiency.
Founder of the globally recognized Lebanese chocolate brand Patchi, Nizar Choucair, has died, leaving behind a legacy in the industry.
Choucair transformed his childhood love for chocolate into a global brand, boasting more than 200 branches worldwide.
In a message on social media, Patchi announced Choucair’s death, posting: “It is with deep sorrow that we announce the passing of Mr. Nizar Choucair, our beloved founder. Mr. Choucair was a man whose warmth and generosity touched everyone who knew him.”
Patchi added: “His visionary approach transformed chocolate into an art that evokes emotions and creates cherished memories. His legacy lives on through Patchi, a brand that has reached hearts across cultures and celebrations. We honor his memory and the extraordinary heritage he built.”
Choucair was renowned for saying: “In every piece of chocolate, there is a story to be told and a memory to be made.”
The brand’s story began in 1974 when Choucair, driven by his passion for chocolate since the age of 11, introduced the concept of chocolate gifting.
This approach elevated the food to new dimensions, enhancing customer engagement and brand loyalty.
Born in Beirut, Choucair moved to Kuwait at 18, initially working for a gas manufacturing company before returning to Lebanon to launch Patchi.
In 1990, he received a significant boost when Banque Du Liban gave him an interest-free loan, enabling him to modernize his factory with new machinery.
Starting with a single shop in the Lebanese capital, Beirut, Choucair’s vision and entrepreneurial spirit saw Patchi expand worldwide.
Patchi, now a household name in luxury chocolates, has 203 stores globally, with a strong presence in Lebanon, Saudi Arabia, and Bahrain, as well as Qatar, the UAE, and the UK.
The brand entered the EU market in 1995 with boutiques in Paris and London. By 1999, the company expanded to Africa with a boutique in the Ivory Coast and opened a store in the US in 2000.
Recognized by Forbes in 2005 as the top luxury brand in the Middle East and the 15th top brand in the region, Patchi continued to grow.
In 2008, Patchi Silver boutique at Harrods in London was launched, featuring a box of chocolates wrapped in genuine leather and silk, selling for £5,000.
The brand, boasting as many as 62 branches in Saudi Arabia, is celebrated for its premium ingredients and distinctive packaging, all produced in-house.
In a 2009 interview with The National, Choucair reflected on Patchi’s accessibility: “Our chocolates are not expensive at all. We sell to people who want more expensive, elaborate boxes, but we also sell to the chauffeur who comes to pick it up.”
This inclusive approach helped Patchi become a beloved brand across various demographics, according to Choucair.
The founder’s journey was marked by resilience and adaptability, navigating the challenges of the Lebanese civil war by relocating his family and operations multiple times. Despite these hurdles, his commitment to his brand never wavered. The chocolateries’ expansion continued, with Choucair personally overseeing the opening of new stores worldwide.
Under his leadership, Patchi grew to employ more than 5,000 people, maintaining a family-oriented business ethos. His five children have played active roles in the company, with three of them working alongside him..
Oussama Choucair is currently the CEO of Patchi in the UAE and sits on the board of the company’s conglomerate, which his father founded in Beirut during the 1970s.
Nizar Choucair’s passion for premium chocolate gifting has been passed down to his son, who oversees operations in the crucial UAE market.
One of Oussama Choucair’s key projects is the construction of a new factory in Dubai Industrial Park, which will become Patchi’s largest manufacturing plant worldwide.
The family remains dedicated to expanding the business into new markets by forming strategic alliances with Armenia, Azerbaijan and Brunei as well as Egypt, Kazakhstan, Kuwait, and East Asia.
In 2012, Patchi launched a new brand identity to refresh its profile and reaffirm its commitment to the values that have made it the top choice for premium chocolate lovers.
The new brand identity was presented in a creative and modern style, reflecting the distinctive and fine quality that Patchi offers through its network of boutiques across Saudi Arabia.
The unveiling event occurred at the Patchi Boutique in Jeddah, attended by Zahid Nuri, then-general manager and co-founder of Patchi in Saudi Arabia.
Nuri stated: “The launch of Patchi’s new identity embodies the company’s dedication to its customers in Saudi Arabia and highlights our commitment to providing the best services, highest quality, and a variety of the most exquisite and finest chocolate gifts. This new identity marks a breakthrough that aligns with Patchi’s significant international expansion, solidifying its position as one of the largest global brands in the chocolate industry.”
source/content: arabnews.com (headline edited)
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Nizar Choucair, founder of Lebanese chocolate brand Patchi. Patchi
Saudi Arabia’s economy witnessed growth of 1.4 percent in the first quarter of 2024 – higher than that seen across the G20 as a whole, according to new data.
The Organisation for Economic Co-operation and Development has released its latest gross domestic product report for the G20 countries, noting that the Kingdom bounced back from a contraction of 0.6 percent in the previous three-month period.
GDP in the G20 area grew by 0.9 percent quarter-on-quarter in the first quarter of 2024, slightly up from 0.7 percent in the previous quarter.
The economic performance of the G20 area was primarily driven by China and India, with Turkiye, Korea, and Indonesia also recording higher GDP growth than the G20 average.
Turkiye led with an increase of 2.4 percent, followed by India at 1.9 percent, China at 1.6 percent, Korea at 1.3 percent, and Indonesia at 1.2 percent.
The report highlighted that while Saudi Arabia experienced a significant recovery, other G20 countries faced varying economic conditions.
The US saw a slowdown, with GDP growth dropping to 0.3 percent in the first three months of the year from 0.8 percent in the previous quarter.
Japan’s economy contracted by 0.5 percent, and South Africa saw a contraction of 0.1 percent.
Conversely, Brazil, the UK, and Germany showed signs of recovery in the first quarter of 2024 after contractions over the previous three month period, with growth reaching 0.8 percent, 0.6 percent, and 0.2 percent, respectively.
Canada, Mexico, and the EU grew by 0.4 percent, 0.3 percent, and 0.3 percent, respectively, in the three months to the end of March, after zero growth in the final quarter of 2023.
Year-on-year, GDP in the G20 area grew by 3.3 percent in the first three months of the year, maintaining the same growth rate as the previous quarter.
Among G20 economies, India recorded the highest year-on-year growth rate at 8.4 percent in the first quarter of 2024, followed by Turkiye at 7.4 percent.
However, Saudi Arabia recorded the most significant year-on-year decline at a drop of 1.5 percent.
According to a separate report by the General Authority for Statistics released earlier in June, the Kingdom’s non-oil activities also rose by 0.9 percent in the first three months of this year compared to the previous quarter.
Additionally, non-oil activities increased by 3.4 percent year-on-year in the first quarter of 2024.
GASTAT further noted that Saudi Arabia’s GDP amounted to SR1.01 trillion ($270 billion) in the first quarter.
“Crude oil and natural gas activities achieved the highest contribution to GDP by 23.4 percent, followed by government activities at 15.8 percent, and then wholesale and retail trade, restaurants, and hotels activities with a contribution of 10.4 percent,” said GASTAT in the report.
Strengthening the non-oil private sector is crucial for Saudi Arabia, as the Kingdom is steadily diversifying its economy to reduce its decades-long dependence on oil.
The report further noted that government activities in Saudi Arabia rose by 2 percent year-on-year in the first quarter while declining by 1.1 percent on a quarter-on-quarter basis.
GASTAT added that the Kingdom’s oil activities increased by 1.7 percent in the first quarter compared to the previous quarter.
However, oil activities dipped by 11.2 percent year-on-year as Saudi Arabia reduced its crude production in line with the decision of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
To maintain market stability, Saudi Arabia reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024.
In April, the International Monetary Fund projected that Saudi Arabia’s economy would grow by 2.6 percent in 2024 and 6 percent in 2025.
In the same month, the World Bank also raised the growth prospects of the Kingdom’s economy to 5.9 percent in 2025, up from an earlier projection of 4.2 percent.
Furthermore, Saudi Arabia’s gross fixed capital formation surged to SR317.5 billion in the first quarter of 2024, marking a significant 7.9 percent increase compared to the same period last year.
According to a separate report by the Saudi Ministry of Investment released earlier this month, gross fixed capital formation expansion was driven by growth in both the government and non-government sectors.
GFCF, which represents the net increase in physical assets within an economy, plays a crucial role in gross domestic product as it reflects capital accumulation supporting future production capabilities and economic growth.
Of the total GFCF, the government sector contributed 7 percent, experiencing a robust growth rate of 18 percent. Meanwhile, the non-government sector, constituting 93 percent, also saw a substantial rise of 7.2 percent.
Saudi Arabia’s proactive efforts to attract foreign direct investment and bolster bilateral relations have significantly strengthened the Kingdom’s economic trajectory.
FDI serves as a pivotal catalyst for GFCF development, facilitating funding for investment projects and resource and knowledge transfer across borders, thereby fostering economic expansion and maturation.
Key initiatives such as the National Investment Strategy, the Regional Headquarters Program, and zero-income tax incentives for foreign entities play a vital role in advancing Vision 2030, which aims to diversify and expand the economy.
During this quarter, the Ministry of Investment issued 3,157 investment licenses, marking a 93 percent surge compared to the same period last year, excluding licenses issued under the anti-concealment law.
In its economic and investment monitor released in late May, the ministry revealed that the construction and manufacturing sector dominated with 47 percent of total permits, followed by vocational and educational activities, information and communication technology and accommodation and food services as well as wholesale and retail trade.
The real estate sector witnessed the most significant year-on-year growth, with a staggering 253.3 percent increase in investment licenses.
Furthermore, 127 international firms secured permits to relocate their regional headquarters to Saudi Arabia in the first quarter of 2024, reflecting a remarkable 477 percent year-on-year upsurge.
Leading corporations such as Google, Microsoft and Amazon as well as Northern Trust, Bechtel, IHG Hotels & Resorts, and Deloitte have established operations in the Kingdom under this program.
The report also highlights that Saudi Arabia processed 445 applications for investor visit visas during the first quarter of this year, enabling overseas businesspersons to explore opportunities in the country.
source/content: arabnews.com (headline edited)
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The report highlighted that while Saudi Arabia experienced a significant recovery, other G20 countries faced varying economic conditions. Shutterstock
The event aims to bridge the growing North-South divide and drive inclusive economic development and a sustainable energy transition.
The World Economic Forum’s special meeting on global collaboration, growth and energy for development, scheduled to take place in Riyadh on April 28 and 29, is expected to address global challenges as geopolitical tensions increase.
The meeting will bring together more than 700 participants, including stakeholders from governments and international organisations, politicians and corporate leaders, as Saudi Arabia aims to boost its global profile.
The Riyadh gathering of global leaders will overlap with a recently announced visit by US Secretary of State, Antony Blinken, scheduled for Monday and Tuesday to meet with regional partners. The goal is to secure a ceasefire in Gaza and the release of Israeli hostages, according to the State Department on Saturday.
WEF, held under three themes – catalysing action on energy for development, a compact for inclusive growth and revitalising global co-operation – the event aims to bridge the growing North-South divide, which has further widened on issues such as emerging economic policies, the energy transition and geopolitical shocks, it said.
Amid these intricate challenges, there is a strong need for action-orientated dialogues from the Global North and South, the Switzerland-based organisation added.
Faisal Al Ibrahim, the Saudi Arabian minister of economy and planning, said the world was at a global inflection point and that his country will implement its “full diplomatic might”, and ensure that conclusions made are not one sided.
“We are working to ensure that progress for one part of the world does not come at the expense of another,” he said, as the kingdom seeks a mutually beneficial path to prosperity for the intertwined destinies of the global community.
“This WEF special meeting comes at a time when Saudi government officials are accelerating efforts to shine a positive light on the country’s economic transformation and specific development initiatives,” Robert C Mogielnicki, senior resident scholar, The Arab Gulf States Institute in Washington, said.
“This special meeting is almost certainly going to be a net positive for Riyadh, as it is hard to see significant downsides to convening a dialogue with prominent global voices.
“However, events alone will not accomplish the government’s ambitious agenda. International investors are increasingly looking beyond splashy, organised events and talking points to gauge for themselves examples of concrete progress and future opportunities in Saudi Arabia.”
The world economy is facing geopolitical shocks, unabating inflationary pressures and central banks’ efforts to keep interest rates at elevated levels to stabilise consumer prices.
After a “surprisingly resilient” 2023, the International Monetary Fund revised global growth slightly higher this year to 3.2 per cent.
The global economy is set to post its slowest half-decade growth in 30 years, with the raging conflict in the Middle East among key downside risks to the outlook, the World Bank said in its Global Economic Prospects report.
Global economic prospects remain subdued and are fraught with uncertainty as more than half of chief economists expect the world economy to further weaken this year, a WEF report said in January.
The report stated that the world is facing a critical turning point and identified economic downturn and inflation, the lack of economic opportunity, disrupted supply chains for essential goods and energy, in addition to the impact of climate change as the issues that need the immediate attention over the next two years.
Munira’s election recognises contributions of regional office in achieving WCO objectives
Saudi academic Munira Khalid Al Rasheed has made history by becoming the first Saudi and Arab woman to lead the World Customs Organisation’s regional offices for global information exchange.
The Regional Information Exchange Offices of the World Customs Organisation have elected Munira as the President of the Regional Information Exchange Network for the next two years (2025-2026).
The announcement was made during the 31st global meeting of the Regional Offices, recently held at the headquarters of the World Customs Organisation in the Belgian capital, Brussels.
The election follows Munira Khalid Al Rashid’s appointment as Vice-President in addition to her current position as the Director of the Regional Office for Information Exchange in the Middle East (RILO ME) at the Zakat, Tax, and Customs Authority.
Her election recognises the contributions of the Middle East Regional Office in achieving the objectives of the World Customs Organisation. It also involves representing 11 local offices affiliated with the Middle East region in all meetings, conferences, and workshops.
The Kingdom has, in recent years, enacted landmark reforms, significantly expanding women’s opportunities.
These reforms include granting women the right to drive and increasing their workforce participation.
Munira’s educational background includes a Bachelor of Business Administration with a major in Management, Marketing, and International Business from the University of New Haven, USA, in 2004, and an Executive MBA from Al Yamamah University, Saudi Arabia, in 2013.
Over her 18-year career, Munira has held various positions, including heading the Admission and Registration Department at Al Yamamah University, working in the Regional Management Department at Credit Suisse Saudi Arabia, and serving as Director of Public Relations at Volkswagen Group Saudi Arabia.
She has also been the Director of the Marketing and Communication Program at the Government Human Resources Development Fund (HRDF) and Advisor to the Deputy Governor for Security Affairs at the Zakat, Tax and Customs Authority.
Saudi Arabia is set for a groundbreaking technological venture in the mining sector with the launch of the Geoscience Data Analytics Center.
Commissioned by the Saudi government, the facility is expected to commence operations later this year.
Speaking to Arab News at the Future Minerals Forum, Commissioner Rob Wood emphasized the interdisciplinary nature of the center and the significance of developing new programs to train professionals with hybrid skills.
Wood said: “It will be the very first of its kind globally. It will become operational probably in late 2024.”
Saudi Arabia boasts 31 critical minerals and strategic resources, ranging from gold, and silver to nickel and cobalt.
The Kingdom is poised to establish a third industrial pillar centered on mining, with potential reserves estimated at $2.5 trillion, as Wood also highlighted the significance of the Kingdom’s commitment to diversify its economy.
He emphasized that the Geoscience Data Analytics Center would play a pivotal role in utilizing AI to uncover potential mining deposits.
The $2.5 trillion estimate, Wood clarified, is extrapolated from the known data available, emphasizing that extensive land exploration and data collection support this estimation.
“The amount of land that we’ve actually explored and done data collection for. So, we know that there is a significant amount of opportunity left within the Kingdom that we haven’t explored yet,” he noted.
Wood explained that there is a need to establish new interdisciplinary programs, where geologists will be trained in computer science.
He highlighted novel aspects of the center, such as state-of-the-art robotic labs for core scanning and cumulative effects research.
“Literally, nobody on the planet is doing what we’re talking about,” he claimed, adding: “The intent is that the Kingdom will, in fact, have complete control and will be running the center for decades to come.”
Wood elaborated on the ongoing data collection efforts, stating that the gathered information will be fed into a new artificial intelligence platform capable of conducting analytics to identify high-potential mining targets.
The commissioner emphasized the use of AI in modeling mineral deposits, stating, “We’re using machine learning to uncover these high-potential deposits very early in the process.”
He acknowledged the formidable challenge in the mining sector, particularly the difficulty in identifying new targets, referred to as “greenfields,” which he termed as a highly risky endeavor.
“So frequently, they can go out and do a full drilling program and come back with nothing, and you spend literally hundreds of millions of dollars for potentially no result whatsoever.”
To address this challenge, Wood unveiled the ambitious plan to use advanced artificial intelligence to de-risk the costs associated with finding new targets.
“What we’re looking to do is, in fact, de-risk those costs on the mining companies by using advanced artificial intelligence to, in fact, actually find these new targets,” he explained.
The commissioner emphasized the significance of addressing environmental and social impacts in the mining sector, stating: “One of the things the center is going to be doing is actually complex environmental and social impact research.”
In conclusion, Wood highlighted the uniqueness of Saudi Arabia’s position in undertaking this venture, stating: “The discovery of oil is substantially easier than the discovery of minerals. Minerals require sophisticated analytics to find these new deposits.”
As the Kingdom embarks on this groundbreaking initiative, Wood expressed his optimism, stating, “It’s an exciting time to be in Saudi Arabia.”
source/content: arabnews.com (headline edited)
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Rob Wood, commissioner of the Geoscience Data Analytics Center, speaking to Arab News.
Prince Khalid bin Bandar Al-Saud was appointed via unanimous decision.
Saudi Arabia’s ambassador to Britain was elected on Monday as president of the International Maritime Organization General Assembly by its member states, the Kingdom’s embassy to the UK announced.
During a meeting of its 33rd session in London, the IMO members appointed Prince Khalid bin Bandar Al-Saud via a unanimous decision.
The IMO is the United Nations’ specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships.
The meeting in the British captial was opened by secretary-general Kitack Lim, who highlighted the organization’s achievements during the current biennium, including the adoption of the 2023 IMO GHG Strategy, and emphasized the need to decarbonize and digitalize shipping in the years ahead.
source/content: arabnews.com (headline edited)
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During a meeting of its 33rd session in London, the IMO members appointed Prince Khalid bin Bandar Al-Saud as president via a unanimous decision. (X/@SaudiEmbassyUK)
