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AI + Innovation (MENA) 
Infrastructure 
Businesses report improved business performance citing AI adoption
Public cloud and skills enablement lead Saudi AI spending priorities
Aramco-backed VC fund Wa’ed Ventures earmarks USD 100 mn for investing in AI startups
The funds are slated for deployment over the next three years
Global AI index sees Saudi AI industry leading Arab world
The Kingdom came in at number 14 globally
Traditional tech struggles as AI boom overshadows sector’s slump
Despite the AI boom offering some respite for tech, the overall recovery of the sector remains uncertain
Saudi is catching up in the global race for AI supremacy
Total data center capacity in Saudi grew 28% y-o-y to 204 MW in 2023
Fresh regs on personal data transfers outside the Kingdom
Public consultation is open until Friday, 30 August.
It’s a big day for capital markets with two interest rate decisions and a ton of earnings reports looming
Plus: Egypt expects to receive USD 820 mn tranche from its USD 8 bn IMF loan in the “coming days”
Aramco-backed VC fund Wa’ed invests in Korean chipmaker, US AI software outfit
Plus: Rent finance outfit Techmal raises pre-seed capital + UAE’s Orgam to expand here
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