The world’s largest oil-exporting company Saudi Aramco is working to make the best use out of the accelerated technology to enhance its reliability in the market and to lower carbon emissions.
The CEO and president of Saudi Aramco Amin Nasser said that relying on data analytics and simulation models to manage reservoirs has helped the company to reach a 70 percent recovery rate.
During the fourth edition of the Future Investment Initiative (FII) forum, which is now underway in Riyadh, Mr. Nasser explained to the delegates that Aramco’s 99.8 percent reliability for 2020 is one of the highest in the world in terms of delivery.
The Saudi Minister of Communications and Information Technology, Eng. Abdullah Amer Al-Swaha stated that the Kingdom’s agility and execution speed to invest in technology has helped the country to earn the largest digital investment in the Middle East and North Africa (MENA) region, worth a billion dollars.
During the panel discussion, entitled “Cracking the Code: What is the future of global technology policy?”, the minister further announced the country’s partnership with the UK-based health service provider, Babylon Health to use data and artificial intelligence (AI) to lower the cost of health consultations to a dollar when delivered by a machine.
Saudi Finance Minister Mohammed Al-Jadaan encouraged investors to consider the vast industries within the Kingdom that offer huge investment opportunities through privatization, even during challenging times of the COVID-19.
According to Mr. Al-Jadaan, the privatization in the Kingdom will increase by 20 percent in various industries, including water, healthcare and waste treatment, renewable energy and others.
With the current restructuring of laws and regulations, Saudi Arabia has worked hard to ramp up investment and provide further business opportunities, while being transparent with its partners, the minister added.
“In addition to all of this, we’ve reformed the capital market both on the equity side and debt side, the latter market has grown up to 200 percent during 2020 and we’re likely to see further growth,” Mr. Al-Jadaan stated.