Arab News, Saturday, Jan 07, 2023 | Jamadi Al Thani 14, 1444
Data firms to receive a sustainability boost thanks to Saudi agreement with Clarity AI
Saudi Arabia:
Saudi firms are set to receive a boost in
sustainable business practices thanks to an agreement between the Kingdom’s
Ministry of Economy and Planning and technology platform Clarity AI.
A Memorandum of Understanding was signed between
the two entities to help push ahead with the Ministry’s objective, under the
National Transformation Program, to encourage data companies to operate in a
sustainable manner.
According to a statement announcing the MoU,
Clarity AI is a sustainability technology platform that uses machine learning
and big data to deliver environmental and social insights to investors,
organizations, and consumers.
Rebeca Minguela, founder and CEO of Clarity AI,
said: “Making strides forward in ESG (environmental, social, and governance) and
sustainability is an important part of Saudi Arabia’s National Transformation
Program, and there is a clear commitment to building a business ecosystem which
rewards companies and investors with the aim to create value beyond just
financial returns.
“Bolstering transparency, accountability and
reporting rigor is critical to the Kingdom achieving its sustainability goals.”
The MoU will see the Saudi government and Clarity
AI cooperate in providing environmental and social visions for companies and
institutions.
The two will also exchange experiences in the use
of big data techniques and in activities related to Clarity AI’s competence,
tools, and customization capabilities.
They will examine ways of cooperation in the field
of training Saudi personnel to understand and analyze sustainability data, and
participate in events and activities of common interest.
The two will also facilitate discussions between
companies and government agencies related to sustainability issues.
The statement added that as of January 2023,
Clarity AI’s platform analyzes more than 50,000 companies, 320,000 funds, 198
countries and 188 local governments, and delivers data and analytics for
investing, corporate research, benchmarking, consumer ecommerce and reporting.
The focus on data business comes in the wake of
the Global AI Summit held in Riyadh in October.
The conference, organized by the Saudi Data and
Artificial Intelligence Authority, hosted up to 30,000 hybrids and in-person
attendees and had representatives from more than 90 countries.
Speaking to Arab News at the event, Mishari
Al-Mishari, the deputy director of SDAIA, said the data industry and AI will
contribute billions to the national gross domestic product.
“Data is the new oil, and that’s our perception
and belief of how much we could make out of data,” Al-Mishari said.