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- Amin Nasser was speaking on day one of Future Investment Initiative in Riyadh
JEDDAH: Saudi Aramco has been taking advantage of accelerated technology to build its reliability in the market as well as decreasing carbon emissions.
Using data analytics and simulation models to manage reservoirs has helped the company reach a 70 percent recovery rate, all due to technology, according to Amin Nasser, Saudi Aramco鈥檚 president and CEO.
鈥淥ur reliability for 2020 is 99.8 percent, one of the highest in the world in terms of delivery,鈥� he told delegates during the fourth edition of the Future Investment Initiative (FII) forum, which is currently underway in Riyadh.
抖阴短视频鈥檚 鈥渁gility and executional speed鈥� to invest in technology has given the Kingdom the largest digital investment in the Middle East and North Africa, worth a billion dollars, the Saudi Minister of Communications and Information Technology, Eng. Abdullah Amer Al-Swaha, said during the panel, entitled 鈥淐racking the Code: What is the future of global technology policy?鈥�
The minister also announced a partnership with Babylon Health to use data and artificial intelligence (AI) to reduce 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 ample investment opportunities through privatization, even during challenging times as a result of the COVID-19 pandemic.
With the ongoing restructure of laws and regulations, the Kingdom has worked hard to ramp up up investment and provide further business opportunities, while being transparent with its partners, the minister added.
鈥淚n addition to all of this, we鈥檝e 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鈥檙e likely to see further growth,鈥� he concluded.