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Data companies will get a sustainability boost from Saudi deal with Clarity AI
RIYADH: Saudi businesses are set to get a boost in their 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 has been signed between the two entities to help advance the ministry’s goal under the National Transformation Agenda to encourage data businesses to operate sustainably.
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 progress in ESG (environmental, social and governance) and sustainability is an important part of Saudi Arabia’s national transformation agenda, and it there is a clear commitment to building a business ecosystem. which rewards companies and investors with the aim of creating value beyond financial returns alone.
“Enhancing transparency, accountability and rigor in reporting is essential for the Kingdom to achieve its sustainability goals.”
The MoU will see the Saudi government and Clarity AI cooperate to deliver environmental and social visions to companies and institutions.
The two will also exchange their experiences in the use of big data techniques and in activities related to skills, tools and customization capabilities of Clarity AI.
They will explore 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.
Both will also facilitate discussions between businesses and government agencies related to sustainability issues.
The statement adds 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 provides data and analytics for investing, researching business, benchmarking, consumer e-commerce and reporting.
The focus on data commerce follows 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, 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 it’s our perception and belief of anything we could get out of data,” Al-Mishari said.