Saudi Sighs MoU With Clarity Al Helps Data Firms To Receive Sustainability Boost

agreement between the Kingdom’s Ministry of Economy and Planning and the technology platform Clarity AI.

A report states that 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.

A statement in the MoU said, "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 that rewards companies and investors with the aim to create value beyond just financial returns."

The MoU will see the Saudi Government and Clarity AI collaborate in providing environmental and social visions for businesses and institutions, according to the report.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 cooperating in the field of training Saudi personnel to understand and analyse sustainability data and participate in events and activities of common interest.

The two will also help companies and government agencies talk about issues related to sustainability.

A statement said, "As of January 2023, Clarity AI’s platform analyses 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, organised by the Saudi Data and Artificial Intelligence Authority, hosted up to 30,000 hybrid 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, the report concludes.

 By Sumita Pawar