RIYADH — The Ministry of Economy and Planning signed Wednesday an MoU with the Saudi Data and AI Authority (SDAIA) to explore ways AI and data can strengthen policymaking and economic growth.

The MoU was signed in Riyadh by Minister of Economy and Planning Faisal Bin Fadhil Al-Ibrahim and SDAIA President Dr. Abdullah Bin Sharaf Alghamdi.

The MoU creates a framework for closer strategic cooperation in key areas, including developing indicators monitoring the impact and effectiveness of social and economic policies in the Kingdom.

Government data modeling and simulation techniques will be substantially enhanced through this partnership. The frequency of policy evaluation will also be strengthened to better understand how the Kingdom’s public plans, programs, and initiatives impact the economy, business, and civil society.

Both parties will also deepen cooperation by accelerating the integration of the latest economic and scientific reports and intelligence into new social and economic government policy.

The Ministry’s strategic agreement with SDAIA underpins a concerted effort to support and develop economic policy and development by turning data into a strategic asset that can be applied to pursue the public good.

It will enable the Kingdom to keep pace with the latest developments in data analytics and artificial intelligence, supporting economic growth in line with Saudi Vision 2030. — SPA