Aramco unveils groundbreaking AI model and innovation network

Riyadh: Saudi Aramco, the world's leading oil and gas producer, unveiled two transformative initiatives: aramcoMETABRAIN, a cutting-edge large language AI model, and the Saudi Accelerated Innovation Lab (SAIL), an innovative R&D network.aramcoMETABRAIN marks a breakthrough in generative AI technology. This industrial-grade model harnesses the power of 90 years of accumulated company data to fuel disruptive cognitive applications across Aramco's operations."We believe METABRAIN has the potential to significantly enhance productivity and growth, while transforming how we work," stated Amin H. Nasser, Aramco President & CEO, during his keynote speech at LEAP 2024, a global technology conference. "Developing our own AI model allows us to harness the benefits while mitigating potential risks."SAIL aims to propel the digital economy by fostering challenge-based research and development, product creation, and digital ventures. Established through a collaboration with the Saudi Research, Development and Innovation Authority, SAIL seeks to build a national and global network of partners to bolster its capabilities."SAIL is more than just a project; it's a journey," emphasized Nasser. "Together with our partners, we aim to establish a leading digital ecosystem that attracts global leaders, top talent, and breakthrough innovation. We will incubate solutions for present needs while investing in the future."Nasser highlighted Aramco's three-pronged approach to technology advancement: integration, innovation, and investment. He reiterated the company's commitment to digital transformation, emphasizing its positive impact across all aspects of operations, from project management to logistics and resource evaluation."Technology innovation is crucial for creating value," stated Nasser. "It helps reduce emissions, maximize returns for shareholders, optimize resources, and guarantee reliability and security for customers. Ultimately, our technology journey is about creating value for all stakeholders, including employees, society, and future generations."By embracing AI and fostering a collaborative environment for innovation, Aramco positions itself as a leader in the digital transformation of the energy sector.

Forbes Middle East unveils the Middle East’s top 100 CEOs 2023

Forbes Middle East has released its third annual list of the Top 100 CEOs in the Middle East, spotlighting the business heads that are running the region’s biggest and most influential homegrown companies. Combined, the 100 CEOs managed revenues of over $1 trillion in 2022. Their firms are collectively worth more than $5 trillion.Amin H. Nasser, President and CEO of the world’s largest crude oil producer Saudi Aramco, topped the ranking. ADNOC Group’s Sultan Al Jaber and Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group rounded up the top three spots. These three executives have retained their ranking for the third consecutive year.The 2023 cohort represents leaders from 22 nationalities. Emiratis dominated with 23 entries, followed by Egyptians with 19 and Saudis with 18. These three groups comprise 60% of the ranking, signaling positive momentum for localization. With 17 CEOs, the banking sector claimed the most entries, followed closely by real estate and construction with 14 and telecommunications with nine. Among the top 10 alone, six different industries are represented, illustrating the sector diversity in top leadership.Against the recurring priority of sustainability this year, the leaders on this ranking have accelerated their corporate sustainability measures to align with global commitments. Majid Al Futtaim – Holding’s Ahmed Galal Ismail led the group to achieve an 82% reduction in single-use plastic consumption in the first half of 2023. At the COP28 held in Dubai, ADNOC Group’s Sultan Al Jaber served as the president-designate of this year’s climate change conference for global transformative climate action. Meanwhile, Dubai Electricity and Water Authority’s (DEWA) Saeed Mohammed Al Tayer intends to increase its water desalination capacity to 730 million imperial gallons per day by 2030, up from 490 million in 2023.To construct this ranking, Forbes Middle East assessed the CEOs using various metrics, including the individual's accomplishments and implemented innovations over the past year, size of their company, and their impact on their firm and the wider industry. Only CEOs of companies headquartered in MENA were considered.Top 10 CEOs In The Middle East 2023Amin H. NasserNationality: SaudiPresident & CEO, Saudi AramcoSultan Al JaberNationality: EmiratiGroup CEO & Managing Director, ADNOC GroupAhmed bin Saeed Al MaktoumNationality: EmiratiChairman & Chief Executive, Emirates Airline & GroupSaad Sherida Al-KaabiNationality: QatariDeputy Chairman, President & CEO, QatarEnergyIsam Jasem Al-SagerNationality: KuwaitiVice Chairman & Group CEO, National Bank of Kuwait (NBK Group)Nawaf S. Al-SabahNationality: KuwaitiDeputy Chairman & CEO, Kuwait Petroleum Corporation (KPC)Sultan Ahmed Bin SulayemNationality: EmiratiGroup Chairman & CEO, DP World Olayan AlwetaidNationality: SaudiGroup CEO, stc GroupSyed Basar ShuebNationality: EmiratiCEO & Managing Director, International Holding Company (IHC)Hatem DowidarNationality: EgyptianGroup CEO, e&