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Saudi Arabia’s Economic Growth: A Non-Oil Driven Success

In the first quarter, Saudi Arabia’s economy experienced a notable upswing, propelled by strong activity in the non-oil sector. As the kingdom continues its strategic pivot away from hydrocarbons, the real Gross Domestic Product (GDP) grew by 2.7% year-on-year, according to flash estimates from the government’s statistical authority.

Increased Demand for Data-Driven Insights

The statistical authority responded to mounting local demand for detailed data by expanding its data collection efforts and updating the nominal and real GDP series. Fahad al Dossari, President of GASTAT, highlighted the hunger for comprehensive statistics among stakeholders.

Non-Oil and Government Activities Drive Growth

With the weighting of the non-oil sector increased to align with international standards, non-oil activities surged by 4.2% in the first quarter, while government activities grew by 3.2%. Monica Malik, chief economist at Abu Dhabi Commercial Bank, noted the contribution of government activity, spurred by a supported oil price, although cautioning about a potential pullback in government spending in the subsequent quarters.

Challenges and Outlook

Despite the promising start, oil-related activities fell by 1.4%, underlining the challenges of diversifying away from oil. As part of Vision 2030, Saudi Arabia requires substantial investment to bolster the private sector and expand its non-oil economy. A Reuters poll suggests that Brent crude will average $68.99 a barrel in 2025, a decrease from earlier forecasts, placing pressure on Saudi fiscal plans, which rely on higher oil prices to balance the budget.

AI In Practice Brings Business Leaders Together To Learn, Unlearn And Relearn

AI in Practice: Changing the Future of Business takes place on Monday, 19 October 2026, at the Cultural Center of European University Cyprus in Nicosia, under the auspices of the Chief Scientist of Cyprus, Demetris Skourides.

Organised by Panis.News with co-organisers GrantXpert Consulting and Future Skills Hub at European University Cyprus, the event will bring together founders, SME owners and senior executives to examine practical uses of artificial intelligence.

The evening runs from 18:00 to 22:30. Tickets will be available until 12:00 noon on Monday, 19 October, Cyprus time.

For business leaders, the challenge is deciding where AI can deliver results. The programme will explore how to identify useful applications, prepare teams and connect technology investment with business needs. Demonstrations, case studies and direct questions to speakers will help attendees assess their next steps.

Panis Pieri, Founder of Panis.News, said:

“Business leaders need space to ask questions, challenge assumptions and learn from people applying AI. We created AI in Practice to make that conversation accessible and useful. We want attendees to leave with a clearer idea of what they can do next in their own businesses.”

Dr Celia Hadjichristodoulou, Founder and Managing Director of GrantXpert Consulting and Future Skills Hub, said:

“Working out where AI belongs in your business takes real thought about your customers, your processes and your people.”

AIA.Labs supports the event as the Gold Partner. Its founder, Sotiris Makrygiannis, said:

“In the 70s we learnt how to punch a card to go to work or program a timesharing computing machine, in the 80s the personal PC and office tools, in the 90s the modem and basic internet, in the 2000s mobile internet plus web shopping, and by 2010 the mobile apps. Now it’s time to learn how to practically use AI and that alone is the most disruptive thing an individual can do today. We are happy to sponsor the event because theory needs a practical application.”

The Agenda

– 18:00–18:30: Registration and networking.

– 18:30–18:50: Welcome remarks from Panis Pieri, Dr Celia Hadjichristodoulou and EUC Rector Professor Loizos Symeou.

– 18:50–19:00: Interview with Chief Scientist Demetris Skourides.

– 19:00–19:20: The AI Revolution. Why should you care? by Monica Odysseos, Head of AI and Data Lab of Grant Thornton.

– 19:20–19:40: From Business Pain Points to AI Transformation: A CEO’s Roadmap to Real Results by George Malekkos, CEO of POWERSOFT Computer Solutions & AI-Driven Business Transformation Architect & President of CITEA.

– 19:40–20:20: AI and the Future of Business: Will Your Business Be Here in 2030? by Paris Thomas, Executive Advisor on AI & Strategy, Founder at Rapid Visual / Strapivo

– 20:20–21:00: Questions and answers with the speakers.

– 21:00–22:30: Networking over drinks and bites.

The Challenge

The evening’s programme approaches the challenge from three directions.

Monica Odysseos will begin with a question that deserves a clear answer: why should you care?

Her session will explore how AI is changing the way people work, make decisions and create. Her background spans software development, accounting and applied AI, bringing both technical and business perspectives to the discussion.

George Malekkos will then examine how business problems can become starting points for AI adoption.

Where does your company lose time? Which processes cause delays? Where could you improve the customer experience?

His presentation will look at selecting useful applications, preparing teams and processes, and measuring results. For a business owner deciding where to begin, that connection between a specific problem and a measurable outcome matters.

Paris Thomas will take the discussion further with his keynote, “AI and the Future of Business: Will Your Business Be Here in 2030?”

It is a challenging question. It asks leaders to look beyond today’s workload and consider how their products, services and business models might need to change.

His hour-long session will include live AI demonstrations and enterprise case studies. It will explore how leaders can improve their current business while developing new opportunities and preparing for longer-term change.

The Event

The event will be in English.

The full programme and to book your tickets, visit: https://luma.com/ai-in-practice-cyprus

The organisers thank:

  • Silver Partners Growth Hacking Cyprus, RSEVEN, Mel’s Digital and Makkas Winery.
  • Supporters: Cyprus Computer Society, XValley Tech, Business Society Accelerator, Startup School Cyprus and Carierista.
  • Community Partners: EIT Community Hub Cyprus, CYENS, Women in Tech, Startup Greece, ECECT, CITEA, IET Cyprus and Cyprus_IT

Follow updates about the event on social media at #PanisMeetups

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