The move was approved by the country's Prime Minister and Crown Prince Mohammed bin Salman during a Cabinet meeting, in a bid to drive the Kingdom's economy forward and capitalize on the increasing importance of AI.

According to a report from global consultancy firm PwC, AI is set to contribute $135 billion to the Saudi economy by 2030, making the Kingdom the biggest beneficiary of technology in the Middle East.

As the demand for AI continues to rise, the Saudi government is ensuring that the country provides a safe and secure environment for the development and use of this technology.

In June, the Kingdom established the Global Cybersecurity Forum Institute in Riyadh to harness the potential of cyberspace and support efforts to boost cyber safety on a global scale.

The institute will convene an annual global security forum where experts and decision-makers from around the world will meet and discuss ways to protect the most vulnerable in cyberspace while maximizing its benefits for everyone.

The Cabinet also lauded the Kingdom's contribution to international efforts aimed at confronting the negative effects of climate change and reducing emissions by diversifying the energy mix and embracing the use of clean technologies in the sector.

The Cabinet approved a memorandum of understanding between the Saudi Broadcasting Authority and the China Media Group for cooperation in the fields of radio and television.

Additionally, an MoU on tax management between the Zakat, Tax and Customs Authority of Saudi Arabia and the Australian Taxation Office was approved, as well as an agreement on air transport services with the government of Barbados.

Overall, the establishment of the International Center for Artificial Intelligence Research and Ethics and other recent initiatives demonstrate Saudi Arabia's commitment to embracing advanced technologies and driving the country's economic growth.