The Saudi Company for Artificial Intelligence (SCAI), a company wholly owned by the Public Investment Fund (PIF), and Alphaiota, a company under the National Capital Fund for Healthcare Technologies and AI  have announced the signing of a cooperative agreement. The agreement was finalized on the sidelines of the second edition of PIF’s Private Sector Forum in Riyadh.  

The deal has created a structure for Alphaiota to become one of SCAI's collaborators in completing health sector projects by jointly developing artificial intelligence algorithms that benefit both the local and regional health sectors. Mr. Abdullah Al-Jawaini, Chief Investment and Partnerships Officer of SCAI, and Mr. Thamer bin Saleh Al-Balaa, Chief Executive Officer of Alphaiota, both signed the agreement. 

The agreement’s terms include plans to create a new data labeling service to be used within the healthcare sector, cooperation on joint projects with other healthcare entities, and the activation of ‘process automation’ projects. With a goal of securing reliable, high-quality data, these initiatives seek to improve the precision, efficiency, and speed of operations within the healthcare industry while maintaining the highest quality of standards. The new partnership is also set to help create business models that not only generate self-sustaining revenue but also facilitate knowledge transfer and the localization of technology, empowering local communities in the process.  

Through this collaboration, both companies aim to catalyze an innovation-driven transformation within the healthcare sector of the Kingdom of Saudi Arabia and the region. These efforts are geared towards developing the Kingdom’s healthcare system as a part of broader objectives within Vision 2030 for the health sector. By leveraging the potential of artificial intelligence, the agreement aims to open new horizons for the future of healthcare in alignment with Saudi Arabia’s strategic goals to innovate and further develop its local healthcare services.