Around 6,000 decision makers, shareholders, and entrepreneurs from different countries attended the three-day conference to discuss the most imperative challenges and issues facing the global economy as well as new avenues for international investment. The Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, spoke at the conference and emphasized how the development of new industries and the generation of thousands of new job are generating long-term value for the kingdom. He stated that the multi-billion-dollar Supply Chain Resilience Initiative of Saudi Arabia strives to make the country a preferred destination for major international companies.
Several sessions were held on the event’s last day to explore various subjects, and Binson Xu, president of Hikvision’s Middle East and North Africa Region, spoke on one of the panels about technology innovation in the industry.
Binson Xu believes that AIoT is an essential trend that helps businesses to become more efficient, it reduces the need for human labor and cost, increases operational efficiency, and creates a safer work environment. As an example, Binson Xu mentioned that for oil and gas solutions, Hikvision has AIoT technology that focuses on the health and safety of personnel and meets the evolving needs of companies to identify safety risks such as leakage, fire detection and other abnormal activities.
When asked about his advice for new technology companies, Binson Xu said: “The key opportunity is to create innovative solutions by collaborating across industries, such as between food and beverage (F&B), hospitality and travel organization, etc., AIoT can expedite growth and unravel new business opportunities across different industries.”