This week, Saudi Arabia’s Public Investment Fund has formed a strategic partnership with Google Cloud to establish an advanced artificial intelligence hub near Dammam in the Eastern Province. This AI centre will create thousands of jobs and contribute $71 billion to Saudi Arabia’s gross domestic product over the next eight years. The agreement, signed during the eighth Future Investment Initiative in Riyadh, supports Saudi Arabia’s ambition to become a regional tech hub by the end of the decade.
In other news, Saudi Arabia’s investment minister said on Tuesday the number of companies in the Kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500. “Our target was 500 regional headquarters by 2030. I’m glad to announce we have reached” Khalid al-Falih said during the Future Investment Initiative (FII) conference in Riyadh.
Economy, Budgets and Finance
Saudi Gazette: Saudi Arabia announces that 540 companies have established a Regional Headquarters in the Kingdom. Read Here
Arab News: PIF partners with Google Cloud to create an AI hub in Saudi Arabia which is projected to boost GDP by $71 billion. Read Here
Arab News: Saudi and Pakistan business deals enhanced to $2.8bn. Read Here
Arab News: Saudi Arabia’s sovereign wealth fund is set to acquire a 54% stake in media giant MBC Group worth SAR 7.46 billion ($1.99 billion). Read Here
Government & Royal Family
Saudi Gazette: Energy minister announces Saudi Arabia is the largest green hydrogen producer and is ready to export globally. Read Here
Defence & Security
Saudi Gazette: Saudi Arabia and Spain agree to the construction of 3 combat corvette ships. Read Here
Commercial
Aramco: Aramco and Petrovietnam signed the Collaboration Framework Agreement. Read Here
Alarabiya News: Riyadh Air announces a new order for 60 Airbus planes. Read Here
Newsweek: Construction Underway on $50 Billion Giant Cube in Saudi Arabia. Read Here
Social
Alarabiya News: Golf Saudi CEO aims to break golf’s ‘elite’ image, making sport accessible to all in KSA. Read Here
Aljazeera: Saudi Arabia to host women’s tennis WTA Finals for the next three years. Read Here
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