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ServiceNow CEO: Saudi Tech Boom, Innovation Drive Investment

ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)
ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)
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ServiceNow CEO: Saudi Tech Boom, Innovation Drive Investment

ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)
ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)

ServiceNow CEO Bill McDermott has praised Saudi Arabia’s impressive innovation drive, led by its ambitious tech initiatives.

He cited Saudi Minister of Communications and Information Technology Engineer Abdullah Alswaha’s remarks at the LEAP 24 conference, noting the Kingdom’s rapid digital growth and aspirations to become the region’s top digital market.

McDermott, speaking to Asharq Al-Awsat on the sidelines of LEAP 24, praised the enthusiasm of 230,000 young Saudis at the conference, all dedicated to advancing the country’s digital economy.

He attributed their motivation to the supportive environment fostered by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, and his team.

In an interview with Asharq Al-Awsat, McDermott underscored the importance of such factors in ensuring success in the Kingdom.

Investing in Saudi Arabia

Explaining why ServiceNow is investing in Saudi Arabia, McDermott said the Kingdom’s booming market and tech innovation promise significant progress.

He also revealed the US-based tech company inking several deals at LEAP 24. One such deal is a partnership with the Garage project, supporting startups in Riyadh.

McDermott said his company is looking to train Saudi youth on its platform, hire graduates, and open job opportunities.

Moreover, ServiceNow is also establishing a new regional headquarters in Riyadh and plans to invest $500 million and open a data center to support the Kingdom’s growth.

He conveyed his company’s excitement to be part of Saudi Arabia’s journey.

AI revolution

McDermott sees the AI revolution as significant as the iPhone’s launch. He said his company is using AI to drive digital transformation in the tech and information industry’s largest market.

He explained that ServiceNow, a top software firm in digital workflow management, is now incorporating AI into its operations for digital transformation.

According to McDermott, companies are at a crucial moment with AI.

He revealed that ServiceNow is now working to combine cloud computing, digital transformation, and modern AI.

ServiceNow’s ambitions

McDermott highlighted ServiceNow’s presence in Saudi Arabia since 2011, noting ongoing projects and collaborations, particularly during the coronavirus pandemic, such as transforming business processes with the Ministry of Justice and bolstering employee services with the Ministry of Human Resources and Social Development.

He highlighted partnerships with firms like Deloitte for public sector digital transformation and teased upcoming projects.

Moreover, McDermott expressed his goal of making Saudi Arabia a global leader in the sector by prioritizing youth training, business innovation, and AI development to improve services and user experiences.

He aims to establish ServiceNow as the leading enterprise software company of the 21st century and sees Saudi Arabia as a key partner in achieving this goal, anticipating a positive embrace of innovation to boost millions of lives.

Saudi Arabia: A major player in global tech

When asked about Saudi Arabia’s role in global technology, McDermott confidently stated that the Kingdom won't just be a player; it will be a leader in global tech.

This is a crucial moment for the Kingdom, and that strong steps are needed to boost the sector, he remarked.

Many challenges exist, but with ServiceNow’s AI platform, matters can be simplified, he went on to say.

McDermott said his company is looking to streamline workflows and enhance user experiences creatively.

Noting constant improvement, he revealed that users can now talk to the system naturally and easily analyze complex data, dubbing it a big leap forward.

Tech’s new worries

When asked about concerns over new AI outsmarting humans, he stressed that while AI could surpass humans in some areas, the key is ensuring it serves humanity.

Technology’s main purpose is to improve human lives, stressed McDermott, adding that the risk is humans being controlled by tech.

Humans must be kept in charge, affirmed McDermott.

He recalled a 1966 Time magazine article predicting computers would take over most jobs, but today, there are 90 million tech jobs in the US alone.

Furthermore, he revealed that ServiceNow is working on a vast linguistic database to boost AI responses, using carefully collected data.

Great strides forward

McDermott wrapped up by lauding the impressive advancements in the Kingdom, saying that he is truly impressed by Crown Prince Mohammed’s efforts for women’s rights.

This is crucial for ServiceNow, where half of the staff will be women, he noted.

Half of ServiceNow’s leaders are already women.

McDermott stressed that his company plans to uphold this balance because this approach fosters remarkable productivity.

When workplaces promote diversity, fairness, and inclusion, it boosts success, he emphasized.

Saudi Arabia even outshines Silicon Valley in embracing this approach, said McDermott.

Offering advice to Saudi talents, McDermott said embracing the present is key.

With AI advancing rapidly, there are vast opportunities, he added.

ServiceNow provides a top platform in this field, offering job openings in the Kingdom and beyond.

Inviting Saudis to join his company, McDermott revealed that ServiceNow is partnering with the Saudi Digital Academy to train countless young people.

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Business

Saudi Arabia Consolidates Its Position Among the World’s Top 20 Economies in 2026

Riyadh, Saudi Arabia (Reuters) 
Riyadh, Saudi Arabia (Reuters) 
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Saudi Arabia Consolidates Its Position Among the World’s Top 20 Economies in 2026

Riyadh, Saudi Arabia (Reuters) 
Riyadh, Saudi Arabia (Reuters) 

As the global financial landscape is reshaped by accelerating geopolitical shifts, economic data show that Saudi Arabia has firmly consolidated its place among the world’s 20 largest economies in 2026.

This standing reflects the success of Vision 2030 in diversifying income sources and expanding gross domestic product. The Kingdom ranks 19th globally, outperforming several long-established economies, with GDP projected at $1.316 trillion.

According to data based on International Monetary Fund reports released in October 2025, the global economy is expected to reach $123.6 trillion in 2026. Economic power remains highly concentrated, with the world’s five largest economies accounting for more than 55 percent of total global output:

United States: Continues to lead with GDP of $31.8 trillion, supported by a resilient labor market and sustained consumer spending, with real growth projected at 2.1 percent.

China: Ranks second with an estimated GDP of $20.7 trillion, despite demographic challenges and its transition toward advanced manufacturing.

Germany: Retains Europe’s top position in third place with GDP of $5.3 trillion, despite pressure from high energy costs.

India: The “rising star,” securing fourth place globally with GDP of $4.5 trillion and posting the fastest growth among major economies at 6.2 percent.

Japan: Slips to fifth place with GDP of $4.4 trillion, facing demographic headwinds despite strengths in robotics and automotive industries.

Linked to recent IMF assessments, Saudi Arabia stands out as a key pillar in what experts describe as a new “economic geography.” While many emerging markets have struggled with interest-rate volatility and inflation distortions in advanced economies - particularly the United States - the Kingdom has demonstrated a strong ability to absorb external shocks.

The IMF views Saudi Arabia’s large-scale investments in high-potential sectors not merely as a driver of domestic growth, but as part of a broader global shift in capital flows toward destinations offering stability and long-term attractiveness.

The data also underscore the strong performance of other economies on the list. Brazil ranks 11th with GDP exceeding $2.2 trillion, while Türkiye and Indonesia continue to compete closely in 16th and 17th place, respectively.

 

 

Business

Saudi Industrial Production Index Records Highest Growth Since Early 2023

A facility operated by the Saudi International Petrochemical Company (Sipchem). (Sipchem)
A facility operated by the Saudi International Petrochemical Company (Sipchem). (Sipchem)
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Saudi Industrial Production Index Records Highest Growth Since Early 2023

A facility operated by the Saudi International Petrochemical Company (Sipchem). (Sipchem)
A facility operated by the Saudi International Petrochemical Company (Sipchem). (Sipchem)

Saudi Arabia’s Industrial Production Index posted a year-on-year increase of 10.4 percent in November 2025, compared with the same month a year earlier, marking its highest growth rate since the beginning of 2023, according to preliminary data. On a monthly basis, however, the index declined by 0.7 percent.

Data released by the General Authority for Statistics on Sunday showed that the index for oil-related activities rose by 12.9 percent year on year in November, while the index for non-oil activities increased by 4.4 percent compared with the same month of the previous year.

Month on month, the index for oil activities recorded a rise of 0.5 percent, while the non-oil activities index fell by 3.4 percent compared with October 2025.

In November, the sub-index for mining and quarrying activities climbed 12.6 percent year on year, driven by higher oil production during the month. Saudi oil output rose to 10.1 million barrels per day, compared with 8.9 million barrels per day in November last year.

On a monthly basis, the mining and quarrying sub-index also increased by 0.5 percent.

The manufacturing sub-index recorded an annual rise of 8.1 percent, supported by a 14.5 percent increase in the manufacture of coke and refined petroleum products, as well as a 10.9 percent rise in the manufacture of chemicals and chemical products.

In monthly terms, preliminary results showed the manufacturing sub-index edged up by 0.3 percent, buoyed by a 0.3 percent increase in the manufacture of coke and refined petroleum products and a 1.0 percent rise in the manufacture of chemicals and chemical products.

As for other activities, the sub-index for electricity, gas, steam and air-conditioning supply fell by 4.3 percent year on year. In contrast, the sub-index for water supply, sewerage, waste management and remediation activities rose by 10.2 percent compared with November last year.

Compared with October 2025, the electricity, gas, steam and air-conditioning supply sub-index dropped sharply by 28.6 percent, while the water supply, sewerage, waste management and remediation activities sub-index declined by 3.1 percent.

Business

India and Germany Sign Deals to Deepen Economic and Security Ties

German Chancellor Friedrich Merz, left, shakes hands with Indian Prime Minister Narendra Modi following a joint statement to the media in Gandhinagar, India, Monday, Jan. 12, 2026. (AP)
German Chancellor Friedrich Merz, left, shakes hands with Indian Prime Minister Narendra Modi following a joint statement to the media in Gandhinagar, India, Monday, Jan. 12, 2026. (AP)
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India and Germany Sign Deals to Deepen Economic and Security Ties

German Chancellor Friedrich Merz, left, shakes hands with Indian Prime Minister Narendra Modi following a joint statement to the media in Gandhinagar, India, Monday, Jan. 12, 2026. (AP)
German Chancellor Friedrich Merz, left, shakes hands with Indian Prime Minister Narendra Modi following a joint statement to the media in Gandhinagar, India, Monday, Jan. 12, 2026. (AP)

Indian Prime Minister Narendra Modi and German Chancellor Friedrich Merz met on Monday in western Gujarat state to push for deeper economic and security ties between the South Asian nation and Europe’s largest economy.

Modi and Merz held talks in the city of Gandhinagar, where the two countries signed various agreements to enhance cooperation in the defense sector, skill development, health and education, as both nations seek to reduce dependence on China and bolster economic ties.

After the bilateral talks, Modi noted that Germany is India’s most important trading partner in the European Union and said both leaders were seeking to expand those ties.

He said the two countries are pursuing new projects in areas such as climate action, energy and mining of rare earth elements, and have also agreed on a road map to boost cooperation between their defense industries for joint development and production.

“We want to elevate the relations between India and Germany to an even higher level,” Modi said.

Germany has not traditionally had close defense ties with India, but the two sides have been trying to boost cooperation in the sector. Germany’s Thyssenkrupp is expected to partner with Indian firms to build six advanced conventional submarines in India, part of New Delhi’s ongoing efforts to modernize its naval capabilities.

Merz said India and Germany share “tremendous economic potential,” and the two countries are working together to strengthen ties in the field of security policy and defense cooperation.

“India is a desired partner, a partner of choice for Germany,” Merz said, according to a live official translation. He added that negotiations on a free trade agreement between India and the EU need to be concluded to fully realize the potential of economic ties between the two countries.

The two sides also signed an agreement that makes it easier for Indians to work in Germany's health care sector.

Merz’s visit to India — also his first to an Asian country since he took office last year — comes ahead of a planned India-EU summit later this month, where leaders hope to make progress on a long-pending free trade agreement. India hopes to deepen economic engagement with Europe in the face of US tariff rates of 50%.

During his visit, Merz toured the Sabarmati Ashram, once home to independence leader Mahatma Gandhi, and attended the International Kite Festival at the Sabarmati riverfront. Modi and Merz flew kites during the event.