عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Saudi Stocks Close Higher at 11,122 Points amid Mixed Performance

A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)
A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)
TT
TT

Saudi Stocks Close Higher at 11,122 Points amid Mixed Performance

A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)
A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s main stock index (TASI) ended Sunday’s session up 0.1 percent to close at 11,122 points, with liquidity of about 3.6 billion riyals ($960 million).

Among leading stocks, Al Rajhi Bank rose 1 percent to 69.1 riyals, while SABIC gained 2 percent to 58.4 riyals.

Petro Rabigh topped the list of gainers, rising 10 percent to 12.65 riyals, following the company’s announcement of its first-quarter 2026 financial results.

In contrast, Saudi Aramco, the index’s heaviest-weighted stock, fell 0.22 percent to 27.16 riyals.

Shares of NADEC and Alawwal Bank declined 4 percent each, while Kingdom Holding Company fell 3 percent.

Ban topped the list of decliners, dropping 8 percent.

Business

Saudi Economy Surpasses $1 Trillion Mark, Grows 80% Since Vision 2030’s Launch

The Saudi Center for Competitiveness and Business offers support for investors in the local market (SPA)
The Saudi Center for Competitiveness and Business offers support for investors in the local market (SPA)
TT
TT

Saudi Economy Surpasses $1 Trillion Mark, Grows 80% Since Vision 2030’s Launch

The Saudi Center for Competitiveness and Business offers support for investors in the local market (SPA)
The Saudi Center for Competitiveness and Business offers support for investors in the local market (SPA)

Saudi Arabia’s economy has surpassed the $1 trillion mark for the first time, expanding by 80 percent since the launch of Vision 2030, according to the Kingdom’s 2025 Vision 2030 report.

The milestone underscores the impact of fiscal reforms and diversification efforts aimed at reducing dependence on oil. Non-oil activities now account for 55 percent of the economy, up from 45 percent in 2016, while non-oil government revenues have risen more than 170 percent, from SAR185.7 billion ($49.5 billion) in 2016 to SAR505 billion ($134.6 billion) last year.

The report said the gains reflected investment in growth sectors, legal reforms and a more attractive business climate.

Fiscal discipline, rising liquidity

Saudi authorities noted that fiscal policy remained anchored in spending discipline and sustainability, with deficit targets ranging between 5 percent and 7 percent of gross domestic product.

Liquidity reached a record SAR3.167 trillion in 2025, up from about SAR1.799 trillion in 2016.

Officials said expansionary spending had been directed toward strategic sectors linked to economic growth and living standards.

Debt low, reserves rise

Despite higher spending, Saudi Arabia has maintained one of the lowest debt burdens in the G20, with public debt below 50 percent of GDP. Foreign reserves rose to SAR1.7 trillion ($453.3 billion), their highest level in five years.

Real GDP growth accelerated from 1.7 percent in 2016 to 4.5 percent last year, the report said.

Competitiveness gains

Saudi Arabia rose 15 places between 2021 and 2025 in the IMD World Competitiveness Yearbook to rank 17th globally, placing fourth among G20 countries last year.

The government introduced more than 1,000 reforms and 1,200 regulatory measures in recent years, including allowing full foreign ownership in most sectors and implementing a new bankruptcy law. The measures improved transparency, dispute resolution and legal certainty for investors.

Saudi Arabia has also expanded support for small and medium-sized enterprises through Monshaat, the SME Bank and Saudi Venture Capital Company.

The number of SMEs exceeded 1.7 million by the end of 2025, employing around 8.88 million people and contributing 22.9 percent to GDP. More than 474,000 businesses are owned by young Saudis, according to the report.

Growth outlook

The International Monetary Fund projects Saudi growth of 3.1 percent this year and 4.5 percent in 2027. The World Bank forecasts growth of 4.3 percent in 2026 and 4.4 percent next year.

The Organization for Economic Cooperation and Development (OECD) expects growth of 4 percent this year and 3.6 percent in 2027. For its part, Saudi Arabia’s Finance Ministry forecasts growth of 4.6 percent in 2026 and 3.7 percent next year.

Business

Vision 2030 Redefines Saudi Arabia's Wealth from Oil Supplier to Global Energy Hub

Solar power in Saudi Arabia (SPA)
Solar power in Saudi Arabia (SPA)
TT
TT

Vision 2030 Redefines Saudi Arabia's Wealth from Oil Supplier to Global Energy Hub

Solar power in Saudi Arabia (SPA)
Solar power in Saudi Arabia (SPA)

Saudi Arabia has chosen to rethink its relationship with its resources, asking a different question: How can we make what we have work to its fullest potential in a rapidly changing world?

This was the essence of Vision 2030, which saw valuable opportunities in diversifying energy sources and maximizing the value of oil and gas to achieve greater prosperity, keeping pace with global environmental changes.

The first clear sign of this shift was the renaming of the Ministry of Petroleum and Mineral Resources to the Ministry of Energy, a clear indication of expanding the horizon from oil and gas alone to a comprehensive energy system that includes renewables at its core.

A Naturally Qualified Land

This choice was not made without study. The Kingdom possesses geographical enablers that give it an exceptional competitive position: a climate conducive to successful solar energy projects, vast areas suitable for wind power projects, and geographical diversity that contributes to the development of hydrogen energy, all supported by accumulated investment capabilities and research expertise.

On this fertile ground, a series of initiatives and projects were launched: The National Renewable Energy Program, the Custodian of the Two Holy Mosques Renewable Energy Initiative, and the establishment of the National Renewable Energy Data Center, followed by solar and wind power projects aimed at enhancing electricity generation efficiency.

The results speak clearly: The production capacity for electricity generation from renewable sources increased from 3 gigawatts in 2020 to 46 gigawatts in 2025. The total number of projects related to this sector reached 64, distributed among 40 solar power projects, 9 wind power projects, and 15 energy storage projects.

Hydrogen: The Big Bet

At the heart of NEOM, an unparalleled project is being born: the green hydrogen project, the largest and first of its kind globally, with a production capacity of 600 tons of green hydrogen per day.

To support this direction, the first phase of the Yanbu Green Hydrogen Hub was launched, equipped with facilities for generating electricity from renewable sources, desalination plants, electrolysis units, facilities for converting hydrogen into green ammonia, and a dedicated export terminal.

The Battery Race

Figures in the energy storage sector are no less exciting; the Kingdom is approaching China in the global battery storage project cost race, with a cost of $409 per kilowatt for projects with a four-hour storage capacity, compared to $404 for China.

The total capacity of proposed energy storage projects reached 30 gigawatt-hours, while 8 gigawatt-hours have been connected to the electricity grid.

In a remarkable achievement, Aramco successfully operated the world's first renewable energy storage system to support gas well production operations, with a capacity of 1 megawatt-hour, capable of supporting 5 wells for 25 years.

This system relies on a Saudi patent and represents a reliable alternative to traditional solar energy solutions, offering high efficiency in harsh climatic conditions and intelligent response to changing energy needs.

SPARK... When Industry Becomes the Value

Vision 2030 recognized that production alone is no longer sufficient, and that true value lies in building industries, localizing supply chains, and enhancing local content. This is where the idea for King Salman Energy Park "SPARK" was born, with investments exceeding 12 billion Saudi Riyals (3.2 billion dollars) and involving more than 60 local and international investors.

SPARK is located in a strategic position close to energy sources, shipping, and export networks, and includes a dry port allowing faster access. So far, 7 factories have been opened, while another 14 are currently under construction.

Balance, Not Compromise

While the world moves towards transitioning to alternatives to oil and gas, the Kingdom adopts a different vision, believing that an accelerated transition could harm global security and growth, given that renewable energy alone cannot fully meet developmental needs.

Therefore, the Kingdom continues to invest in exploring and developing oil fields, most notably the development of the unconventional Jafurah field, the largest of its kind in the Middle East, which will contribute to maximizing the value chains of gas and petrochemical industries.

Thus, the Kingdom walks a fine line, balancing the preservation of global energy supplies with investment in technologies that eliminate carbon emissions, positioning itself today as a comprehensive energy hub and a model of prudent management.