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

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.



Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
TT

Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.


Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
TT

Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.


Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
TT

Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)

Chile's state-owned copper producer, Codelco, together with Chinese-backed private miner, SQM, announced on Saturday the creation of a giant company to exploit lithium, often referred to as "white gold."

The South American country is the world’s second-largest producer of lithium, a key component of EVs and other clean technologies and has about 40% of the world’s lithium reserves.

The partnership between the firms will allow them to jointly ramp up the exploration of lithium in the Atacama region of northern Chile.

The public-private partnership will be named Nova Andino Litio SpA, said Codelco, which described the agreement as one of the most significant deals in Chilean business history.

The Chinese firm Tianqi holds 22% stake in SQM.

In a statement, Codelco said the new partnership will carry out lithium exploration, extraction, production, and commercialization activities in the Atacama salt flat until 2060.

The agreement was approved by more than 20 national and international regulatory authorities, including those in China, Brazil, Saudi Arabia, and the European Union.

Chile was the last of the countries to clear the deal. Last month, China gave the green light to the planned partnership between Codelco and SQM.

The new venture is intended to help Chile regain global leadership in lithium production, a position it lost to Australia nearly a decade ago.

The partnership aims to expand lithium output in the Atacama region, with plans to increase production by around 300,000 tons per year. In 2022, Chile produced 243,100 tons of lithium.

The partnership also aligns with Chile’s National Lithium Strategy, announced in 2023 by the leftist government of President Gabriel Boric, aimed at reclaiming Chile’s global leadership in lithium production.