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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

India Says Will Keep Expanding Oil Refining Capacity

File photo: Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File photo
File photo: Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File photo
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India Says Will Keep Expanding Oil Refining Capacity

File photo: Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File photo
File photo: Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File photo

India will continue to build new crude oil refineries in order to ensure supply chain security even as Western nations shut processing units, Prime Minister Narendra Modi said.

“No new refinery has come up in the US in the last five decades and capacity in Europe has also been constantly declining,” Bloomberg quoted Modi as saying on Saturday, as he inaugurated the country’s first new refinery in a decade. He said India will continue to expand capacity.

The 180,000-barrels-a-day greenfield refinery in the heart of Rajasthan’s Thar desert, which has 2.4 million tons a year of petrochemical capacity and was built at a cost of $8.3 billion, is likely to be the only new refinery commissioned globally this year, according to BloombergNEF analysts.

The facility expands India’s refining capacity at a time when much of the West is shutting plants and investment elsewhere has slowed, highlighting New Delhi’s strategy of betting that robust domestic fuel demand, slower-than-expected electric-vehicle adoption and exports of refined products will continue to justify billions of dollars in new oil-processing infrastructure.

Meanwhile, traders have sold gasoline produced by Indian refiner Nayara Energy to Russia, which is grappling with fuel shortages triggered by Ukrainian attacks on its energy infrastructure, two sources with direct knowledge of the matter said on Thursday.

Reuters reported on Wednesday that Russia had begun seaborne imports of gasoline from India, without naming the supplier.

Reuters said that at least ⁠60,000 ⁠metric tons of gasoline had been dispatched from India to Russia, citing an industry source, with another source saying that two tankers, carrying 30,000 to 40,000 tons each, had been sent.

Business

Egypt Expects €1.5 billion from EU Assistance Package in Coming Days

The Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
The Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt Expects €1.5 billion from EU Assistance Package in Coming Days

The Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
The Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt expects to receive €1.5 billion ($1.72 billion) from the European Union in the coming days, the first of two remaining tranches of a €5 billion macro-financial assistance package, Foreign Minister Badr Abdelatty said on Saturday.

Speaking at a press conference in Egypt's new administrative capital alongside European Commissioner for the Mediterranean Dubravka Suica, Abdelatty said the outstanding €3 billion would be disbursed in two equal tranches of €1.5 billion each, Reuters reported.

He said Cairo hoped the last payment would be transferred by the start of the autumn.

The EU has so far disbursed €2 billion of the package, having transferred an initial €1 billion tranche in January 2025 and a second €1 billion earlier this year.

The macro-financial assistance forms part of a broader €7.4 billion funding deal the EU announced in 2024, which also includes €5 billion in concessional loans.

Business

Saudi Hospitality Boom: 50 Global Brands Race Ahead with $120 Billion in Investments

Jeddah Corniche stands out as one of the Kingdom's premier destinations for landmark tourism and hospitality developments (SPA).
Jeddah Corniche stands out as one of the Kingdom's premier destinations for landmark tourism and hospitality developments (SPA).
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Saudi Hospitality Boom: 50 Global Brands Race Ahead with $120 Billion in Investments

Jeddah Corniche stands out as one of the Kingdom's premier destinations for landmark tourism and hospitality developments (SPA).
Jeddah Corniche stands out as one of the Kingdom's premier destinations for landmark tourism and hospitality developments (SPA).

Saudi Arabia continues to cement its position as one of the fastest-growing hospitality markets in the region and the world, driven by the rapid expansion of mega tourism projects and emerging destinations. This momentum is prompting the world's leading hotel companies to accelerate their investments and launch unprecedented projects across the Kingdom.

During the first half of this year, Saudi Arabia's hospitality sector continued to attract major investments, with leading international hotel groups announcing new hotel openings and signing record expansion agreements across the Kingdom's cities and flagship developments.

This activity coincides with Saudi Arabia maintaining the largest hotel pipeline in the Middle East, driven by pioneering destinations such as NEOM, the Red Sea, Qiddiya, and Diriyah, alongside continued growth in Riyadh, Makkah, and Madinah.

An Asharq Al-Awsat review found strong alignment between the expansion plans of these hospitality brands and the objectives of Saudi Vision 2030. According to the latest Ministry of Tourism data, more than 50 global hospitality brands are expanding in the Kingdom through investments exceeding $120 billion, with plans to add more than 200,000 new hotel rooms. The private sector plays a pivotal role, contributing around 50 percent of these investments to meet growing demand and cater to the diverse preferences of travelers, from luxury hotels and coastal resorts to heritage and rural accommodations.

In this context, investors and tourism industry experts said the momentum reflects a qualitative transformation that is enhancing service standards and strengthening competitiveness, supported by an attractive investment environment and flexible regulatory frameworks that have successfully streamlined the investment journey for both foreign and domestic investors.

Global Investments

At the beginning of 2026, Marriott announced an agreement to add five new hotels in Jeddah, Makkah, and Madinah, providing more than 2,700 rooms.

Sofitel, the French luxury hospitality brand owned by Accor, also announced the official opening of the Sofitel Riyadh Hotel & Convention Center.

Knowledge Economic City also announced a DoubleTree by Hilton hotel, the first property within the city's master plan. Designed to offer a new level of comfort and connectivity in Madinah, the project comes as Red Sea Global recently officially opened the SLS Red Sea Resort on Shura Island, marking the brand's first property in the Kingdom. The resort features 150 luxury accommodations, including guestrooms, suites, and private pool villas, in addition to a full-service spa, a cinema, and a range of vibrant leisure facilities.

Meanwhile, Saudi-based Blacksand and Marriott International signed an agreement to develop 10 new hotels across the Kingdom, adding more than 1,300 hotel rooms over the next four years. The deal reflects the strong momentum in Saudi Arabia's hospitality and tourism sectors in line with the objectives of Saudi Vision 2030.

In April, the King Abdullah Financial District Development and Management Company (KAFD DMC), the entity responsible for managing and operating the district, opened W Riyadh – KAFD, marking the debut of the W Hotels brand in Saudi Arabia.

In the latest of these developments, The Ascott Limited recently announced plans to open Ascott Villas Riyadh in the fourth quarter of 2026. The project will be the company's first villa community in the Kingdom and will comprise 86 villas in Riyadh's Hittin district.

The announcement also reflects The Ascott Limited's broader expansion strategy, as the company seeks to strengthen its presence in the Saudi market as part of its plan to reach 15,000 units across the Kingdom by 2030, capitalizing on the continued growth of the tourism and business sectors in Riyadh and other major cities.

Reflecting the growing appeal of the Saudi market to leading international investors, Dar Global announced a strategic partnership with The Trump Organization to develop Trump International Tower Jeddah. The landmark luxury project, which will feature a five-star hotel and high-end branded residences, underscores the transformation of the Red Sea coastline into a magnet for some of the world's most prestigious hospitality and luxury brands.

A rendering of the new Ascott Villas Riyadh project (Asharq Al-Awsat).

Investor Confidence

Majed Al Hokair, a businessman and investor in the tourism and entertainment sector, told Asharq Al-Awsat that the Kingdom's growing success in attracting global hotel brands reflects a qualitative transformation in its tourism sector.

"The focus is no longer simply on increasing the number of hotels. It is now about building an integrated tourism ecosystem that caters to a wide range of visitor segments," he said.

Al Hokair said the entry and expansion of prestigious international brands in cities such as Riyadh, Jeddah, Makkah, and Madinah reflects investors' confidence in the future of the Saudi market. It also enhances service quality and raises the level of competition, ultimately improving the visitor experience.

He added that tourists' preferences have evolved in recent years, and the Kingdom is increasingly able to meet those changing expectations through a diverse portfolio of hospitality offerings, including luxury hotels, boutique hotels, resorts, rural accommodations, and heritage accommodations, all distinguished by high standards of quality.

National Talent

For his part, tourism investor Nasser Abdulaziz Al Ghaylan told Asharq Al-Awsat that the continued momentum in the entry and expansion of global hotel brands will position Saudi Arabia among the region's leading tourism and investment destinations in the years ahead, particularly with the rollout of major developments such as NEOM, the Red Sea, Qiddiya, and Diriyah, alongside the objectives of Saudi Vision 2030.

Al Ghaylan said the long-term success of these investments will depend on continued investment in developing Saudi talent, enhancing the visitor experience, and providing a diverse and sustainable range of tourism offerings, ensuring balanced growth that further strengthens the Kingdom's position on the global tourism map.

The Ministry of Tourism recently released a report titled Global Investments in Saudi Tourism to coincide with its participation in the Future Hospitality Summit, held in Riyadh from June 22 to 24. The report highlighted the growing interest among international investors in entering the Saudi tourism market and expanding their presence in the Kingdom.

Mövenpick Resort Al Khobar enhances the appeal of tourism destinations along the Eastern Province's coastline (SPA).

The report notes that more than 50 global hospitality brands are expanding across the Kingdom, supported by growing tourism demand and a comprehensive investment environment that has positioned Saudi Arabia as the Middle East's largest tourism market in terms of tourism development projects.

It highlights key indicators reflecting the sector's accelerating momentum, including investments exceeding $120 billion and the addition of more than 200,000 new hotel rooms by 2030, with around 50 percent of those projects expected to be financed by the private sector.

The report also highlights the investment environment underpinning the sector's growth, pointing to significant improvements in the tourism sector's regulatory framework, streamlined licensing procedures, investment incentives, digital services, and business centers that help shorten the investor journey, enhance clarity around regulatory requirements, and facilitate access to the relevant government entities.