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HP CEO Announces Launch of 1st Advanced Manufacturing Facility in Riyadh, Creating Thousands of Jobs

HP’s President and CEO, Enrique Lores (Asharq Al-Awsat)
HP’s President and CEO, Enrique Lores (Asharq Al-Awsat)
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HP CEO Announces Launch of 1st Advanced Manufacturing Facility in Riyadh, Creating Thousands of Jobs

HP’s President and CEO, Enrique Lores (Asharq Al-Awsat)
HP’s President and CEO, Enrique Lores (Asharq Al-Awsat)

Saudi Arabia continues to attract global investments as it builds a future-ready economy in line with its ambitious Vision 2030.

In the latest development, HP Inc. announced plans to establish an advanced manufacturing facility in Riyadh, a Center of Excellence for AI and R&D in Dhahran, and expand initiatives to equip young Saudis with digital skills. These efforts underscore HP’s commitment to making Saudi Arabia a hub for technology and innovation.

In an exclusive interview with Asharq Al-Awsat, HP’s President and CEO, Enrique Lores, highlighted the vast potential in Saudi Arabia, emphasizing that these strategic AI investments will accelerate regional growth. He reaffirmed HP’s dedication to manufacturing, education, and research, all aimed at fostering innovation and supporting the company’s global expansion.

A key component of HP’s investment is the launch of a high-tech manufacturing facility in Riyadh. Under the “Made in Saudi Arabia” initiative, the company aims to increase local production to serve domestic and regional markets while enhancing supply chain efficiency by reducing reliance on external manufacturing.

Lores explained that this investment will create thousands of jobs by 2027, nurture local talent, and contribute to economic growth. He noted that this is not only HP’s first manufacturing facility in the Middle East but also one of its few worldwide, reflecting the company’s long-term commitment to Saudi Arabia.

HP will begin by manufacturing desktop computers, followed by laptops and printers, establishing Saudi Arabia as a regional leader in tech production. Lores stressed that the investment goes beyond meeting local demand—it aims to position Saudi Arabia as a hub for technology manufacturing and exports.

According to Lores, HP is also making a major push into AI research and development with the launch of its Center of Excellence for AI and R&D in Dhahran. The center will play a key role in developing AI-powered solutions for sectors such as healthcare, smart cities, and energy. It will also train Saudi talent in AI development and commercialization, collaborating with global AI experts and Saudi companies to create cutting-edge applications.

Unlike traditional AI research centers that focus primarily on large-scale models, HP’s Center of Excellence will prioritize practical AI applications to help businesses seamlessly integrate AI-driven solutions.

Lores explained that the center’s focus will be on AI applications in smart cities, healthcare, and energy, with flexibility to adapt based on industry needs. HP also aims to attract top international AI specialists to Saudi Arabia, fostering a thriving AI ecosystem in the Kingdom.

He emphasized that transforming Saudi Arabia into a global AI hub requires both investing in local talent and drawing top AI experts from around the world.

HP is reinforcing its commitment to education and workforce development by training teachers to integrate AI into classrooms. The company is also collaborating with policymakers to develop AI-driven curricula, equipping students with essential AI skills through interactive learning and gaming.

Lores stressed that building a strong digital economy requires investment in education at all levels, from teacher training to designing AI-integrated curricula for students.

A major part of this effort is the HP Gaming Garage Lab at the Saudi Electronic University, launched in June 2024. The lab offers micro-certifications in AI, gaming, and technology, providing a direct pathway to employment in Saudi Arabia’s growing tech sector.

Through these initiatives, HP is actively shaping Saudi Arabia’s digital future and enhancing its global competitiveness in emerging technologies. Lores reaffirmed HP’s commitment to being a key player in Saudi Arabia’s digital transformation, manufacturing sector, and AI development.

He concluded: “Our investments reflect HP’s deep commitment to supporting the ambitious goals of Vision 2030.”

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Business

IEA: The Age of Electricity is Coming, We Will Still Use Oil and Natural Gas

FILE PHOTO: A view of the logo of the International Energy Agency in Paris, France, December 15, 2023. REUTERS/Sarah Meyssonnier/File Photo
FILE PHOTO: A view of the logo of the International Energy Agency in Paris, France, December 15, 2023. REUTERS/Sarah Meyssonnier/File Photo
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IEA: The Age of Electricity is Coming, We Will Still Use Oil and Natural Gas

FILE PHOTO: A view of the logo of the International Energy Agency in Paris, France, December 15, 2023. REUTERS/Sarah Meyssonnier/File Photo
FILE PHOTO: A view of the logo of the International Energy Agency in Paris, France, December 15, 2023. REUTERS/Sarah Meyssonnier/File Photo

The concentration of a small number of countries in clean energy supply chains is an emerging challenge for Southeast Asian countries, International Energy Agency Executive Director Fatih Birol said on Tuesday, amid fast-rising power demand in the region.

"The age of electricity is coming. We will still use oil, still use natural gas including LNG, but electricity demand is growing very strongly," Birol told delegates at the Singapore International Energy Week conference.

Birol did not identify the countries dominating clean energy supplies, but China is by far the largest global supplier of renewable energy equipment, from solar panels ⁠to wind turbines, electric ⁠vehicles and batteries.

Electricity demand in ASEAN countries is rising at twice the pace of overall energy consumption, driven by industrial electrification, air-conditioning needs, electric vehicles and data centers, he said.

Southeast Asian nations have emerged as key drivers of China's clean-energy export boom, splashing out over $20 billion on Chinese-made clean-tech products so far in 2026, according ⁠to energy think tank Ember.

Birol also warned that geopolitical tensions have become an increasingly dominant force in global energy markets.

"In my professional life, I have never, never ever seen the dark and long shadow of geopolitics dominating the energy sector in such a way," Reuters quoted him as saying. "I can only imagine that the role of geopolitics will be much more pronounced, and this means energy security is going to become even more important than it is today."

Birol said the Middle East war has triggered fundamental changes in global energy consumption patterns, ⁠spurring growth in ⁠solar, coal and nuclear power as well as electric vehicle adoption.

"I see in the last eight months very strong growth of electric car sales," he said, adding that global electric vehicle sales outside China had risen 60% above previous trends over the period because of the conflict.

Consumption of alternative energy sources has increased as diesel prices have jumped about 200% and LNG prices have risen 250% from pre-war levels, according to Birol.

He said on Monday at the same conference that he does not expect energy markets in 2027 to return to where they were before the US-Israeli war on Iran began.

Business

Cyprus Seals $1.8 Bn Deal to Develop First Commercial Gas Project

The Cypriot Cronos field in the Mediterranean is being developed by a joint venture between operator Eni and TotalEnergies (X)
The Cypriot Cronos field in the Mediterranean is being developed by a joint venture between operator Eni and TotalEnergies (X)
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Cyprus Seals $1.8 Bn Deal to Develop First Commercial Gas Project

The Cypriot Cronos field in the Mediterranean is being developed by a joint venture between operator Eni and TotalEnergies (X)
The Cypriot Cronos field in the Mediterranean is being developed by a joint venture between operator Eni and TotalEnergies (X)

Cyprus signed contracts worth $1.8 billion with Italian energy provider Eni on Monday to develop the Mediterranean island nation's first commercial gas project, with production slated for 2028 on the project in partnership with France's TotalEnergies.

European countries have stepped up efforts to use domestic energy resources with the Ukraine and Iran wars roiling global energy markets and supply in recent years.

The agreements to develop the field in Cyprus' exclusive economic zone cover engineering, construction, installation and drilling work, allowing natural gas to be transported to Egypt for processing and liquefaction before delivery mainly to European markets.

"Eni has signed the main engineering, procurement, construction and drilling contracts for the development of the Cronos Project, marking the start of the project's execution phase and a key milestone towards the monetization of Cyprus' first gas development," AFP quoted the Italian firm as saying in a statement.

"As Eni's first development project in Cyprus and the country's first hydrocarbon development, Cronos represents a strategic milestone."

Cypriot President Nikos Christodoulides in a statement hailed the agreement as a "decisive step towards exploiting our country's natural wealth.”

He said the contracts for the "first commercial exploitation of Cypriot natural gas" were worth up to $1.8 bn.

"It represents a strong vote of confidence in our country's energy prospects with significant geopolitical and economic implications," he added.

Cypriot Energy Minister Michalis Damianos said the project marked Cyprus' transition from offshore exploration and discoveries to developing and producing its gas reserves.

Kronos is estimated to contain more than three trillion cubic feet of natural gas.

Existing Egyptian infrastructure will be used, including facilities linked to the large Zohr gas field, with the gas to be liquefied at the Damietta terminal for export.

Using existing infrastructure is expected to reduce costs and accelerate the route to market, while deepening energy cooperation between Cyprus and Egypt.

"A regional value chain is being created that connects Cyprus's resources, Egypt's infrastructure and European demand," said Damianos.

Cyprus has discovered offshore gas but has not yet brought a field into commercial production.

Kronos is seen as a key test of its ability to turn those discoveries into exports.

Eni and Total hold the majority of exploration blocks -- seven of 13 south of the island -- licensed by the Cyprus government.

The eastern Mediterranean has become an energy hot spot, with significant natural gas finds off Israel and Egypt.

Business

HSBC Shares Tumble 6% after Third-quarter Revenue Disappoints, Wealth Growth Slows

People alight from a tram outside the HSBC bank headquarters in Hong Kong on October 27, 2026, ahead of the bank's third quarter results announcement. (Photo by Peter PARKS / AFP)
People alight from a tram outside the HSBC bank headquarters in Hong Kong on October 27, 2026, ahead of the bank's third quarter results announcement. (Photo by Peter PARKS / AFP)
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HSBC Shares Tumble 6% after Third-quarter Revenue Disappoints, Wealth Growth Slows

People alight from a tram outside the HSBC bank headquarters in Hong Kong on October 27, 2026, ahead of the bank's third quarter results announcement. (Photo by Peter PARKS / AFP)
People alight from a tram outside the HSBC bank headquarters in Hong Kong on October 27, 2026, ahead of the bank's third quarter results announcement. (Photo by Peter PARKS / AFP)

HSBC's shares slid 6% on Tuesday after revenue undershot estimates and growth at its wealth business slowed, highlighting the challenge big banks face to sustain recent record profits.

Europe's largest bank reported a 32% surge in pretax profit to $9.6 billion for the July-September quarter, in line with estimates. But investors and analysts focused on the lack of upgrades to the bank's performance guidance and underwhelming third-quarter revenue of $18.6 billion against forecasts for $19 billion.

The drop in the bank's shares underscores how recent strong results from European lenders have increased investor expectations for performance, even as the impact of the Iran war on inflation and interest rates has created a tough environment for banks. The shares remain up 9% for the year to ⁠date.

HSBC also launched ⁠a share buyback of up to $1 billion, the same amount as the previous quarter and a move that had boosted shares in previous reporting periods but is now largely expected by investors.

"There is sometimes a market expectation that we upgrade guidance or targets," CFO Pam Kaur told reporters on a conference call when asked about the share drop.

According to Reuters, analysts noted that the bank's net interest income slightly missed expectations, while fee income from its key wealth growth pillar was steady but ⁠unspectacular.

Escalating deposit competition in Hong Kong and the UK, HSBC's two core markets, are expected to push up interest expenses, they said. Time deposits in the bank's Hong Kong portfolio rose two percentage points quarter-on-quarter to 38%, but Jefferies analysts noted that the shift to chase higher deposits by offering higher interest rates is expected to erode margins.

Revenue for HSBC's wealth division was flat at $2.7 billion. That compared with 15% and 23% year-on-year revenue growth in the first two quarters.

The performance of HSBC's wealth business is under particular scrutiny because the British bank, like its peers, is focusing growth on fee-generating businesses such as wealth management as lending comes under pressure from falling interest rates.

Analysts warned that Asia-focused banks are bracing for a slowdown in wealth momentum ⁠following robust gains driven ⁠by Chinese capital inflows.

Kaur said on the call that China's tightening of wealth flows has prompted clients to shift from other banks in Hong Kong to HSBC.

"We picked up more business."

HSBC benefited from the absence of legal provisions booked in the same quarter a year earlier. It also said expected credit losses tumbled 17% to $800 million, thanks to a reduction in charges linked to Hong Kong's real estate sector as well as its UK and Mexican wealth businesses.

British banks' strong recent results have prompted calls from trade unions and activist groups for tax hikes on the sector in finance minister John Healey's first budget, due on Wednesday.

Bank bosses have lobbied hard to avoid such an increase in sector levies, arguing it would curb lending and make Britain less competitive.

HSBC announced an interim dividend of $0.1 per share, the same as the previous quarter.