عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.”

Most Viewed

 
 
Business

Turkish Lira Touches Record Low, Stocks and Bonds Slide After Istanbul Mayor Detained 

24 May 2018, Türkiye, Istanbul: Turkish lira bills are seen fanned out. (dpa)
24 May 2018, Türkiye, Istanbul: Turkish lira bills are seen fanned out. (dpa)
TT
TT

Turkish Lira Touches Record Low, Stocks and Bonds Slide After Istanbul Mayor Detained 

24 May 2018, Türkiye, Istanbul: Turkish lira bills are seen fanned out. (dpa)
24 May 2018, Türkiye, Istanbul: Turkish lira bills are seen fanned out. (dpa)

Türkiye's lira fell as much as 12.7% and touched a new all-time low of 42 to the dollar on Wednesday, with bonds and stocks also tumbling sharply, after authorities detained President Recep Tayyip Erdogan's main political rival.

The move against Ekrem Imamoglu, the mayor of Istanbul, was called "a coup attempt" by the opposition and appears to cap an aggressive months-long legal crackdown on opposition figures across the country which has been condemned as a politicized attempt to silence dissent.

Imamoglu was expected to be named as the main opposition's presidential candidate within days.

The lira traded at 38.90 to the dollar at 1016 GMT, from a close of 36.67 on Tuesday, having recouped some of the losses from the all-time low it hit earlier - but still having had its biggest decline since July 2023. The earlier tumble to 42 marked one of the lira's largest absolute intraday moves on record.

Türkiye's international government bonds also came under pressure with longer-dated maturities suffering the sharpest falls. The 2045 maturity fell 1.6 cents to be bid at 85.117 cents, its lowest level since

"In Türkiye this morning, bonds and FX are coming under pressure after a potential presidential candidate, the mayor of Istanbul, was arrested," said Frantisek Taborsky, EMEA FX & fixed income strategist at ING.

"(Türkiye's lira) is the most heavily positioned carry-trade in the emerging markets space at the moment in our view, and a sharp move could potentially lead to further outflows. On the other hand, we should see local banks providing some FX support."

MONETARY POLICY

Finance Minister Mehmet Simsek said they were doing everything necessary to ensure healthy functioning of the markets, without giving further details.

Bankers calculate that the Turkish central bank sold a minimum of $5 billion in FX after lira's crash, while some say it may have already reached $10 billion for the day.

Analysts and investors were also concerned about the knock on effect for monetary policy, worrying that the sharp decline in the lira could delay or halt the rate-cutting cycle since the central bank has been ensuring real appreciation of the currency for months.

The central bank had in December embarked on an easing cycle for the first time after an 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by Erdogan, which had seen the economy run red hot and inflation exceeding 70%. Erdogan has supported the steps by the central bank for a more orthodox policy.

"With this FX shock they need to keep rates where they are for now," one banker said.

Stocks also crashed, reflecting investor worries over rule of law. Turkish blue-chip stocks fell by nearly 6%, set for their worst daily performance since late 2023.

The banking sub-index declined 9.67%. Borsa Istanbul said trading was halted temporarily after the main BIST 100 index fell 6.87% in early trading and the market-wide circuit breaker was triggered.

"A wave of selling was triggered after Imamoglu's diploma was annulled and he was detained. There have been foreign investor inflows in recent days ... but political uncertainty currently prevails and concerns about foreign investors leaving the country have increased," Serhat Baskurt, algorithmic operations manager at ALB Yatırım, said.

Baskurt said he expected the decline on the stock exchange to continue over the coming days.

Borsa Istanbul said that the uptick rule on short sale transactions for the BIST 50 index would be used on Wednesday. The rule requires short sales to be conducted at a higher price than the previous trade.