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Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
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Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo

Tech and investment heavyweights from Silicon Valley descended on the Saudi capital this week on a historic visit alongside US President Donald Trump, marking a dramatic revival of strategic partnerships that had stalled under previous restrictive US policies.

The visit, seen as a pivot away from Washington’s earlier constraints on exporting artificial intelligence technology, featured some of the most influential figures in the global tech industry.

Among those attending Tuesday’s high-level gathering were Tesla CEO Elon Musk, NVIDIA founder Jensen Huang, OpenAI CEO Sam Altman, Amazon chief Andy Jassy, BlackRock Chairman Larry Fink, and Palantir CEO Alex Karp.

The visit was hailed by officials as ushering in a “new golden era” of US-Saudi relations. It came just one day after Crown Prince Mohammed bin Salman announced the launch of HUMAIN, a Saudi AI innovation venture aimed at reshaping the Kingdom’s future through advanced technology.

In just 48 hours, US investment pledges in Saudi Arabia’s AI sector surged from $3 billion to over $21 billion, according to forum organizers.

Also announced was an expanded strategic partnership between Saudi Arabia’s Public Investment Fund and Google Cloud, projected to contribute approximately $70.6 billion to the Kingdom’s GDP in the coming years.

The series of announcements reflect Riyadh’s growing ambition to become a global hub for artificial intelligence, backed by top-tier US tech leadership and capital.

NVIDIA has delivered 18,000 next-generation AI chips to HUMAIN, in a move that could open the floodgates for artificial intelligence semiconductors across the Middle East.

The landmark delivery coincides with a sharp shift in US export policy, as the Trump administration begins dismantling restrictions on semiconductor exports imposed under President Joe Biden.

On Tuesday, the US Commerce Department announced it would scrap Biden’s “AI deployment rule,” which had created three broad tiers of access for countries seeking to acquire AI chips. The rule was due to take effect on Thursday.

The reversal signals a significant policy pivot, potentially expanding access to powerful AI technology for key allies in the region, including Saudi Arabia, which has been aggressively positioning itself as a future hub for artificial intelligence and advanced computing.

Industry analysts say the delivery of NVIDIA’s high-performance chips marks a major step toward establishing a regional AI infrastructure capable of supporting large-scale machine learning, cloud computing, and autonomous systems.

Saudi Foreign Minister Prince Faisal bin Farhan affirmed that the Kingdom’s strategic partnership with the US in artificial intelligence and hyperscale data centers is expected to generate more than 22,000 high-quality jobs.

Speaking at a press conference, Prince Faisal emphasized that deepening cooperation in advanced technologies will play a key role in shaping Saudi Arabia’s economic future and workforce development.

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Business

Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
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Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 

Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has toured hospitality facilities and visitor services in Madinah as part of the “Spirit of Ramadan” inspection tour, which also included Jeddah and Makkah.

New data show visitor numbers exceeded 21 million over the past year, a 12 percent increase from 2024, while total tourism spending reached SAR 52 billion (about $13.9 billion), up 22 percent.

The visit focused on assessing the sector’s readiness for the Ramadan season, evaluating service quality, and supporting ongoing and upcoming tourism projects.

Madinah posted strong tourism performance in 2025, driven by higher visitor inflows and expanded hospitality capacity, reinforcing its position as a leading religious destination within Saudi Arabia’s tourism landscape.

Demand growth has been matched by a sharp rise in supply. Licensed hospitality facilities increased to 610, up 35 percent, while the number of licensed rooms surpassed 76,000, a 24 percent gain, strengthening the city’s ability to accommodate during peak seasons such as Ramadan and Hajj.

Travel and tourism offices also grew to more than 240, reflecting a 29 percent expansion in supporting services.

Al-Khateeb said the entry of international hospitality brands and new projects over the past five years underscores both sectoral growth and rising investor confidence in the Kingdom’s tourism ecosystem.

“The landscape today is different. The sector is growing steadily, supported by a system that empowers investors and facilitates their journey, with a promising future ahead,” he said.

To expand hotel capacity, the minister inaugurated the Radisson Hotel Madinah, a project worth more than SAR 39 million (around $10 million) and financed by the Tourism Development Fund.

The 2025 performance signals a shift from traditional seasonal growth toward more sustainable expansion built on diversified offerings, improved service quality, and a stronger contribution to the local economy.

 

 

 

 

 

 

Business

Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
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Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File

Plane maker Airbus aims to deliver a record number of commercial aircraft this year, the company said Thursday, capitalizing on "strong demand" and a jump in profit in 2025.

"2025 was a landmark year, characterized by very strong demand for our products and services across all businesses," CEO Guillaume Faury said in a press release announcing annual results.

The European manufacturer said it received 1,000 orders for commercial planes in 2025, with net orders of 889 after taking cancellations into account, and 793 delivered.

Last year, its overall profit jumped 23 percent to 5.2 billion euros ($6.1 billion).

The company said it is targeting "around 870 commercial aircraft deliveries" this year.

"As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services," it said in its outlook.

Both Airbus and its rival Boeing have struggled to return to pre-pandemic production levels after their entire network of suppliers was disrupted, even as airlines are eager to modernize their fleets with more fuel-efficient aircraft and expand to meet an expected increase in passenger numbers over the coming decades.

Business

Saudi Arabia's Humain Invests $3 Bn in Musk's xAI

The logo of the Saudi company Humain. Asharq Al-Awsat
The logo of the Saudi company Humain. Asharq Al-Awsat
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Saudi Arabia's Humain Invests $3 Bn in Musk's xAI

The logo of the Saudi company Humain. Asharq Al-Awsat
The logo of the Saudi company Humain. Asharq Al-Awsat

Saudi Arabia's artificial intelligence firm Humain said Wednesday it had invested $3 billion in US billionaire Elon Musk's xAI.

The investment made Humain a "significant minority shareholder,” the company said in a statement.

It added that its xAI holdings would be "converted into SpaceX shares" after the rocket company announced it was taking over the AI start-up earlier this month as Musk pushes to unify his many business interests.

CEO Tareq Amin said the latest investment “reflects Humain’s conviction in transformational AI and our ability to deploy meaningful capital behind exceptional opportunities where long-term vision, technical excellence, and execution converge, xAI’s trajectory, further strengthened by its acquisition by SpaceX, one of the largest technology mergers on record, represents the kind of high-impact platform we seek to support with significant capital.”

Musk's xAI had previously announced in November it was teaming up with Humain to build a 500-megawatt data center in Saudi Arabia.

The Saudi firm also inked a new deal with Nvidia.