Website Dedicated to Platform of Saudi WTO Director General Candidate

Saudi Arabia’s candidate for the position of Director General of the World Trade Organization (WTO) Mohammad Al-Tuwaijri. (AFP)
Saudi Arabia’s candidate for the position of Director General of the World Trade Organization (WTO) Mohammad Al-Tuwaijri. (AFP)
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Website Dedicated to Platform of Saudi WTO Director General Candidate

Saudi Arabia’s candidate for the position of Director General of the World Trade Organization (WTO) Mohammad Al-Tuwaijri. (AFP)
Saudi Arabia’s candidate for the position of Director General of the World Trade Organization (WTO) Mohammad Al-Tuwaijri. (AFP)

Saudi Arabia’s candidate for the position of Director General of the World Trade Organization (WTO) Mohammad Al-Tuwaijri unveiled a website aimed at promoting his platform for heading the global organization.

The portal is available in English, Persian, Spanish and Arabic and is topped with a banner reading: “Trade is the foundation of peace and development.”

“Its sole goal is to establish a global system that adheres to laws. The WTO must now, more than ever, work on bolstering global cooperation.”

Separately, in remarks to Arrajol magazine, Tuwaijiri said the position of WTO chief, at the time of the coronavirus, is one of the most important internationally because it supports global trade and facilitates activities between nations.

On his vision for the organization, he said the WTO is need of great structural and administrative reform. This requires the cooperation of all of its members.

He spoke of a comprehensive plan he will submit to members that envisages the establishment of a strong and dynamic organization that can resolve all global trade problems, while remaining prepared for the 21st century and the challenges it has in store.

On how he will deal with the impact of the coronavirus pandemic on the global economy and trade, Tuwaijiri noted that repercussions will vary from one country to the other, all of which ultimately depend on the state of the global economy, infrastructure and trade.

Tackling the crisis lies in practical and realistic solutions that are based on facts and comprehensive studies and discussions among WTO members, he continued.

The WTO must be the main reference, which is why talks are focusing on sustainable development that should ensure that no wide gaps remain in the global trade system, he continued.



Saudi Arabia’s Kingdom Holding Buys $400 Million Stake in xAI

xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
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Saudi Arabia’s Kingdom Holding Buys $400 Million Stake in xAI

xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

Kingdom Holding Company (KHC) said on Wednesday it has acquired a key stake in xAI Corporation, an artificial intelligence company founded by US billionaire Elon Musk for 1.5 billion Saudi Riyals ($400 million), becoming the second largest investor in X and xAI.

The acquisition of the new stake is part of xAI’s Series C funding round, said KHC in its filing to Saudi bourse Tadawul.

This transaction follows KHC's previous investment at the same value in xAI during its Series B funding round.

It further solidifies KHC's strategic partnership with Elon Musk, and follows its strategic stake in X (Twitter), held since 2015, KHC stated.

A post on X said Prince Alwaleed bin Talal became the second largest shareholders in Musk’s two companies, X & xAI.

In November 2022, the Saudi prince moved almost 35 million Twitter shares through the Kingdom Holding Company, worth about $1.9 billion at the $54.20 per share sale price. That made him the “second-largest investor” in the new parent company.
Funding Rounds

The funding rounds consist of several fundraising events in which startups or existing companies raise funds from investors to continue building their infrastructure and accelerate research and development.

The rounds start with a “seed round” of funding where a startup typically raises money from the owners to cover initial operating expenses and then expand to Series A, B, and C funding rounds as the company develops to raise additional capital.

In terms of risks, Series B funding is generally less risky than Series A funding, while Series C is less risky than Series B and is typically used by companies that are growing rapidly and need additional capital to fund their expansion.

Musk's xAI Series C funding round included the Qatar Investment Authority (QIA) and the Oman Investment Authority (OIA).

Participants included Morgan Stanley and BlackRock, which were described as two of the major investors in the fundraising round.

KHC, in which Public Investment Fund (PIF) owns a 17% stake, said xAI has a $45 billion valuation with the latest funding round, indicating a significant increase from its $25 billion valuation during the Series B funding round, the filing showed.

Following the announcement of the acquisition, the shares of KHC, listed on the Saudi Stock Exchange, rose by 0.44% to 9.16 riyals.

xAI’s strategy focuses on developing leading AI models and working closely with other technology companies associated with its founder, including Tesla, SpaceX, and X, whose application has over 500 million users.

KHC said this transaction further solidifies KHC's strategic partnership with Elon Musk, and follows its strategic stake in X (Twitter), held since 2015.

It forms part of KHC’s business model of securing early stakes in emerging technologies and its ambition to lead and innovate within the AI industry, it added.