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Intl. Companies Intend to Invest in AI, Robotics in Saudi Arabia

Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)
Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)
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Intl. Companies Intend to Invest in AI, Robotics in Saudi Arabia

Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)
Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)

Major international companies intend to invest in artificial intelligence and robotics in Saudi Arabia, senior investors told Asharq Al-Awsat.

AI Investor Abdullah bin Zaid Al-Meleihi said that Saudi Arabia aims at establishing 400 startup companies in artificial intelligence.

He added that the Kingdom was seeking to provide a more attractive environment for foreign investments, pointing to a gathering of Saudi and foreign companies led by the Saudi Excellence Holding Company, which intends to introduce advanced technologies in the field of artificial intelligence and unveil new technologies.

He added that investments in AI are expected to surpass $150 million over the next two years.

For his part, Sem Koksal, CEO and partner of Legacy Technologies, told Asharq Al-Awsat that the quality and nature of Saudi public and private initiatives enhanced the AI technology industry.

He also stressed that the AI sector would increase the attractiveness of foreign investments in the Kingdom.

Dr. Muhammad Al-Shuhail, Advisor to the chairman of Prince Sultan College of Business and a specialist in AI and technology, emphasized a Saudi endeavor to develop the technology sector, in line with the Kingdom’s Vision 2030.

While he highlighted Saudi Arabia’s digital transformation process, Al-Shuhail pointed to the construction of smart cities, including NEOM.

The second edition of the Global AI Summit concluded on Friday in Riyadh.

Organized by the Saudi Authority for Data and Artificial Intelligence (SDAIA), the summit highlighted the means to maximize the use of the sector’s technologies, along with developments, challenges and solutions in the smart city sectors, human capacity development, health care, transportation, energy, culture and heritage, environment, and economic mobility.

The summit was attended by a large number of experts, specialists and officials in government agencies and global technology companies.

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US Treasury Chief Sees 100 Countries Getting 10% Reciprocal Tariff

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. (Reuters)
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. (Reuters)
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US Treasury Chief Sees 100 Countries Getting 10% Reciprocal Tariff

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. (Reuters)
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. (Reuters)

About 100 countries are likely to see a reciprocal tariff rate of 10%, US Treasury Secretary Scott Bessent said on Thursday, adding that he expects "a flurry" of trade deals announced before a July 9 deadline that could see tariff rates increase sharply.

"We'll see how the President wants to treat those who are negotiating, whether he's happy that they're negotiating in good faith," Bessent told Bloomberg Television.

"I think that we're going to see about 100 countries who just get the minimum 10% reciprocal tariff and we'll go from there. So I think we're going to see a lot of action over the coming days," Bessent said.

If 10% tariffs were given to 100 countries, that would be fewer than originally envisioned by the Trump administration.

Its original reciprocal tariff list showed 123 jurisdictions that were given a 10% tariff rate - mostly small countries, along with some territories like Australia's uninhabited Heard and McDonald Islands.

Trump in April temporarily reduced the tariff rate for most countries to 10% to allow time for negotiations.

Many countries with an initial 10% duty rate have not had any negotiations with the Trump administration, with the exception of Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines.

Major trading partners now involved in negotiations with the US could see much higher tariff rates, including 20% for the European Union, 26% for India and 24% for Japan. Other countries that have not engaged in trade talks with the Trump administration face even higher reciprocal tariffs, including 50% for Lesotho, 47% for Madagascar and 36% for Thailand.

Trump on Wednesday announced an agreement with Vietnam that he said cuts US tariffs on many Vietnamese goods to 20% from his previously threatened 46%, with many US products claimed to be allowed to enter Vietnam duty free.