NEOM Tech and Digital Company Steps into the Future as ‘Tonomus’

 CEO of Tonomus, Joseph Bradley. (NEOM)
CEO of Tonomus, Joseph Bradley. (NEOM)
TT
20

NEOM Tech and Digital Company Steps into the Future as ‘Tonomus’

 CEO of Tonomus, Joseph Bradley. (NEOM)
CEO of Tonomus, Joseph Bradley. (NEOM)

NEOM Tech & Digital Company – the first company to be established as a full-fledged subsidiary of NEOM – on Tuesday launched as “Tonomus,” signaling the next stage in its growth trajectory as a cognitive multinational conglomerate.

Headquartered at NEOM since its 2021 inception as the pioneering project’s technology and digital lead, Tonomus is building the cognitive foundation and adopting hyper-disruptive solutions integral to the development of NEOM and its flagship initiatives, including THE LINE, OXAGON and TROJENA.

The rebranding represents a sharpened focus on the role of Tonomus as a cognitive multinational company, with this new phase essential to enabling NEOM to fuel Saudi Arabia’s economic growth and diversification.

The name change furthermore represents Tonomus’ commitment to realizing its vision, which includes attracting world-class tech talent to sustain and extend innovation, making Saudi Arabia a hub for global entrepreneurship and enabling NEOM to act as a global connector for the Kingdom.

Eng. Abdullah Alswaha, Minister of Communications and Information Technology and Chairman of Tonomus, said: “Tonomus has positioned NEOM as a global innovator of cognitive innovation with its constantly expanding portfolio of AI projects, its development of human-centric technologies and its collaborative partnerships with leading multinational tech companies.”

“Tonomus is strengthening economic growth and igniting diversification and innovation within Saudi Arabia with its cutting-edge technologies and solutions. It is creating multiple investment opportunities for local and international companies and has become a strong bridge connecting the Kingdom, the Middle east and North Africa and the world,” he added.

Nadhmi Al-Nasr, CEO of NEOM, said: “The launch of Tonomus confirms our progress towards achieving the goals of NEOM and Vision 2030. Tonomus will support our ambitions by contributing to the future of the tech and digital industry, stimulating innovation, and driving the development of the world’s first cognitive community.”

“This will be realized by involving the most talented and brightest minds to develop the integrated system that will be utilized across all of NEOM’s businesses, sectors and projects.”

Joseph Bradley, CEO of Tonomus, said: “Technology is constantly evolving, and – as a global disruptor and innovator – Tonomus is on the same forward-thinking and fast-moving trajectory toward the future.”

“With a new identity, renewed sense of purpose and focus on true inclusivity, Tonomus will be a synonym for cognitive tech and proactive, predictive solutions that fundamentally reimagine human experiences and the way we live,” he remarked.

“Tonomus is also nurturing entrepreneurship both within and beyond the organization, which will cement NEOM’s reputation as the epicenter of innovation, and Saudi Arabia as a place where the world’s brightest minds can bring their ideas to life.”

A new venture incubation studio plays a central role in helping the company turn concept into reality. Beverly Rider – CCO and interim CMO of Tonomus – leads both established and emerging entrepreneurs, as well as VCs and C-suite executives in developing Silicon Valley-modeled ventures.

In this context, Tonomus is NEOM’s trusted digitization partner, enabling the cognitive city vision via disruptive, sustainable solutions and empowering sectors that include Energy; Water; Education; Health, Well-being and Biotech; Food; Tourism; Media; Financial Services; and Mobility, as well as promoting data exchange and unifying the digital ecosystem.

The Tonomus leadership team includes Su Le, Chief Digital and Strategy Officer, whose contribution is vital to the company’s global aspirations, as well as the provision of professional services and signature experiences for the residents and businesses that make NEOM their home.

Tonomus has emerged as a global leader in the smart-to-cognitive transition, developing world-changing technologies and investing USD 1 billion in 2022 alone in AI-driven products and hyperconnected, predictive and proactive solutions. These include the first-of-its-kind, mixed-reality, digital twin metaverse with human needs at its core, and a cutting-edge consent management platform designed to restore trust and place personal data ownership back in the hands of users.

The rebrand represents the next step in the company’s ascent, which is rooted in co-inventing a robust cognitive foundation with global partners. A key element of this strategic pillar is the USD 200 million (SAR 750m) joint venture with Low Earth Orbit (LEO) satellite operator OneWeb, aimed at providing rapid and reliable connectivity and enabling NEOM’s groundbreaking ecosystem of cognitive technologies.

In addition to deploying 300km of fiber, 200 5G cell sites and a Telco Park, Tonomus’ Cognitive Connectivity Hub strategy comprises the establishment of ZeroPoint DC, NEOM’s half-billion-dollar, next-generation hyperscale data center, and a partnership with Oracle, the world's largest database management company.



Trump Says Steep Copper Tariffs in Store as He Broadens His Trade War

A worker makes copper trays inside a workshop in Kolkata, India, October 26, 2017. Picture taken October 26, 2017. (Reuters)
A worker makes copper trays inside a workshop in Kolkata, India, October 26, 2017. Picture taken October 26, 2017. (Reuters)
TT
20

Trump Says Steep Copper Tariffs in Store as He Broadens His Trade War

A worker makes copper trays inside a workshop in Kolkata, India, October 26, 2017. Picture taken October 26, 2017. (Reuters)
A worker makes copper trays inside a workshop in Kolkata, India, October 26, 2017. Picture taken October 26, 2017. (Reuters)

US President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.

One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10% tariffs on products from Brazil, India and other members of the BRICS group of countries.

He also said trade talks have been going well with the European Union and China, though he added he is only days away from sending a tariff letter to the EU.

Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been shaken by the tariffs he has imposed or threatened on imports to the world's largest consumer market.

US copper futures jumped more than 10% after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminum and automobile imports, though it was unclear when the new tariffs might take effect.

US pharmaceutical stocks also slid following Trump's threat of 200% tariffs on drug imports, which he said could be delayed by about a year.

Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1.

Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close.

Trump said countries have been clamoring to negotiate.

"It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said.

Trading partners across the globe say it has been difficult to negotiate even framework agreements with the US given the haphazard way new tariffs are announced, complicating their internal discussions about concessions.

HIGHEST LEVELS SINCE 1934

Following Trump's announcement of higher tariffs for imports from the 14 countries, US research group Yale Budget Lab estimated consumers face an effective US tariff rate of 17.6%, up from 15.8% previously and the highest in nine decades.

Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $100 billion so far and could collect $300 billion by the end of the year.

The United States has taken in about $80 billion annually in tariff revenue in recent years.

The S&P 500 finished slightly lower on Tuesday, a day after Wall Street markets sold off sharply following Trump's new tariffs announcement.

Trump said he will "probably" tell the European Union within two days what rate it can expect for its exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks.

The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for key export industries such as aircraft, medical equipment and spirits, according to EU sources. Brussels is also considering an arrangement that would protect European automakers with large US production facilities.

However, German Finance Minister Lars Klingbeil warned that the EU was prepared to retaliate if necessary.

"If we don't reach a fair trade deal with the US, the EU is ready to take counter measures," he said in the lower house of parliament. Japan, which faces a possible 25% tariff, wants concessions for its large automobile industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday.

South Korea, which also faces a possible 25% tariff, said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result."

Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente.

"We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping.

Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan; 30% on South Africa and Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand; and 40% on Laos and Myanmar.

Cambodia hailed as a big success a reduction in the tariff rate from 49% to 36% and said it was seeking to negotiate a further cut. The tariffs have been an issue for Cambodia's garments and footwear sector, the biggest driver of its economy.

The US is also the main export market for Bangladesh's ready-made garments industry, which accounts for more than 80% of its export earnings and employs 4 million people.