ServiceNow CEO: Saudi Tech Boom, Innovation Drive Investment

ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)
ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)
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ServiceNow CEO: Saudi Tech Boom, Innovation Drive Investment

ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)
ServiceNow CEO Bill McDermott takes part in the LEAP 24 global tech conference. (Asharq Al-Awsat)

ServiceNow CEO Bill McDermott has praised Saudi Arabia’s impressive innovation drive, led by its ambitious tech initiatives.

He cited Saudi Minister of Communications and Information Technology Engineer Abdullah Alswaha’s remarks at the LEAP 24 conference, noting the Kingdom’s rapid digital growth and aspirations to become the region’s top digital market.

McDermott, speaking to Asharq Al-Awsat on the sidelines of LEAP 24, praised the enthusiasm of 230,000 young Saudis at the conference, all dedicated to advancing the country’s digital economy.

He attributed their motivation to the supportive environment fostered by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, and his team.

In an interview with Asharq Al-Awsat, McDermott underscored the importance of such factors in ensuring success in the Kingdom.

Investing in Saudi Arabia

Explaining why ServiceNow is investing in Saudi Arabia, McDermott said the Kingdom’s booming market and tech innovation promise significant progress.

He also revealed the US-based tech company inking several deals at LEAP 24. One such deal is a partnership with the Garage project, supporting startups in Riyadh.

McDermott said his company is looking to train Saudi youth on its platform, hire graduates, and open job opportunities.

Moreover, ServiceNow is also establishing a new regional headquarters in Riyadh and plans to invest $500 million and open a data center to support the Kingdom’s growth.

He conveyed his company’s excitement to be part of Saudi Arabia’s journey.

AI revolution

McDermott sees the AI revolution as significant as the iPhone’s launch. He said his company is using AI to drive digital transformation in the tech and information industry’s largest market.

He explained that ServiceNow, a top software firm in digital workflow management, is now incorporating AI into its operations for digital transformation.

According to McDermott, companies are at a crucial moment with AI.

He revealed that ServiceNow is now working to combine cloud computing, digital transformation, and modern AI.

ServiceNow’s ambitions

McDermott highlighted ServiceNow’s presence in Saudi Arabia since 2011, noting ongoing projects and collaborations, particularly during the coronavirus pandemic, such as transforming business processes with the Ministry of Justice and bolstering employee services with the Ministry of Human Resources and Social Development.

He highlighted partnerships with firms like Deloitte for public sector digital transformation and teased upcoming projects.

Moreover, McDermott expressed his goal of making Saudi Arabia a global leader in the sector by prioritizing youth training, business innovation, and AI development to improve services and user experiences.

He aims to establish ServiceNow as the leading enterprise software company of the 21st century and sees Saudi Arabia as a key partner in achieving this goal, anticipating a positive embrace of innovation to boost millions of lives.

Saudi Arabia: A major player in global tech

When asked about Saudi Arabia’s role in global technology, McDermott confidently stated that the Kingdom won't just be a player; it will be a leader in global tech.

This is a crucial moment for the Kingdom, and that strong steps are needed to boost the sector, he remarked.

Many challenges exist, but with ServiceNow’s AI platform, matters can be simplified, he went on to say.

McDermott said his company is looking to streamline workflows and enhance user experiences creatively.

Noting constant improvement, he revealed that users can now talk to the system naturally and easily analyze complex data, dubbing it a big leap forward.

Tech’s new worries

When asked about concerns over new AI outsmarting humans, he stressed that while AI could surpass humans in some areas, the key is ensuring it serves humanity.

Technology’s main purpose is to improve human lives, stressed McDermott, adding that the risk is humans being controlled by tech.

Humans must be kept in charge, affirmed McDermott.

He recalled a 1966 Time magazine article predicting computers would take over most jobs, but today, there are 90 million tech jobs in the US alone.

Furthermore, he revealed that ServiceNow is working on a vast linguistic database to boost AI responses, using carefully collected data.

Great strides forward

McDermott wrapped up by lauding the impressive advancements in the Kingdom, saying that he is truly impressed by Crown Prince Mohammed’s efforts for women’s rights.

This is crucial for ServiceNow, where half of the staff will be women, he noted.

Half of ServiceNow’s leaders are already women.

McDermott stressed that his company plans to uphold this balance because this approach fosters remarkable productivity.

When workplaces promote diversity, fairness, and inclusion, it boosts success, he emphasized.

Saudi Arabia even outshines Silicon Valley in embracing this approach, said McDermott.

Offering advice to Saudi talents, McDermott said embracing the present is key.

With AI advancing rapidly, there are vast opportunities, he added.

ServiceNow provides a top platform in this field, offering job openings in the Kingdom and beyond.

Inviting Saudis to join his company, McDermott revealed that ServiceNow is partnering with the Saudi Digital Academy to train countless young people.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.