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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

Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)
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Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)

Syria’s central bank governor, Abdulkader Husrieh, said the new Syrian pound is not merely a means of exchange but a symbol of the success of the Syrian revolution, national belonging, and confidence in the country’s ability to recover.

In a Facebook post, Husrieh said that with the launch of the new currency, Syrians were not just celebrating a banknote, but also celebrating their sovereignty and national identity, noting that many international experiences show that national currencies become strong when people rally around them, according to the Syrian Arab News Agency.

He pointed to Germany’s experience, where the introduction of the mark after the war marked the starting point of economic recovery, and to France, where the new French franc became the financial symbol of the new republic, known as the Fifth Republic.

Husrieh said the central bank would carry out its role with a clear understanding of the challenges and opportunities, while committing to responsibility, transparency, and the protection of the national currency. He added that the cornerstone remains public solidarity and trust, because a strong currency begins with the people's belief in it.

He called for turning the launch into a dignified national occasion through which Syrians express awareness, confidence, and adherence to the pound as a symbol of sovereignty and a national choice.

Husrieh added that supporting the pound is supporting the nation, and taking pride in it is a matter of pride in the future for Syrians and their children. He described the move as an opportunity for a new success following the success of the revolution in liberation and the lifting of economic sanctions that had shackled Syria’s economy for nearly fifty years.

Husrieh had recently announced that Jan. 1, 2026, would mark the launch of the new Syrian currency and the start of the exchange process for the old notes, with the exchange to be carried out through 66 companies and 1,000 designated outlets.

Restoring confidence

Political and economic researcher Bassel Kouwefi said the exchange plans, if well implemented, could serve as an entry point for rebuilding confidence in the national economy, encouraging domestic investment, and paving the way for broader reforms in the financial sector. However, he warned against failing to address the root causes of inflation and economic collapse during the previous regime's rule.

Speaking to Asharq Al-Awsat, Kouwefi described currency exchange and the removal of zeros as complex economic measures.

He said their main benefits include simplifying daily transactions, reducing the volume of banknotes in circulation, boosting confidence in stability, lowering printing and transportation costs, simplifying accounting records and financial software, and reducing currency speculation driven by corruption networks seeking to undermine stability in Syria.

Kouwefi said the exchange plans, if well-executed, could help restore confidence in the macroeconomy, but stressed the challenges posed by failing to tackle the fundamental causes of past inflation and collapse, including fiscal deficits, instability, and weak production. He said a comprehensive economic and financial program was therefore essential.

He added that the process also requires strong banking infrastructure, an organized transition period, and sufficient liquidity in the new denominations.

He said these remain major challenges under current Syrian conditions, alongside the need to mitigate social impacts that could lead to public confusion, market exploitation, and difficulties for less informed segments of society.

Business

Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
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Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin

Russia has extended the temporary ban on gasoline and fuel exports, including producers and intermediaries, until the end of next February, the Russian news agency Interfax said, citing a government website.

“The new decree extended the temporary ban on the export of gasoline outside the country until February 28, 2026, inclusive. It will be valid for all exporters, including direct producers,” the website wrote.

The decree also extends the ban on the export of marine fuel, vacuum gas oil and other types of gas oils, including volumes purchased at exchange auctions, until 28 February 2026. In this case, the restriction will not apply to direct producers of petroleum products.

Russia introduced the measures at the end of August due to the exacerbation of the fuel crisis.

Several major refineries were attacked by drones in August and September, including Surgutneftegaz's Kirishinefteorgsintez refinery, Lukoil's Volgograd refinery and Rosneft's Samara group of refineries.

Prices for gasoline, which are tightly monitored by authorities, were up 10.2%, above general inflation, since the start of the year, with the spike in part attributed to a step up in Ukrainian attacks on Russian refineries.

Last October, US President Donald Trump mentioned “long lines waiting for gasoline” and said the Russian “economy is going to collapse.”

Trump said his Russian counterpart Vladimir Putin should settle the war in Ukraine which was making Russia look bad.

Asked about Trump's remarks at an energy conference in Moscow, Deputy Prime Minister Alexander Novak, who oversees energy and the economy for the government, said that Russia had a stable supply of gasoline.

“We have a stable domestic market supply, we see no problems in this regard,” Novak said.

“The balance is maintained between production and consumption, and we, on the part of the government and the relevant ministries, are doing everything to ensure that this remains the case.”

Russia's seaborne oil product exports fell 17.1% in September from August to 7.58 million metric tons due to less fuel production as various refineries were impacted by drone attacks, data from industry sources and Reuters calculations showed.

The economy is slowing sharply this year and the government forecasts gross domestic product (GDP) growth of 1.0% after 4.3% growth in 2024 and 4.1% growth in 2023, though the International Monetary Fund has downgraded its 2025 forecast to 0.6% from 0.9%.

Business

Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
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Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo

Hong Kong Financial Secretary Paul Chan raised his 2025 economic growth forecast to 3.2% on Sunday, saying the city would bolster its role as a financial center, innovation hub and trade center to maintain the momentum.

In February, Chan had forecast growth of between 2% and 3%.

Hong Kong, the world's biggest venue for initial public offerings this year, will lure more listings from companies in areas such as Southeast Asia and the Middle East and will actively promote internationalization ⁠of China's yuan currency, Chan said in a blog post.

The city will also focus on developing artificial intelligence and biotech to lead the global race in technology and will strengthen its role as a trade hub by helping more Chinese companies expand overseas, Reuters quoted him as saying.

"Looking into ⁠next year, Hong Kong's economy is expected to keep the good trend of growth," Chan said. "Finance, tech innovation and trade will be Hong Kong's key engines of growth as the city actively embraces China's development strategy."

Hong Kong has one of the world's best-performing stock markets this year, with the Hang Seng Index up 30%.

Resilient exports, brisk fixed-asset investment and recovering consumption have helped Hong Kong's growth beat forecast, Chan said.

To ⁠bolster its status as a financial center, Hong Kong will strengthen the competitiveness of its stock market and develop areas including bonds, money market, fintech, commodities and gold trading, he said.

In terms of innovation, Hong Kong will develop AI into a "core industry,” as the technology will define economies' competitiveness and reshape the global economic landscape, he said.

The city is also establishing a center for cross-border supply chain management and trade finance, to better help Chinese companies expand offshore, Chan said.