Saudi Crown Prince’s Washington Trip Signals Future-Focused Strategic Shift

WASHINGTON, DC - NOVEMBER 19: Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia and US President Donald Trump stand for a photo with other participants at the US-Saudi Investment Forum at the Kennedy Center on November 19, 2025 in Washington, DC. Win McNamee/Getty Images/AFP
WASHINGTON, DC - NOVEMBER 19: Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia and US President Donald Trump stand for a photo with other participants at the US-Saudi Investment Forum at the Kennedy Center on November 19, 2025 in Washington, DC. Win McNamee/Getty Images/AFP
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Saudi Crown Prince’s Washington Trip Signals Future-Focused Strategic Shift

WASHINGTON, DC - NOVEMBER 19: Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia and US President Donald Trump stand for a photo with other participants at the US-Saudi Investment Forum at the Kennedy Center on November 19, 2025 in Washington, DC. Win McNamee/Getty Images/AFP
WASHINGTON, DC - NOVEMBER 19: Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia and US President Donald Trump stand for a photo with other participants at the US-Saudi Investment Forum at the Kennedy Center on November 19, 2025 in Washington, DC. Win McNamee/Getty Images/AFP

Over an intensive 48 hours, Washington became the stage for launching a new phase in the strategic alliance between Saudi Arabia and the United States, an alliance intended to bind the interests of both countries for decades to come.

The move coincided with the visit of Crown Prince Mohammed bin Salman, the Saudi Prime Minister, and built on the foundations set during President Donald Trump’s visit to Riyadh in May.

The meetings were not a mere display of existing ties, but a platform to unveil a strategic economic partnership framework whose pillars were laid during Trump’s trip to Riyadh. The document pushes bilateral cooperation to unprecedented levels of technological and financial integration.

The Crown Prince expressed confidence that this partnership with the US will grow at an unprecedented pace in the coming years, urging both sides to seize the promising opportunities it offers, opportunities driven by economic growth, diversification and innovation.

The Crown Prince said the signing of investment agreements and projects in sectors including defense, energy, artificial intelligence, rare minerals and finance will create substantial employment opportunities in both countries.

One of the longest economic partnerships

Total investments and agreements between American and Saudi companies reached 575 billion dollars, according to Saudi Investment Minister Khalid Al-Falih, strengthening what he described as “one of the longest and most dynamic economic partnerships in the world.”

This includes 307 billion dollars announced during Trump’s visit to Riyadh in May, additional bilateral commitments that followed, and 267 billion dollars in new deals unveiled at the 2025 US-Saudi Investment Forum.

Beyond the signing of a massive package of agreements exceeding 575 billion dollars, the most significant signal was the Crown Prince’s pledge to increase Saudi investment plans in the United States to 1 trillion dollars.

Trump described the financial commitment as evidence of the strength of the strategic alliance, saying it reinforces the relationship as a balanced partnership between the world’s largest economy and the Arab world’s largest economy, and marks a shift toward strategic investments in the sectors of the future.

Axes of the visit

The historic visit produced three main pillars:

First, artificial intelligence

The signing of the Strategic Artificial Intelligence Partnership between Saudi Arabia and the US marked a pivotal turning point in the nature of the bilateral relationship. The partnership is no longer limited to commercial cooperation, it lays the groundwork for a new phase of comprehensive and long term economic security.

A joint statement by the foreign ministers of the two countries said the understanding reflects a firm commitment to boosting innovation and technological progress, and to using advanced and emerging technologies to deepen shared security objectives.

This places artificial intelligence at the core of the security umbrella, making the stability of data and chip supply chains inside the Kingdom an integral part of US strategic interests.

The White House said the agreements will give the Kingdom access to world leading US systems while protecting US technology from foreign influence.

The partnership aims to cement the Kingdom’s position as a global computing hub, capitalizing on leading American technology.

Technological enablement: The partnership expands Saudi access to advanced US systems, reflected in the Commerce Department’s approval to export cutting edge Nvidia Blackwell chips, removing the biggest constraint on sector growth.

Infrastructure development: The partnership supports plans to build massive supercomputing hubs in the Kingdom. Companies such as Elon Musk’s firms and Nvidia announced large scale projects and high capacity computing centers of 500 megawatts or more, citing Saudi Arabia’s competitive advantages in energy, land availability and geographic location, which position it as a global center for cloud computing and AI services.

Digital sovereignty: Financial market cooperation includes a memorandum of understanding on education and training, signaling the Kingdom’s focus on building local knowledge and human capacity to secure “computational sovereignty” and lead future AI applications.

HUMAIN at the center: The shift is embodied in the prominent role of HUMAIN, the Saudi Public Investment Fund owned AI company that featured in many joint announcements.

Alongside the joint project announced by Elon Musk between his company xAI, Nvidia and HUMAIN to develop a 500 megawatt artificial intelligence computing center in the Kingdom, Nvidia CEO Jensen Huang praised HUMAIN’s “massive” expansion in the six months since its establishment, saying he is working with Saudi Arabia to train advanced robots and build supercomputers.

HUMAIN is also partnering with US chipmakers AMD and Cisco to develop data centers in the Middle East, beginning with a 100 megawatt facility in the Kingdom to serve Luma AI, a California based generative video producer. HUMAIN led a 900-million-dollar funding round for Luma AI, deepening the Kingdom’s efforts to build what is being described as the “Hollywood of artificial intelligence.”

HUMAIN also announced collaborations with Adobe and Qualcomm to develop Arabic language AI, and a partnership with Global AI to build a data center campus in the US, highlighting its two-way global expansion.

Amazon Web Services and HUMAIN said they will expand their strategic partnership to deploy up to 150,000 AI accelerators inside a major facility in Riyadh known as the Artificial Intelligence Zone.

Second, energy and minerals

The strategic significance of the visit extended beyond artificial intelligence to major advances in energy and minerals, with agreements designed to secure critical supply chains and safeguard future energy sources.

Civil nuclear cooperation: The announcement of the completion of negotiations on civil nuclear energy cooperation, known as the 123 Agreement, was the most important milestone.

The White House said the agreement establishes the legal foundation for a multibillion dollar nuclear partnership spanning decades and supports the Kingdom’s strategic goal of diversifying clean energy sources. The statement said US companies will be the Kingdom’s preferred partner in this field.

Critical minerals: The two sides also signed a “Strategic Framework for Cooperation on Securing Uranium, Metals, Permanent Magnets and Critical Minerals Supply Chains.”

The framework anchors the partnership in economic security, directly linking US interests to Saudi geological resources.

It aims to strengthen global supply chain resilience through projects such as establishing a rare earth refinery with US company MP Materials, the Department of Defense and Saudi mining firm Maaden.

The White House said the critical minerals framework will deepen cooperation and align strategies for diversifying critical mineral supply chains, adding that the agreement builds on similar deals secured by Trump with other trading partners to ensure the resilience of the US supply chain for essential minerals.

Aramco investments: Aramco announced 17 new agreements worth 30 billion dollars, bringing total cooperation with US companies to 120 billion dollars, including expansions into liquefied natural gas and advanced services.

Third, investment and financial markets

The economic and financial dimension was central in reinforcing the depth of the partnership, supported by the Crown Prince’s pledge to raise Saudi investments in the US to nearly 1 trillion dollars.

Investment facilitation: The two sides signed the strategic framework for facilitating procedures to accelerate Saudi investments and the Financial and Economic Partnership Arrangements.

These ensure that investment commitments flow smoothly into US growth sectors, including infrastructure and technology, creating high paying American jobs and supporting shared prosperity.

The US Treasury Department and the Saudi Finance Ministry signed agreements to strengthen cooperation on financial markets, standards and regulatory frameworks. The step is intended to integrate and streamline capital flows, bolstering the resilience of the global financial system.

The two countries also agreed to intensify efforts on trade issues, including reducing trade barriers and recognizing US federal vehicle safety standards, a direct gain for American manufacturers and exporters that supports the Kingdom’s sector modernization at the same time.

Financial markets and trade integration: The visit also produced agreements on cooperation in the financial markets sector aimed at improving governance and regulatory standards.

Dr. Abdullah Al-Jassar, a member of the Saudi Economic Association and the International Association for Energy Economics, told Asharq Al-Awsat that the agreements signed during the Crown Prince’s visit to Washington represent a new phase in the economic relationship between the two countries, particularly in energy, investment and advanced technologies.

He said the deals open the door to high value investments and help develop national skills in advanced fields, supporting economic diversification and strengthening the Kingdom’s position in global energy markets.

“We are looking at long term partnerships that contribute to building a more balanced and sustainable economy,” he said.

In the end, the agenda of the Washington visit was not just a successful diplomatic tour, it was a formal launch of a high stakes partnership for the new era. The agreements place Saudi Arabia and the US on a path toward deep strategic integration.



Saudi Central Bank to Asharq Al-Awsat: Payment Digitization Anchors Kingdom's Global Financial Hub Status

Abdulelah Aldeheem, Assistant Governor for Executive Affairs at the Saudi Central Bank. (Turky Al-Agili)
Abdulelah Aldeheem, Assistant Governor for Executive Affairs at the Saudi Central Bank. (Turky Al-Agili)
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Saudi Central Bank to Asharq Al-Awsat: Payment Digitization Anchors Kingdom's Global Financial Hub Status

Abdulelah Aldeheem, Assistant Governor for Executive Affairs at the Saudi Central Bank. (Turky Al-Agili)
Abdulelah Aldeheem, Assistant Governor for Executive Affairs at the Saudi Central Bank. (Turky Al-Agili)

The Saudi Central Bank is spearheading a comprehensive regulatory and technical initiative to transform the Kingdom’s digital payments landscape, shifting from traditional banking to establishing a global financial hub, opening the sector to regulated foreign investment, and licensing more international electronic payment applications.

The effort forms part of a broader initiative to enhance the competitiveness of the national economy and solidify Saudi Arabia’s position as a regional and global financial hub.

The push includes updating regulatory frameworks, enabling payments companies, e-wallet providers, and foreign-owned exchange houses, as well as expanding the acceptance of international wallets and applications at points of sale and across e-commerce platforms.

The measures are intended to broaden payment options for individuals, visitors, and investors, raise efficiency in the financial sector, and enhance the appeal of the Saudi market to global capital.

Within this framework, Abdulelah Aldeheem, Assistant Governor for Executive Affairs at the Saudi Central Bank, told Asharq Al-Awsat that the central bank’s new strategy aims to create a society that is less dependent on cash while ensuring the highest levels of cybersecurity and consumer protection.

Aldeheem said the central bank continuously analyzes global developments in payments and adapts them to local market needs. Through ongoing cooperation with peer central banks and international organizations, it monitors and evaluates innovations, exploring modern technologies to keep pace with the rapid changes in this vital and sensitive sector, while safeguarding financial stability.

He stated that the central bank is committed to adopting and integrating the latest technologies to deliver advanced and secure financial services that meet user expectations, thereby reinforcing Saudi Arabia’s standing as a leading financial center in the region.

This work aligns with the bank’s strategy to enhance the payments ecosystem by providing secure and reliable core payment services that ensure interoperability and ease of access.

Broad regulatory powers over payments

Aldeheem stated that the Saudi Central Bank is the authority responsible for supervising and overseeing the payments sector, exercising all powers necessary to ensure financial stability, encourage innovation, and protect customers, in accordance with the Payments and Payment Services Law and its executive regulations.

These powers include issuing rules, regulations, and instructions governing payment systems and services, licensing and renewing payment system operators, setting capital, governance, and risk management requirements, classifying systemically important payment systems, overseeing payments infrastructure to ensure efficiency and continuity, obliging providers to safeguard and segregate customer funds and data, and conducting inspections and supervision.

Consumer protection at the core

On consumer protection, Aldeheem said that the central bank prioritizes protecting customers in the financial sector in line with international best practices. Regulatory frameworks require payment service providers to comply with provisions related to framework agreements, including the nature of the service, execution timelines, fees, currencies, and complaint handling.

Rules also cover the safeguarding of protected funds, including holding them in separate accounts at licensed banks. Providers are required to offer effective channels for receiving and resolving complaints fairly and transparently, comply with cybersecurity requirements, and adhere to final settlement rules and default management frameworks to protect customer rights.

The central bank licenses two types of payment activities, electronic wallets and payment services. Aldeheem said 28 companies are currently licensed, including 13 e-wallet providers and 15 payment service companies.

Future of ATMs

Despite the rapid growth of electronic payments, Aldeheem said the central bank closely monitors developments related to automated teller machines.

It has established a regulatory and supervisory framework for ATM networks and set clear rules for banks to ensure effective monitoring, thereby encouraging geographic coverage in line with financial inclusion targets, he told Asharq Al-Awsat.

Foreign ownership

Foreign investors can enter the exchange sector by either opening a branch of a foreign company or establishing a local firm. Aldeheem said foreign investors are permitted to own exchange companies in Saudi Arabia with full ownership.

Licenses enable exchange firms to buy and sell foreign currencies, as well as handle imports and exports. He noted that a Saudi company with foreign capital, Global Exchange AS Currency Services Ltd, was licensed in September as part of the sector's regulated opening to foreign investment.

Regulation of buy now, pay later services

Regarding buy-now, pay-later services, Aldeheem stated that the activity is classified as a financing service licensed by the Saudi Central Bank. It provides financing for goods and services without deferred payment costs and, in some cases, covers education or medical expenses, extending beyond traditional consumer finance.

The central bank issued rules governing BNPL companies to protect users, particularly individuals, ensure financing aligns with borrowers’ credit profiles, and safeguard the stability of the sector. The rules were reviewed and updated in November 2024.

Seven companies have been licensed to operate BNPL services, while six others are completing licensing requirements. New financing during the first nine months of 2025 reached about 28 billion riyals ($7.5 billion).

Users aged 25 to 45 accounted for around 67 percent of total financing. Wholesale and retail trade accounted for approximately 70 percent, followed by health services at 9 percent.

Growth in Mada point-of-sale transactions

Aldeheem said transactions processed through the national payments system, Mada, for point-of-sale devices rose 16 percent in 2024 from the previous year, reaching 10.4 billion transactions worth more than 668 billion riyals ($178.1 billion).

The growth coincided with a sharp expansion in POS devices, which exceeded 2.3 million units by the end of October 2025, the highest level on record, reflecting the depth of the shift toward electronic payments in the Saudi market.

Cash and electronic payments

While electronic transactions now account for 79 percent of operations, Aldeheem said the central bank does not aim to eliminate cash entirely. Its objective is to build a society that is less reliant on cash, while maintaining the national currency's acceptance as legal tender.

He stressed that ensuring the availability of all payment options, including cash, supports financial inclusion and serves residents and visitors alike.

Global payment applications

Regarding services such as Apple Pay, Samsung Pay, and Google Pay, Aldeheem explained that the central bank supports new entrants that meet regulatory requirements. Several new electronic payment applications are expected to launch in the near term, supported by interoperable infrastructure that allows seamless use at POS terminals and e-commerce platforms.

Saudi Arabia was among the first countries globally to adopt NFC-based mobile payments, he revealed, adding that the central bank continues to improve user experience while maintaining high security standards.

To facilitate payments for tourists and visitors, the central bank has invested in payments infrastructure for decades, linking global networks including Visa, Mastercard, American Express, UnionPay, Discover, and JCB through the Mada system.

Aldeheem said acceptance of international networks is being expanded in line with growth in tourist numbers. He cited a recent agreement between the Saudi Central Bank and Ant International, which will enable the acceptance of Alipay+ payments via Mada in 2026.

The bank has also worked to reduce the cost of accepting international card payments by reviewing fee structures with payment service providers, banks, and global card networks, supporting competitiveness in sectors such as hospitality and retail.

Unified digital services platform

Aldeheem said the central bank is enhancing its digital channels in line with national digital transformation goals. A unified electronic services portal has been launched, providing over 25 services to individuals, businesses, and government entities.

These include digital government banking services, regulatory sandbox applications, approvals for senior management appointments, ATM licensing, and consumer complaints services.

Digital check clearing and cybersecurity

Among the digital transformation initiatives is electronic check clearing, which processes check data electronically through a central clearing house, enabling settlement within one business day.

On cybersecurity, Aldeheem said requirements are embedded across all digital initiatives, with continuous testing to ensure readiness against evolving threats. National expertise within the central bank plays a key role in monitoring systems and strengthening defenses.

Currency in circulation and counterfeit protection

Addressing the rise in currency in circulation to nearly 250 billion riyals ($66 billion), Aldeheem cited economic growth, higher consumption, increased tourism, and year-round Umrah as key factors contributing to this increase. Cash in circulation accounts for approximately 6 percent of GDP and reflects confidence in the local economy.

Regarding counterfeiting, he stated that the sixth currency issue, printed under Custodian of the Holy Mosques King Salman bin Abdulaziz Al Saud, incorporates advanced security features.

The central bank has conducted awareness campaigns and training sessions for banks, customs officials, security agencies, and private sector workers to maintain trust in the national currency as a reliable means of payment and savings.


Egypt Non-Oil Private Activity Expands Second Month in December, PMI Shows

 Fireworks burst over the historical site of the Giza Pyramids, on the outskirts of Cairo, Egypt, early Thursday, Jan. 1, 2026. (AP)
Fireworks burst over the historical site of the Giza Pyramids, on the outskirts of Cairo, Egypt, early Thursday, Jan. 1, 2026. (AP)
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Egypt Non-Oil Private Activity Expands Second Month in December, PMI Shows

 Fireworks burst over the historical site of the Giza Pyramids, on the outskirts of Cairo, Egypt, early Thursday, Jan. 1, 2026. (AP)
Fireworks burst over the historical site of the Giza Pyramids, on the outskirts of Cairo, Egypt, early Thursday, Jan. 1, 2026. (AP)

Egypt's non-oil private sector expanded for the second straight month in December, albeit at a slower pace, with firms benefiting from increased new orders and a slight expansion in output, a business survey showed on Tuesday.

The S&P Global Egypt Purchasing Managers' Index (PMI) retreated to 50.2 in December from a 61-month high ‌of 51.1 ‌in November, topping the ‌50.0 ⁠threshold that ‌separates growth from contraction for a second month after holding below that line since last March.

A PMI reading of 50.2 historically correlates with annual gross domestic product growth of approximately 5%, S&P ⁠Global said.

"Improvements in order books have been a ‌clear factor behind strong business ‍performances over the ‍past few months," S&P Global economist ‍David Owen said.

Purchasing activity rose for the first time in 10 months, while employment fell. Cost inflation picked up slightly from its recent low in November, resulting in only a marginal increase in ⁠average selling prices.

Driving the improvement in business conditions were additional expansions in activity and new orders, reflecting reports from survey panelists of stronger demand conditions and increased client spending.

Employment declined, with many firms citing challenges in replacing staff who had left.

The firms surveyed viewed the next 12 months as ‌neutral, with the future output index at 50.


Oil Dips on Ample Supply Outlook, Market Weighs Venezuelan Output

FILE PHOTO: Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
FILE PHOTO: Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
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Oil Dips on Ample Supply Outlook, Market Weighs Venezuelan Output

FILE PHOTO: Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
FILE PHOTO: Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo

Oil prices fell on Tuesday on expectations of ample global supply amid weak demand, and as the market weighed the prospect of higher Venezuelan crude output following the US capture of President Nicolas Maduro.

Brent crude futures fell 0.2%, or 14 cents, to $61.62 a barrel by 0450 GMT while US West Texas Intermediate crude was at $58.13 a barrel, down 0.3% or 19 cents.

Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, noted the oil price response to major geopolitical events, such as the US military action in Venezuela and ongoing strikes on Russian ‌energy infrastructure, had ‌been surprisingly muted, suggesting fundamental demand-supply factors remained the ‌key ⁠concern.

"From a ‌supply perspective, the oil complex remains packed with barrels. According to the latest International Energy Agency (IEA) and US Energy Information Administration (EIA) data, global crude supply continues to outpace consumption growth, pushing inventories higher and keeping downward pressure on prices," she said. Market participants polled by Reuters in December said they expected oil prices to be under pressure in 2026 due to growing supply and weak demand.

Price pressure ⁠could be exacerbated by the US capture of Venezuela's leader on Saturday, increasing the chance of ‌an end to a US embargo on Venezuelan ‍oil and potentially leading to higher ‍output. Maduro pleaded not guilty in a New York court on Monday ‍to narcotics charges. The administration of US President Donald Trump plans to meet US oil executives this week to discuss boosting Venezuelan oil production, a person familiar with the matter told Reuters.

"I think if the Trump playbook even partially comes to pass, Venezuelan crude oil production should increase... Should it increase, there will be more pressure on an already over-supplied market," said Marex ⁠analyst Ed Meir. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries and has the world's largest oil reserves at about 303 billion barrels. However, its oil sector has long been in decline due in part to under-investment and US sanctions.

Its average output last year was 1.1 million barrels per day. Oil analysts said Venezuelan output could increase up to half a million barrels a day over the next two years with political stability and US investment.

ANZ Research said in a note, however, that they saw heightened levels of political instability as the more likely scenario, and that a significant injection ‌of funds would be required to increase output beyond Venezuela's current effective capacity.