AWS and HUMAIN Announce $5 Bn + Investment to Create AI Zone in Saudi Arabia

Big news in the AI world!.... Amazon Web Services (AWS) and HUMAIN have announced a $5 billion-plus investment to create a groundbreaking AI Zone in Saudi Arabia. This initiative aims to accelerate AI adoption both locally and globally, aligning with Saudi Arabia’s Vision 2030.

HUMAIN is a Saudi Arabian Al company launched by Crown Prince Mohammed bin Salman under the Public Investment Fund (PIF). It aims to position Saudi Arabia as a global Al hub by developing advanced Al technologies, next-generation data centers, cloud infrastructure, and Arabic Large Language Models (LLMs).

The AI Zone will feature:

• Dedicated AWS AI infrastructure, including world-class semiconductors and UltraCluster networks for faster AI training.
• AWS services like SageMaker, Bedrock, and Amazon Q, enabling businesses to develop generative AI applications with security and privacy.
• A unified AI agent marketplace, simplifying AI software deployment for the Saudi government.
• Support for Large Language Models (LLMs), including Arabic Large Language Models (ALLaM), to drive AI innovation across industries.

AWS and HUMAIN will also work together to advance an AI-powered startup sector in the Kingdom, providing access to the broadest and deepest set of cloud technology tools and programs, including AWS Activate, and helping Saudi Arabia’s most ambitious founders and entrepreneurs scale their businesses.

This partnership builds on AWS’s previous $5.3 billion investment in Saudi Arabia to develop an AWS infrastructure region, set to launch in 2026. The AI Zone is an additional investment, reinforcing Saudi Arabia’s ambition to become a global AI leader.

Notably, AWS is currently building an AWS infrastructure region in Saudi Arabia that will become available in 2026. Amazon is investing US$5.3 billion (approx. 19.88 billion Saudi riyal) in Saudi Arabia to develop this new region for AWS.

The new AI Zone announced is an additional investment to grow global and local demand for advanced AI services in the Kingdom, and is part of AWS’s long-term commitment to bring its world-class infrastructure and services to Saudi Arabia.

This collaboration aligns with Saudi Arabia’s Vision 2030 and builds upon the Kingdom’s pledge in 2024 to invest in building an AI-powered economy, representing a significant step towards realizing Saudi Arabia's ambitions to become a global AI leader. AWS will bring to Saudi Arabia its advanced server and network infrastructure capabilities, as well as its artificial intelligence and machine learning services – including Amazon SageMaker AI, Amazon Bedrock and Amazon Q, fully managed services for building and scaling generative AI (genAI) applications.

With Amazon Bedrock in Saudi Arabia, businesses and government organizations can access high-performing models from leading AI companies to develop genAI applications with security, privacy, and responsible AI. Amazon Q is the world’s most capable coding assistant, and also enables organizations to build genAI-powered assistants to answer questions, provide summaries, generate content, and complete tasks based on enterprise data.

Saudi Arabia is making massive investments in Al to diversify its economy, and HUMAIN is a key player in this transformation.

"This collaboration to build an AI Zone in Saudi Arabia will enable innovations across all industries using AWS’s advanced AI offerings, and reflects our commitment to support Saudi Arabia’s Vision 2030,” said Matt Garman, CEO, Amazon Web Services. “Together, we will empower customers with cost-effective and secure cloud technologies, fuel innovation and economic growth across the nation, and enable HUMAIN to appeal to customers globally."

"HUMAIN’s partnership with AWS is a pivotal moment in Saudi Arabia's journey to become a global leader in AI,” said Tareq Amin, CEO of HUMAIN. “By leveraging AWS’s world-class cloud infrastructure and AI expertise and HUMAIN’s full-stack AI capabilities, we are creating an offering that will attract global investment and talent, thereby driving our digital transformation agenda forward.”

Top Image by Lara Jameson from Pexels

Estonia Firm to Roll Out e-Residency Program for Saudi Arabia

Estonia is partnering with Saudi Arabia to develop a e-Residency or digital residency program. The Estonian company B.EST Solutions has signed a deal with the Saudi firm Professional Solutions to roll out this program, which aims to provide a government-verified digital identity for accessing Saudi Arabia's digital infrastructure and business environment.

This initiative is designed to attract skilled foreigners to set up businesses in Saudi Arabia.

For an uninitiated, Digital Residency or e-Residency is a program that allows individuals and businesses to establish a legal and digital presence in a country without physically residing there. This concept is particularly popular in countries like Estonia, which pioneered the e-Residency program.

The e-Residency program will rely on blockchain technology to ensure secure and transparent digital identities and transactions. This will help prevent identity theft and fraud by providing a tamper-proof record of identity verification.

This initiative is part of a broader digital governance exchange between Estonia and Saudi Arabia, focusing on secure cross-border services and attracting global talent and investment.

The agreement was signed during the LEAP 2025 technology conference in Riyadh, highlighting Estonia's commitment to expanding its digital services into new markets. The program is expected to leverage blockchain technology and follow the blueprint of Estonia's successful e-Residency program, which has been online since 2014.

The program offers several bureaucratic and legal advantages for foreigners, including business networking opportunities and access to Saudi Arabia's digital and financial infrastructure without roadblocks.

This collaboration aligns with Saudi Arabia's Vision 2030 plan to diversify its economy and modernize public services. Estonia's expertise in secure digital services and strong state support play a crucial role in this partnership.

The partnership has the backing of the Saudi government and aligns with Saudi Arabia's Vision 2030 plan to diversify its economy and modernize public services. Representatives from the Estonian Association of Information Technology and Telecommunications (ITL) were present at the signing, hinting at future collaborations between Estonian and Saudi IT firms.

Notably, this collaboration builds on previous partnerships between Estonia and Saudi Arabia. In 2024, B.EST Solutions signed a memorandum of understanding (MoU) with Saudi Arabia for collaborations in digital health. Estonian-based firm Bamboo Group is also forging new infrastructure security ties in the Kingdom.

This collaboration is expected to open new opportunities for Estonian companies in the Middle East, particularly in the areas of digital services and secure digital infrastructure.

Several countries have embraced the concept of digital residency, offering programs that allow individuals to establish a digital presence without physically residing there. The countries include Estonia, Liberland, Palau, Azerbaijan, Lithuania, and Portugal

The pioneer of digital residency, Estonia launched its e-Residency program in 2014. It allows individuals to start and manage an EU-based company online, access banking services, and sign documents digitally.

Accenture & Aramco Partner for AI-Ready Workforce in Saudi Arabia

Leveraging Accenture LearnVantage’s AI-native platform, Aramco Digital to upskill Saudi workforce in transformative technologies including Cloud, Data & AI and keep pace with Vision 2030

Aramco Digital, the digital and technology subsidiary of Aramco, and Accenture have partnered to enhance digital skilling and create an AI-ready workforce in Saudi Arabia. This collaboration aims to leverage Accenture's AI-native learning platform, LearnVantage, to upskill the Saudi workforce in transformative technologies such as Cloud, Data, and AI.

The initiative is part of Saudi Arabia's Vision 2030, which focuses on diversifying the economy and developing a robust digital infrastructure. By using generative AI (gen AI) innovation, the partnership will help address the evolving digital talent requirements across various industries in the Kingdom.

This move is expected to not only prepare the workforce for the future but also position Aramco Digital as a leading provider of gen AI services in Saudi Arabia.

Notably, Accenture has a significant presence in Saudi Arabia, playing a crucial role in various sectors through its consulting, technology, and operations services. For instance in March of last year, Accenture won a multi-year contract to help set up and operate the Spark Digital Centre for Saudi Aramco.

Through the delivery of its comprehensive gen AI learning platform, Accenture will equip the company’s entire workforce with foundational and specialized AI skills, including the responsible use of AI, and help Aramco Digital in its pursuit of becoming the largest provider of gen AI services in Saudia Arabia.

“Gen AI will continue to reshape the business sectors and the talent landscape in our Kingdom. We are partnering with Accenture to ensure we are not only prepared for the gen AI transformation but are well positioned to lead it,” said Tareq Amine, CEO of Aramco Digital. “And we are excited to work alongside them to bring our deep capabilities and digital solutions in gen AI learning to market to serve the Kingdom’s workforce and help advance us toward achieving Vision 2030.”

The two companies will further collaborate to drive even greater AI fluency by bringing such capabilities to serve other organizations in the Kingdom and, ultimately, develop the talent needed to navigate changes brought by technological advancements and achieve greater value for the future.

“We are passionate about helping organizations in Saudi Arabia become talent creators and contributing our extensive knowledge and capabilities to transform the way people learn,” said Omar Boulos, CEO of Accenture Middle East. “Our collaboration with Aramco Digital marks a significant step toward strengthening the Kingdom’s workforce with the skills of the future, and builds upon our existing commitment to support this dynamic market through digital skilling.”

“Powered by its cloud-based and AI-native platform, Accenture LearnVantage will play a critical role in accelerating digital skilling and ensuring learning effectiveness,” said Kishore Durg, Global Lead of Accenture LearnVantage. “We are excited to partner with Aramco Digital to deliver innovative solutions and help the Kingdom forge future-ready workforces.”

Aramco Digital is the digital and technology subsidiary of Aramco, a global integrated energy and chemicals company. Aramco Digital aims to help drive digital transformation and technological innovation across various sectors.

LTIMindtree Opens its Regional Headquarters in Riyadh, Saudi Arabia

LTIMindtree, a global technology consulting and digital solutions company, announces the inauguration of its regional headquarters in Saudi Arabia’s capital, Riyadh, as part of the expansion in KSA and the Middle East.

The opening of this office is in line with the KSA government’s Regional Headquarters Program and a key milestone enabling LTIMindtree to support, manage, and direct its strategic business initiatives in the region. This also aligns with KSA’s wider vision for 2030, strategy for economic diversification, development, and growth.

This new office, situated in Riyadh’s iconic business district and lifestyle destination, King Fahd Road, was inaugurated on June 11, 2024, in the presence of Dr. Suhel Ajaz Khan, the Ambassador of India to the Kingdom of Saudi Arabia; Tareq Amin, CEO, Aramco Digital; and Debashis Chatterjee, CEO & MD, LTIMindtree.

Debashis Chatterjee, CEO & MD, LTIMindtree, said, “Saudi Arabia is a key market for the future of IT, and our expansion upholds our commitment to bringing innovation here. We believe Saudi Arabia’s ambitious Vision 2030 provides an ideal framework for us to leverage our extensive technology expertise and help empower the Kingdom’s talent and technological landscape. The opening of this office is a key milestone, enabling us to support, manage, and direct our business in the MENA region.”

Tareq Amin, CEO, Aramco Digital, “The new office marks a significant step forward in our shared journey towards progress. This collaboration is a testament to the growing global interest in Saudi Arabia as a hub for cutting-edge technology and talent. We look forward to this partnership’s positive impact on our economy and the opportunities it will create for our people.”

LTIMindtree has been actively expanding its global footprint. The Indian company has doubled down on its investment in Europe with significant expansions. They have invested in a Poland Nearshore Center and expanded operations in Germany, Finland, and Denmark. This is part of their strategy to enhance their Industry 4.0 capabilities and grow their partnerships with hyperscale. 

L&T Valves Opens New Manufacturing Facility in Saudi Arabia

L&T Valves, a leading global flow-control solutions provider, has set up a new manufacturing facility - L&T Valves Arabia Manufacturing LLC - in Saudi Arabia.

Mr Anil V Parab, Whole-time Director & Sr Executive Vice President – Heavy Engineering and L&T Valves, inaugurated the facility in the presence of Mr Ahmed Al Zahrani, Director – Industrial Development & Strategic Supply, Aramco. The event was attended by senior personnel from Aramco, key end-users, EPC companies, L&T and associates.

Strategically located at Al Jubail, off the Dammam-Abu Hadriyah Highway, the new manufacturing facility boasts systems and processes certified to meet the stringent requirements of ISO 9001 (Quality Management Systems), ISO 14001 (Environmental Management Systems) and ISO 45001 (Occupational Health and Safety Management Systems). Additionally, the entity is authorised to use the API 600, 593, and 6D monograms of the American Petroleum Institute, signifying its commitment to the highest standards of valve manufacturing.

L&T Valves is one of the largest suppliers of on-off valves to Saudi Arabia, and opening of the new facility marks a significant milestone and the beginning of a new era for world-class "Made-in-KSA" flow-control solutions catering to the energy and allied sectors. It aligns with the Saudi Vision 2030 and the iktva initiative, actively supporting local value-chain creation and fostering skill development programmes.

Commenting on the occasion, Mr Anil V Parab, said: “The new facility will significantly enhance our local production capabilities in line with the Saudi Vision 2030. It will further strengthen the collaboration between L&T and Saudi Arabia”.

The facility will catapult the manufacturing capability of the region, providing a unique opportunity to progressively address the growing requirements in the Middle East and Africa

Saudi Arabia Seeks China's Assistance To Fund Its $500 Bn Futuristic City Project 'Neom'

Saudi Arabia is seeking China's assistance to fund its ambitious Neom megaproject which is estimated to cost around $500 billion. The Neom project, which is a part of Crown Prince Mohammed bin Salman's Vision 2030, aims to create a futuristic city that promises to integrate smart city technologies with a sustainable environment. 

Recently, representatives from Neom visited Beijing, Shanghai, and Hong Kong to attract Chinese investors and provide insights into the project, which has been somewhat enigmatic. Despite the efforts, no major deals have been announced yet. There have been reports suggesting that investors may have reservations due to the scale and financial realities of the project.

The Neom megaproject includes ambitious plans such as The Line —a 105-mile-long futuristic city—and other components like Oxagon, Trojena, and Sindala. However, there are concerns about the viability of the project, with reports indicating that Saudi Arabia has started borrowing to fund Neom and other related projects.

China's perspective on Saudi Arabia's Neom project appears to be cautiously optimistic, with a focus on potential economic collaboration and investment opportunities. Chinese officials and investors have shown interest in the project, as evidenced by the recent roadshow in China where Neom representatives visited Beijing, Shanghai, and Hong Kong to attract Chinese investors.

The executive director of Neom, Tarek Qaddumi, has emphasized the project's goals of balancing nature conservation, human livability, and economic prosperity. The project has been described as one of the most exciting and forward-looking initiatives of the 21st century. However, reactions from potential Chinese investors have been described as "mostly neutral," with some expressing concerns about the project's ambitious nature and comparing it to a game-like environment.

Additionally, there have been discussions about the integration of Neom with China's Belt and Road Initiative, highlighting the importance of Chinese participation for the development of the city and its integration with global flows of goods, capital, and people.

It's important to note that while there is interest, no major deals have been announced following the roadshow, and there are reports suggesting that Neom's construction and population targets are being scaled back, which could affect investor sentiment.

Notably, there has been opposition to the Neom project within Saudi Arabia, particularly from the Howeitat tribe. Members of this tribe have been vocal about their forced displacement from their ancestral lands to make way for the Neom development. This has led to significant tension and conflict, including the tragic case where three men from the Howeitat tribe were sentenced to death for refusing to vacate their homes.

Moreover, the killing of a Saudi tribal activist, Abdul-Rahim al-Howeiti, who was protesting his eviction as part of the construction of Neom, has further increased local tensions over the project. These events highlight the complex social and ethical challenges associated with the development of such a large-scale and transformative project.

The project has also faced criticism for potential environmental and human rights violations. Some experts have expressed skepticism about the feasibility of the megaproject, and there have been reports of expatriate employees describing abusive working conditions.

Despite all this, the Neom project is also planning to issue bonds for the first time, Bloomberg reported last week. The megacity project could raise up to $1.3 billion by selling Islamic bonds, or sukuk, reported Bloomberg, citing unnamed sources privy to the development.

The Neom road show has also visited Seoul, Tokyo, Singapore, New York City, Boston, Washington, D.C., Miami, Los Angeles, San Francisco, Paris, Berlin, and London.

Saudi Arabia's PIF Plans To Create $40 Billion AI Fund

Saudi Arabia's Public Investment Fund (PIF) is planning to create a significant $40 billion fund dedicated to investments in artificial intelligence (AI), reported The New York Times and confirmed by the CNBC, later on. 

This move is part of the country's efforts to diversify its economy and become a more influential player in global business and geopolitics. The fund aims to become the world's largest investor in AI, showcasing Saudi Arabia's ambition to go beyond its oil-rich legacy.

The PIF has been in discussions with top venture capital firms, including one of Silicon Valley's largest venture capital firms— Andreessen Horowitz, to explore potential partnerships.

The focus of the fund will be on AI startups, chip makers, and the expansive data centers necessary for the next generation of computing. This strategic initiative reflects the global trend of significant investments in AI, which is reshaping industries and economies worldwide.

Notably, Andreessen Horowitz, known for its investments in successful companies like Airbnb and Facebook, has a significant number of AI-related startups in its portfolio. The collaboration with such a firm could provide the PIF with access to a wide range of innovative AI ventures and expertise.

The potential partnership with Andreessen Horowitz could accelerate the PIF's ambitions to become a leading investor in the AI space.

Saudi Arabia's Public Investment Fund (PIF) is the sovereign wealth fund of the Kingdom, established in 1971. It is one of the largest sovereign wealth funds globally, with total estimated assets of around $925 billion. The PIF plays a central role in Saudi Arabia's Vision 2030, which aims to diversify the economy away from oil and invest in various strategic sectors. The fund has been actively investing in both domestic and international ventures, including real estate, infrastructure, and technology, to stimulate economic growth and create jobs.

Of late, the PIF has made billions of dollars of investment into stake purchases and joint funds with major international companies like Uber, Bank of America, Citi, SoftBank and Blackstone.

Tech Mahindra Partners S. Arabia's Etihad Etisalat (Mobily) for GenAI -powered Loyalty Programs

Tech Mahindra to Power Mobily’s Loyalty Programs with Generative AI Driven Automation Capabilities

Partnership to leverage Comviva’s MobiLytix™ rewards solution to power digital loyalty programs

Tech Mahindra has signed a strategic partnership with Etihad Etisalat (Mobily), a leading technology media and telecom (TMT) company in Saudi Arabia, to deliver best-in-class loyalty programs for individual and business customers. With a focus on elevating customer loyalty programs, the partnership will deploy Comviva's GenAI-powered next-generation MobiLytix™ Rewards to revamp Mobily’s Neqaty loyalty program. Comviva, a Tech Mahindra company, is the global leader in customer experience and data monetization solutions.

Tech Mahindra will utilize its extensive expertise in digital transformation and market presence to ensure the successful deployment of Mobily’s loyalty programs. It will provide Mobily with a single platform that supports both earning and redemption points journey for its customers. The implementation, coupled with an intuitive app built on MobiLytix™ and web access channels, will provide a seamless customer experience for both end users and businesses. Additionally, the partnership will provide gamification, digital marketing technology, and advanced business analytics to execute high-impact loyalty marketing programs for Mobily’s customers.

Ram Ramachandran, SVP & Head – Middle East & Africa, Tech Mahindra, said, “In the rapidly evolving telecom landscape, maintaining customer loyalty is a formidable challenge, accentuated by the industry’s intense competition and the quest for innovation. Our partnership with Mobily has the potential to set new benchmarks in loyalty management, and we look forward to the possibilities it presents. By combining our efforts, we aim to create leading loyalty programs on a global scale and pave the way for a brighter future in this rapidly changing landscape.”

Through this partnership, Tech Mahindra will provide digital transformation capabilities that will evolve with the loyalty system needs, seamlessly integrating with the Mobily ecosystem and third-party platforms.

Yousef A. Alsuhaibani, CIO at Mobily, said, “As a leading digital innovator in Saudi Arabia, we are dedicated to positioning Neqaty among the top loyalty programs globally. We are thrilled with our strategic partnership with Tech Mahindra and looking forward to reshaping the landscape of rewards programs for our customers. Together, we are embarking on a journey to build an innovative Loyalty Program that places a strong emphasis on delivering an exceptional and personalized customer experience.”

Manoranjan (Mao) Mohapatra, Chief Executive Officer at Comviva, said, “Personalizing experiences is key to building consumer trust and successful loyalty programs. Our MobiLytix™ Rewards solution shall unlock the power of data science and enable the delivery of new customer experiences by seamlessly blending advanced AI, gamification, and data-driven insights. We have always been at the forefront of creating cutting-edge loyalty solutions, and this partnership further solidifies our dedication to pushing the boundaries of what's possible.”

Comviva’s MobiLytix™ is one of the leading marketing platforms globally that unifies customer engagement, data science, and intelligent automation capabilities within a single platform to execute campaigns in real-time and at scale. By engaging customers with the right message at the right time across any channel, organizations can improve customer experience, increase customer lifetime value, and drive revenue growth. With over 300 million deployed customer base, MobiLytix™ has a proven track record of customer success.

About Mobily

Etihad Etisalat (Mobily) is a Saudi company established in 2004. The Company’s major shareholders are Etisalat Emirates Group (27.99%) and the General Organization for Social Insurance (6.90%). The remaining shares are owned by institutional and retail investors. Mobily provides integrated services for three main sectors, namely individuals, business, and carriers. It has one of the largest wireless networks by coverage in Saudi Arabia, as well as the region, and one of the widest FTTH networks, in addition to one of the largest data center systems worldwide. The Company’s network comprises its own infrastructure and those of Bayanat al-Oula and SNFN. This is the Kingdom’s newest fiber-optic network, with access to all major cities and more than 58,060 km of roads. The network has been expanded to connect to neighboring countries including Yemen, the United Arab Emirates and Bahrain, Qatar, Kuwait and Jordan.

About Comviva Technologies Ltd.

Comviva simplifies business complexity. Our innovative portfolio of digital solutions and platforms brings greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform, and bring efficiency. From maximizing customer lifetime value to enabling large-scale digital transformation, we partner globally with organizations in the communications and financial industry to solve problems fast and transform for tomorrow. Comviva solutions have been deployed by over 130 Communication Services Providers and Financial Institutions in more than 90 countries and have delivered the benefits of digital and mobility to billions of people around the world. Comviva is a completely owned subsidiary of Tech Mahindra and a part of the Mahindra Group. For more information, visit us at http://www.comviva.com/

Aramco Digital and LTIMindtree Partner To Launch An IT Services Company in Saudi Arabia

Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree are partnering for launching an IT services company in Kingdom of Saudi Arabia.

The joint venture, being formed under the Aramco Namaat Industrial Investments Program, aims to accelerate digital transformation and provide IT services in the Kingdom of Saudi Arabia and the MENA region.

LTIMindtree has reportedly acquired a 51% stake in a joint venture with Aramco Digital, a subsidiary of Saudi Aramco.

The future company would showcase innovation in action, including disruptive digital services, and transformative industry 4.0 systems integration capabilities. This collaboration is expected to support the Kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in this sector.

Nabil Al Nuaim, Aramco Senior Vice President of Digital and Information Technology and a board member of Aramco Digital said, “This is a pivotal partnership effort to leverage the power of digital transformation and unlock unprecedented opportunities for innovation and sustainability in the region. The joint venture aims to foster the localization of the IT services vital sector, create valuable jobs, and pave the way for a brighter future in the Kingdom.”

Sudhir Chaturvedi, President and Executive Board Member, LTIMindtree said, “LTIMindtree is fully aligned with the Saudi Vision 2030. We are pleased to have been selected as the trusted partner for the joint venture. KSA and MENA are amongst the fastest growing regions globally in the adoption of new technologies. We are committed to delivering new technology-led growth to the region. With Aramco Digital, we will bring our global capabilities and expertise and leverage new technologies to deliver digital transformation suitable for giga projects, the government sector, high growth industries, energy, manufacturing, and the financial services sector.”

Aramco Digital CEO, Tareq Amin said, “We are excited about this collaboration, which will align with Aramco Digital’s solutions offerings, which capitalize on high demand for customized and scalable solutions. The powerful combination of Aramco Digital’s business, coupled with LTIMindtree’s deep engineering capabilities and customer experience solutions, has the potential to unlock tremendous value for the region. It reinforces our joint efforts to support Vision 2030 and deliver world-class and sustainable value to our customers and employees, while working toward creating local jobs and expertise with a competitive edge.”

Hyundai and Saudi Arabia's PIF Launch JV for Highly-Automated Vehicle Manufacturing Plant

Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), and Hyundai Motor Company (Hyundai) have announced the signing of a Joint Venture (JV) agreement to establish a highly automated vehicle manufacturing plant in Saudi Arabia, with total investment of more than US$500 million.

Announced at the Saudi–Korean Business Forum, the JV aims to manufacture 50,000 vehicles per year, including both internal combustion engine (ICE) and electric vehicles (EV). The plant groundbreaking is planned for 2024, and production is expected to begin in 2026.

The sovereign fund – PIF, which counts Uber, Lucid Motors, Jio and Reliance Retail among its investment portfolio, will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a strategic technology partner to support the development of the new manufacturing plant, by providing technical and commercial assistance.

The completion of the JV agreement is subject to obtaining customary approvals from the relevant authorities and satisfaction of conditions.

The upcoming manufacturing plant will create thousands of jobs and allow for knowledge & expertise transfer. The localization of Hyundai’s vehicles will accelerate the development of Saudi Arabia’s automotive and mobility ecosystem and attract further investments to the sector and the wider economy.

The partnership is PIF’s latest initiative to elevate Saudi Arabia as a global automotive player, drive transformation in the sector, and boost manufacturing capabilities, infrastructure and supply chains in Saudi Arabia and beyond. Among the major investments in the sector, PIF announced recently the launch of Tasaru, the National Automotive and Mobility Investment Company, which is dedicated to localizing automotive supply chains and manufacturing capabilities. In addition, PIF and Saudi Electricity Company announced the Electric Vehicle Infrastructure Company, with plans to install over 5,000 electric car fast chargers across Saudi Arabia by 2030.

As the third largest automaker worldwide in terms of sales volume, Hyundai Motor Group brings invaluable technical capabilities and expertise to design, develop, and operate the vehicle manufacturing plant.

The joint venture also underscores PIF’s efforts to create national and regional champions, building local capabilities, attracting cutting–edge technology, and creating highly skilled jobs in Saudi Arabia’s automotive and mobility sectors. PIF’s investments are also localizing automotive component manufacturing in Saudi Arabia, further strengthening the automotive supply chain.

Yazeed A. Al–Humied, Deputy Governor and Head of MENA Investments at PIF, said: “Partnering with Hyundai is another significant milestone for PIF in successfully enabling and accelerating the growth of Saudi Arabia’s automotive ecosystem – one of our 13 priority sectors. Our investment in vehicle manufacturing with Hyundai Motor Company is a pivotal milestone, aligning closely with our existing stakes in Lucid and Ceer Motors, and amplifying the breadth of Saudi Arabia's automotive and mobility value chain.”

Jaehoon Chang, President and CEO of Hyundai Motor Company, said: “We are excited about the potential of this venture to drive significant advancements in vehicle production, fostering a sustainable and eco–friendly automotive future in the region. Our joint efforts will create opportunities for innovation and environmental progress.”

Tesla in Talks with Saudi Arabia for An EV GigaFactory

Saudi Arabia is in early talks with Elon Musk promoted electric vehicles maker Tesla to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.

Saudi Arabia has been trying to win Tesla with the right to purchase certain quantities of metals and minerals the company needs for its electric vehicles from countries, including the Democratic Republic of Congo, the report said.

With this report, Tesla stock gains ground and rose 0.3% on premarket trading on Monday.

Saudi has been trying diversify its economy away from oil. The kingdom's economy slowed in the second quarter as oil-production cuts and a drop in prices pushed the country from being one of the fastest-growing Group of 20 countries to one of the slowest.

Interestingly, Saudi Arabia, with its sovereign Fund, is also an investor in former Tesla VP founded Lucid Motors, an American manufacturer of electric luxury sports cars and grand tourers. Lucid and Aston Martin have a common shareholder in Saudi Arabia's Public Investment Fund (PIF). The Saudi wealth fund became Aston Martin's second-largest shareholder last year.

Saudi Arabia aims to have at least 30% of all cars in the Kingdom electric-powered by 2030 and Public Investment Fund (PIF)-backed Lucid Motors is preparing to roll out its first fully Saudi-assembled electric car by Q3 2023.

Tesla, which currently has six factories and is building a seventh in Mexico in northern Nuevo Leon state, and Elon Musk had said that Tesla would zeroed in for a new location for its next gigafactory by the end of 2023.

Avaada Energy Partners with Al Jomaih Energy and Water (AEW) for Renewable Power Advancements in the Middle East

Avaada Energy and Al Jomaih Energy and Water (AEW) signing MoU

Avaada Energy, the renewable arm of Avaada Group, a global pioneer in the renewable energy landscape, is elated to announce its strategic partnership with Al Jomaih Energy and Water (AEW) to pioneer renewable power generation in the Kingdom of Saudi Arabia and selected Middle Eastern regions. This significant stride is marked by the signing of a Memorandum of Understanding (MoU) between the two esteemed entities.

The alliance is set to explore the vast potential of Solar, Wind, Hybrid, and Battery Energy Storage solutions. "Joining forces with AEW underscores our dedication to bringing sustainable energy innovations to the Middle East," expressed Mr. Vineet Mittal, Chairman of Avaada Group.

The MoU paves the way for a collaborative approach, with a dedicated committee from both AEW and Avaada overseeing potential projects. AEW, with its deep-rooted local expertise, will interface with stakeholders and provide essential resources. In contrast, Avaada will infuse the partnership with its extensive development experience and technical acumen.

The collaboration extends to Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) services. Avaada is poised to present its competitive EPC solutions and qualifications for collaborative O&M setups in Saudi Arabia.

About Avaada

The Avaada Group, steered by visionary Vineet Mittal, is an integrated green energy platform with expertise across solar manufacturing, production of green hydrogen & its derivatives, green fuels, renewable power generation and electrolyser manufacturing. Avaada Energy, its flagship entity, is India's rapidly evolving renewable energy IPP, targeting 11 GW of projects by 2026 and an ambitious 30 GW by 2030. Avaada recently secured a significant funding round of $1.3 billion, including investments from Brookfield and GPSC, to amplify its green hydrogen ventures.

Delhi-based Thriwe Secures Investment from Suadi Arabia’s Al Multaq Group, Expands To Saudi Arabia

Dhruv Verma and Swati Sharma — Founders of Thriwe

Thriwe, India’s first and largest B2B "Benefits as a Platform" company, has announced its expansion into Saudi Arabia through a strategic partnership with Al Mutlaq, a prominent multi-billion-dollar conglomerate focusing on venture capital and the private equity sector.

As part of the partnership, Al Multaq has invested an undisclosed amount in Thriwe to support the latter’s regional launch and operations. The company aims to generate around $100 million of revenue from the Saudi market over the next 36 months.

The funds raised from Al Mutlaq's will be invested to enhance a loyalty and rewards ecosystem and the customer experience in Saudi Arabia, strategize the regional operations and strengthen Thriwe's technology solutions in line with domestic requirements.

Thriwe established in 2011 by Dhruv Verma, an XLRI alumni, is headquartered in India along with regional offices across the nation, UAE, Singapore, London, and Florida. Earlier, the company raised funds from the angel fund YourNest fund and Africa’s Ison Networks.

Thriwe's entry into Saudi Arabia marks a significant milestone for the company as it continues to expand its footprint in the Middle East. The collaboration with Al Mutlaq Group, which has a strong presence in the region, is expected to provide Thriwe with a wealth of local knowledge and expertise and access to a vast network of potential clients and partners.

Talking about the JV with Al Multaq, Dhruv Verma, Founder & CEO of Thriwe, said, "We have been doing reasonably well in Dubai and have been associated with various financial institutions like FAB, Mashreq, RakBank, ENBD, etc, running as managing loyalty programs for them as well. Our goal is to empower businesses in Saudi Arabia with a user-friendly and customizable platform that will enable them to build stronger relationships with their customers by driving loyalty and retention. We are excited to partner with Al Mutlaq Group, a leading conglomerate in the region, and we look forward to a long and successful partnership."

Thriwe's "Benefits as a Platform" solution is constructed to help businesses of all sizes by developing customized, white-labeled employee benefit programs that can be managed through a single, easy-to-use interface. The target sectors include travel, entertainment, and lifestyle.

CEO of Al Mutlaq Group said, "We are pleased to partner with Thriwe as they expand their operations into Saudi Arabia. At Al Mutlaq Group, we believe in investing in innovative and disruptive companies that have the potential to transform industries. We see Thriwe as a valuable partner in the loyalty and rewards space, and we are excited to support their growth in the region. In addition, Their platform offers a unique solution that can benefit businesses of all sizes (from SME to Large Scale Industry), and we look forward to working with Thriwe to bring this solution to our clients and partners in Saudi Arabia."

About Al Multaq

Al Mutlaq Group (AMG) has participated in the Saudi Arabian economy for over seven decades. Since its inception in the 1950s, the group has maintained a steady and consistent growth trajectory by establishing and nurturing several successful businesses and strategic relationships. Today, AMG has evolved into a well-diversified and institutional investment group with a presence in several industries, including real estate, hospitality, manufacturing, and financial services.

About Thriwe:

Thriwe is a benefit as platform company founded in 2011 by Dhruv Verma and Swati Sharma. The company operates in the loyalty and rewards domain and helps businesses acquire, engage, and retain customers. Thriwe's unique value proposition lies in its end-to-end benefits offering, which includes a technology platform, benefit curation and onboarding, customer experience, and service. Through its platform, Thriwe enables businesses to effectively manage their loyalty programs and rewards systems, providing customers with a seamless and earn & burn rewarding experience to retain their customers. With a focus on innovation and customer-centricity, Thriwe has established itself as a leading player in the loyalty and benefits space, helping businesses across industries drive growth and build brand loyalty.

Saudi Space Commission announces launch of Saudi Space Accelerator Program

Business Wire India

Saudi Space Commission announces the launch of its Saudi Space Accelerator Program in line with the Kingdom's vision of becoming a global hub of innovation by 2030. The program seeks to enhance the national Space sector through the development of its infrastructure and enabling local entrepreneurs and businesses to advance innovative Space solutions.

The Program addresses the current state in the Kingdom's Space sector and proposes proactive Space solutions. Through the implementation of this program, the commission will ignite the local ecosystem and determine its maturity level, and to ensure that the sector remains viable for years to come, by providing an established business environment for growth and innovation for entrepreneurs to thrive in – overall improving the effectiveness of the commission's future programs and initiatives over the long-run.

The Saudi Space Accelerator Program is being supported by a greater initiative; The future Office for Entrepreneurship Development, that seeks to establish a new business unit within the commission dedicated to enabling the entrepreneurial space scene in the Kingdom. It aims to assess the current state of the sector, adopt best global practices, and develop a roadmap for local businesses. As for the Saudi Space Accelerator Program, it focuses on providing support to both local and international startups, which will enhance the promising and emerging space sector in the Kingdom. Participating entrepreneurs and startups will be supported in aligning their projects with internationally recognized best practices to achieve the Kingdom's 2030 goals.

By partnering with Techstars, the Saudi Space Commission is launching its first cohort in January 2023 to kickstart this new momentum. Through this first cohort the commission can access a niche market focused on space-related technologies, including drones, avionics, advanced structures, geospatial analytics, and a host of other technologies that contribute to the space industry development.

Aspiring entrepreneurs, both international and local, who are interested in developing their innovative solutions in the space sector are encouraged to apply for the first cohort of the Saudi Space Accelerator Program before the 12th of December. Qualified startups who meet the criteria will receive numerous benefits, including support from the commission, access to investors, financial support of up to 60,000 SAR for each startup, specialized training from international experts, networking opportunities, and one-on-one mentorship.

Apply here now: https://accelerator.saudispace.gov.sa/

*Source: AETOSWire  
 View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005419/en/

B2B Payments Platform PayMate Launches in KSA; Appoints ex-Visa Kevin Phalen as Independent Director

Launches Into The Kingdom of Saudi Arabia

PayMate announces its launch in the Kingdom of Saudi Arabia (KSA). Local large enterprises who adopt the PayMate platform can use bank-issued commercial cards on the platform to make early payments towards supplier invoices into their bank accounts and extend their days payables. All payments made and received using the platform will be automatically reconciled, giving a clear single view into the business’s cash flow. The users will also have access to the platform’s custom approval workflows, APIs, and integrations with existing legacy ERPs for continuity in operations.

Recently PayMate announced the launch of its B2B payments platform in the UAE that it believes will change the way in which businesses will manage their Accounts Payables and Accounts Receivables (AP & AR), in partnership with prominent financial institutions – Visa, a world leader in digital payments, and Citibank, a leading provider of global commercial card solutions. This partnership will enable unified settlement of corporate card payments directly into suppliers’ bank accounts.

Speaking on the company’s expansion into KSA, Ajay Adiseshann, Managing Director & Chairman, PayMate India Private Limited, says “We are going full steam ahead by offering our B2B payments platform in KSA after going live in UAE recently. The platform will provide end-to-end automation to its users which we believe will deliver the immediate benefits of our platform to these customers in terms of speed of payments and transparency over their cashflows and finances. Further, we believe that the adoption of the PayMate platform will add value to businesses who are facing regular payment delays.”

Additionally, PayMate has appointed Kevin Phalen, with experience in the global payments and financial services space, as an Independent Director, effective December 13, 2021. Kevin’s strategic insights will help the PayMate team in diverse areas including global expansion. Kevin has most recently worked at Visa Inc. (Visa) as their Head of Global Commercial Business and has experience in the payments industry.

On Kevin’s appointment, Ajay adds, “We are elated to have Kevin on-board at PayMate. Kevin’s experience will help us grow our global footprint and provide the PayMate B2B payments platform to a wider audience.”

Kevin Phalen further adds, “I am equally excited to join PayMate, one of the leading providers of financial technology solutions that digitize, automate and streamline B2B payments in supply chains and offers a cloud-based platform to customers for all their supply chain payments, statutory payments and bill payments. This is a booming sub-set of the overall payments industry in which PayMate, through its platform is offering supplementary avenues for businesses to use commercial cards and automate their end-to-end processes. Together, I am of the opinion, we will create a wider base of PayMate users across the globe.”

PayMate is a Visa certified Business Payment Solution Provider (BPSP) and is actively gearing up to offer its B2B payments platform and working capital offerings into other countries in CEMEA region in partnership with Visa and local Financial Institution partners. As of September 30, 2021, the PayMate platform is being used by more than 128,000 Indian businesses.

About PayMate

PayMate is one of the leading providers of financial technology solutions that digitize, automate, and streamline business to business payments in supply chains. The PayMate platform provides upgradation from traditional paper-based workflows to software-driven workloads with digital payment streams like digital invoicing and several complementary features. The company has a presence in South Asia (India) and UAE and is aiming to expand across CEMEA.

India's FuelBuddy To Provide Doorstep Fuel Delivery Services in the UAE and The Kingdom of Saudi Arabia

SK Narvar promoted, FuelBuddy, the first company to start fuel delivery services in India and a market leader in technology and market share, today announced that it has started to providing doorstep fuel delivery services in The United Arab Emirates and The Kingdom of Saudi Arabia.

The Delhi based company FuelBuddy which was established in 2016 is an app based, IoT and cloud enabled fuel delivery service that enables customers to use advance analytics to control and monitor data. It is a tech enabled platform, which provides doorstep fuel delivery along with various value-added services. The service offers a safe & secure experience, accurate quantity and pure fuel at prevailing market prices ensuring customer convenience. It follows a 5-axis approach – cashless transactions, convenience, quality & quantity, safety & environment with technology as its backbone.

FuelBuddy has entered into a joint venture with Sudhir Power for Gulf countries. Sudhir Power is a big construction equipment and power generator rental business company. This foray in the UAE and the Kingdom of Saudi Arabia provides FuelBuddy with an access to newer geographies and customers as part of its Global expansion plan.

Mr. Narvar said that "These are exciting times for FuelBuddy. We have a few more strategic projects lined up which should take shape over the next 4-6 months in the African and South Asian Countries. Coupled with the Expansion into the Middle East, these strategic projects will lead to huge value creation for all the stakeholders of FuelBuddy.

Mr. Rahul Seth, Managing Director, Sudhir Power Limited added that, "The joint venture will help us expand our offerings to customers by also delivering them fuel at their doorstep, hence covering the entire eco-system around our business."

Reliance Sells 2.32% Stake in Jio Platforms worth $1.49 Bn to Saudi Arabia's Public Investment Fund (PIF)

Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore (~ US$1.49 Billion), taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about USD 14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.

This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, Governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent

Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17 global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore. PTI ANZ

Saudi-based EdTech Startup Noon Academy launches New Standalone Office in Bengaluru

Social learning platform’s user base registers jump from two million to three million users in seven months

Riyadh headquartered Noon Academy, one of the fastest-growing EduTech startups in the Middle East with over three million registered users, announced the launch of a standalone office in Bengaluru recently. Located at 100 Feet Road, Indiranagar, the startup’s new premises in the city will house the company’s rapidly expanding core technology division that is based exclusively in India.

The team at Noon Academy's new office

The startup aims to introduce innovative products on the platform to bring together 50 million students and tutors from around the world in a variety of interactive digital academic environments by 2023.

Through a series of advancements in Noon Academy’s central offering - an online learning community for students to engage with peers and tutors, the technology team in India conceptualised, designed and developed a full-fledged platform that offers learning interactions in multiple settings. Through a mix of free and premium subscription models, users can participate in virtual classrooms and live group study sessions or access one-on-one tutorials on demand.

Currently comprising 40 engineers, the technology team has built the platform available on web, iOS and Android to accommodate learning modules in various subjects, including Mathematics, Science, English and Arabic. A proof of the team’s success is the fact that on an average, students spend over 60 minutes on the app per visit, vastly exceeding the EdTech industry average of 14 minutes per visit.

The company recently concluded the Series A round of funding for 8.6 million USD, jointly led by leading venture capital firms Raed Ventures and STV. The funding, the largest ever received by any EduTech firm in the Middle East and North Africa (MENA), was also contributed by several prominent angel investors in the region.

Noon Academy launched its India operations in April 2017 and is presently focused on hiring senior technology talent to grow its core technology team, which will support the company’s expansion plans. The startup is strategising to make deeper inroads in the MENA region while also eyeing entry in geographies with high student density, such as Central Asia and South-East Asia.

Commenting on the development, Mohan M, Head of Engineering, Noon Academy said, “We at Noon are passionate about harnessing technology to make studying fun, engaging and affordable to the masses. We are growing at a very rapid pace in Saudi and Egypt, where our registered user base has increased by 50% from 2 million to 3 million, in less than 7 months. Over the past year, we have transformed our product that was localised to the Middle East market, to a highly engaging global platform that will scale a 10X growth, which we anticipate in the coming months and years.

Our priority at present is to expand our technology team to help us drive the key focus areas for the coming year. The immediate goal is to build an open platform and develop technology enabled operations for seamless expansion across the MENA region and beyond. We intend to improve engagement and retention on the platform by accelerating the network effect. Our talent consolidation will also support us in fulfilling our vision to build data products that help students establish strong networks with their peers and teachers who could be their study partners for life on our platform.”

Speaking about Noon Academy’s people management philosophy, John Mark, Global Head of People Operations said, “While we are very proud of our organic growth, we keep a close watch on our Work Happiness Index. We believe that creating a happy environment for passionate engineers who are aligned with our core values is the only way to beat our ambitious goal of building a social learning platform for 50 million students by 2023.”

Founded in 2013 by Saudi entrepreneurs by Mohammed Aldhalaan and Dr. Abdulaziz AlSaeed, Noon Academy has emerged as a success story in the dramatic process of digitization that is underway in the Middle East.

The startup’s promising potential to provide access to high-quality education at affordable costs has enabled it to grow quickly from a simple test preparation tutorial site to an online community of over three million students in the K-12 range and over 1500 certified tutors. While 60% of its users are based in Saudi Arabia, 40% of Noon Academy’s consumers are from Egypt. The startup, which is the only EduTech firm in the region has a 140+ team that is spread across Saudi Arabia, Egypt and India.

About Noon Academy

Noon Academy is one of the fastest-growing EduTech startups in the Middle East with over three million registered users. The startup aims to introduce innovative products on the platform to bring together 50 million students and tutors from around the world in a variety of interactive digital academic environments by 2023.

~ Newsvoir