Latest news with #Saudi-USInvestmentForum
Straits Times
02-06-2025
- Business
- Straits Times
Elon Musk's xAI seeks $146 billion valuation in $387 million share sale, report says
Tesla CEO Elon Musk at the Saudi-US Investment Forum, in Riyadh, Saudi Arabia, on May 13. PHOTO: REUTERS SAN FRANCISCO - Mr Elon Musk's xAI is seeking a valuation of US$113 billion (S$146 billion) in a share sale worth US$300 million (S$387 million), the Financial Times reported on June 2, citing people close to the situation. The deal would allow employees to sell shares to investors and a larger investment round is expected to follow the secondary stock offer, in which xAI will offer new equity to outside investors, the FT report said. The artificial-intelligence startup acquired X, Mr Musk's social media business, in March. The deal valued xAI at US$80 billion and social media platform X - formerly known as Twitter - at US$33 billion, Mr Musk had said then. XAI did not immediately respond to a Reuters request for comment on the FT report. Mr Musk recently stepped back from the Trump administration after the Tesla CEO ended a chaotic four-month stint leading the administration's sweeping cost-cutting campaign. US President Donald Trump, however, said Mr Musk would remain a close adviser. During an earnings call in April, Mr Musk had said he would refocus his attention on the EV maker. XAI was launched less than two years ago and was in talks with investors to raise roughly US$20 billion in funding for the combined AI startup and social media business, Bloomberg News reported in April. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Egypt Independent
27-05-2025
- Business
- Egypt Independent
Will ‘massive' Gulf deals cement the US lead in the race for global AI dominance?
CNN — US President Donald Trump's whirlwind visit last week to the Middle East saw a wave of AI dealmaking that could reshape the global technology landscape. On May 12, Saudi Arabia's sovereign wealth fund Public Investment Fund announced the establishment of AI startup Humain. US companies Nvidia, AMD, and Qualcomm also announced deals to supply chips and partner on AI infrastructure with Humain. The Trump administration also announced that it would rescind and replace the 'AI Diffusion' rule, a Biden-era regulation capping sales of the most advanced chips that was set to take effect on May 15. On the final leg of the tour, the US and the United Arab Emirates (UAE) announced that they will partner to build a data center complex in Abu Dhabi with 5-gigawatts of capacity – the largest data center cluster outside of the US, according to the Commerce Department. By comparison, the current global market capacity of data centers is approximately 59 gigawatts – according to Goldman Sachs. The Trump administration said that it also secured Saudi and UAE investment for data centers located in the US. In Abu Dhabi, Trump said that the countries had 'agreed to create a path for the UAE to buy some of the world's most advanced AI semiconductors from American companies.' The deals, and new partnerships, could reshape the global AI landscape in myriad ways, according to officials and experts. 'We're still waiting for the full details to emerge, but the scale of some of these announced projects is massive,' says Sam Winter-Levy, a fellow at the Carnegie Endowment for International Peace, whose focus is technology and international affairs. Trump attends a business meeting and roundtable at Qasr Al Watan, in Abu Dhabi, United Arab Emirates, on Friday, May 16, 2025. Altaf Qadri/AP A 'game-changer' for the global AI race In recent years, Beijing and Washington have been vying for supremacy in AI technology that could confer the winner advantages in economic productivity, scientific breakthroughs and national security. Trump's AI czar David Sacks said in a post on X that the deals are a 'game-changer in the global AI race' that will 'help to cement American technology as the global standard – before our competitors can catch up.' Some experts agree that working with the Middle East will fill gaps in current US capabilities. AI models require vast amounts of computing power, commonly referred to simply as 'compute,' to train and run. That requires huge amounts of energy. 'We have a huge problem when it comes to fueling our own data center infrastructure in the US,' Mohammed Soliman, a senior fellow at the Middle East Institute think-tank in Washington-DC, tells CNN. Men use their phones during the Saudi-US Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. Brian Snyder/Reuters Growing demand for energy to power data centers has strained parts of the US grid. Although some say the issue can be resolved domestically, others say partnering with the oil-rich Gulf is a wise strategic bet. 'There's not really an immediate [domestic] solution,' Soliman adds, 'You need to invest heavily in energy infrastructure, and that takes capital, land, a lot of resources, and time.' But some are concerned about how the flow of chips to the Gulf will be controlled. On May 19, leading Democrats warned in a letter that 'the deals – without any clear and enforceable protections to stop this sensitive technology from falling into China's hands – present an immediate national security threat.' If chips are given directly to Saudi and Emirati companies, without the right safeguards, it could present national security risks, and the nations could employ them for tasks like autonomous weapons research and development, says Winter-Levy. In another possible scenario, in which the data centers might be controlled and operated by US tech companies, he says the risks are more limited. The UAE and Saudi Arabia both have ambitious plans to build AI industries to prepare their economies for a post-oil future. US authorities say that not working with the Gulf could have increased the risks of a Gulf-China AI alliance. The chip technology of companies like Huawei is quickly advancing. 'If we reject them, we will drive them into China's arms,' said Sacks' X post. US President Donald Trump, Saudi Crown Prince Mohammed Bin Salman and others listen during a Saudi-US investment forum at the King Abdul Aziz International Conference Center on May 13, 2025, in Riyadh, Saudi Arabia. Brendan Smialowski/AFP/Getty Images Advancing Gulf AI ambitions While much is still unknown, one thing is clear: The Gulf's role in the global AI landscape is growing. 'This could well see the emergence of the Gulf as the third-biggest power in the AI competition,' says Winter-Levy. 'If the countries use the chips to train their own frontier models, the Gulf could move closer to competing with the US on the technology.' He adds that current talent constraints might hold the region back from competing with current AI leaders US and China. Experts say the deals mark a new era in US-Gulf relations. 'This is going to be a pivotal moment for the way the US-Gulf relationship is defined,' says Soliman. 'It's no longer about crude; it's mostly about compute.' In the Democrats' letter, they urged the administration to make sure 'American technology prioritizes the buildout of this critical industry here at home, not abroad.' But if a situation emerges in the future where a significant amount of US computing power is in the region, said Winter-Levy, it could give Gulf governments 'some significant degree of leverage, both over US tech companies but also over US foreign policy more generally.'
Leaders
24-05-2025
- Business
- Leaders
INTERVIEW-Trump Visit Underscores Riyadh's Rise as Proactive Regional Order Architect: Salman Al-Ansari
On Tuesday, May 13, 2025, all eyes turned to Saudi Arabia as the US President, Donald Trump, landed in Riyadh, in a historic visit that underscored the Kingdom's growing status as a strategic political and economic player. The visit reflected the depth of Saudi-US relations, which date back to more than 8 decades and have evolved over the years into a firm partnership across various sectors, including trade, defense, energy, education, technology and tourism. Trump chose the Kingdom to be his first foreign destination in his second term as a president, just as he did during his first term. In this exclusive interview with Leaders MENA Magazine, the Saudi geopolitical analyst, Salman Al-Ansari, shares his invaluable insights on Trump's visit to Saudi Arabia, US policy towards Israel, the situation in Gaza, and other key regional issues. Salman Al-Ansari is a prominent Saudi geopolitical analyst and commentator specialized in strategic and political communication. He was named by Arab News as the most influential political pundit in the Middle East in 2021. Trump's Visit to Saudi Arabia From May 13-16, 2025, Trump embarked on a Middle Eastern tour, visiting three Gulf countries: Saudi Arabia, Qatar and the UAE. The visit came at a time of heightened regional and international tensions and global economic uncertainty. The US President chose Riyadh to be his first stop, signaling the Kingdom's growing significance as a central player in regional and international dynamics. 'Trump's 2025 visit to Saudi Arabia underscored the Kingdom's transformation from a passive partner to a proactive architect of regional order,' Salman Al-Ansari noted. 'By choosing Riyadh as an early and prominent stop, Trump acknowledged Saudi Arabia's unmatched leverage in regional security, energy stability, and global economic realignment,' he added. Strong Bond During his speech at the Saudi-US Investment Forum, Trump praised the leadership of the Saudi Crown Prince and Prime Minister, Mohammed bin Salman, calling him an 'incredible man' that has turned Riyadh into a major business, cultural and high-tech capital of the entire world. 'Crucially, the visit also highlighted the strong personal and professional bond between Crown Prince Mohammed bin Salman and President Trump,' Al-Ansari said. 'Both leaders share a results-driven mindset, a willingness to challenge conventional norms, and a vision rooted in national sovereignty and transformative economics. Their personal chemistry fosters direct communication, accelerates decision-making, and acts as a stabilizing force in bilateral relations,' he explained. 'Together, this alignment—between two bold leaders and two strategically vital nations—reaffirmed Saudi Arabia's central role in shaping the Middle East's future and influencing global policy from Riyadh as much as from Washington,' Al-Ansari told Leaders MENA Magazine. Economic Deals and Vision 2030 A large delegation of business leaders and investors accompanied Trump during his visit to Saudi Arabia, resulting in the announcement of numerous major agreements across various sectors. The new deals channeled substantial Saudi investment into diverse American sectors like energy, technology, defense, and infrastructure, while simultaneously providing Saudi Arabia with advanced US technologies, defense capabilities, and expertise crucial for its economic diversification goals under Vision 2030. In the light of this, Salman Al-Ansari noted that 'these multi-billion dollar agreements reflected Vision 2030 in action: advancing economic diversification, boosting FDI, and localizing strategic industries. But beyond traditional sectors, this visit emphasized future-facing fields—particularly artificial intelligence (AI), advanced computing, biotech, and clean energy.' Mutual Economic Benefits The Saudi geopolitical analyst pointed out how these agreements support Saudi Arabia's economic diversification efforts. 'Saudi Arabia is positioning itself as a global hub for the Fourth Industrial Revolution. Through giga-projects like NEOM and major AI investments, the Kingdom aims to lead in setting global standards for AI ethics, infrastructure, and applications,' he explained. 'These partnerships with US tech giants are not just economic—they are strategic, placing Saudi Arabia in the vanguard of shaping the digital economy and the post-oil global order,' Al-Ansari told Leaders MENA Magazine. 'For the US, these deals provide access to one of the world's fastest-evolving innovation ecosystems. For Saudi Arabia, they accelerate the transition from an oil-based economy to one based on data, talent, and frontier technologies,' he added. US Policy on Israel The US President excluded Israel from his Middle East tour, amid reports of a growing gap between the two allies. Trump also secured the release of Israeli-American hostage, Edan Alexander, through direct negotiations with Hamas, and announced a truce with the Houthis, signaling what might be seen as a shift in the US policy on Israel. On this matter, Al-Ansari said: 'Israel's exclusion from Trump's 2025 regional tour—paired with a US-negotiated release of Israeli-American hostage Edan Alexander via Hamas and a brokered truce with the Houthis—highlighted a recalibration. 'Trump appeared more aligned with Arab interests than with Netanyahu's traditional hardline approach. This signals a shift from automatic support for Israeli leadership toward a more interest-based, autonomous US strategy. Tensions between Trump and Netanyahu may reflect diverging visions, not shared values.' Position on Gaza At the GCC-US Summit in Riyadh, Trump said that the people of Gaza deserved a 'better future,' while Crown Prince Mohammed bin Salman reaffirmed the Kingdom's support for 'de-escalating tensions in the region, ending the war in Gaza, and seeking a lasting and comprehensive solution to the Palestinian cause.' On the prospect of translating these statements into concrete and coordinated actions to resolve the Palestinian-Israeli conflict, Al-Ansari believed that these remarks 'show rhetorical convergence.' However, 'the challenge lies in translating these words into action—through mechanisms like reconstruction-for-ceasefire deals, governance reforms in Gaza, and unified Arab-American diplomatic tracks,' he elaborated. 'The potential is there for alignment, but it depends on synchronized pressure and incentives on all conflict parties,' the Saudi geopolitical analyst added. Recognition of Palestine Saudi Arabia and France will jointly chair an international conference for the implementation of the two-state solution on June 17-20, 2025, in a push to encourage more countries to recognize the State of Palestine. Within this context, Salman Al-Ansari said that 'momentum is building,' with France and the UK weighing the recognition of Palestine. 'If Paris and London move forward, other nations—particularly in Europe, Latin America, and Africa—are likely to follow,' he said. With regards to the potential impact of this move, he noted that 'Such a diplomatic wave wouldn't immediately shift facts on the ground, but it would isolate Israeli annexation policies and give Palestinians greater legitimacy on the global stage, reshaping the diplomatic battlefield.' Lifting Syria Sanctions While in Riyadh, President Trump announced the lifting of all US sanctions on Syria, at the request of the Saudi Crown Prince Mohammed bin Salman – a move that 'marks a major regional realignment,' according to Al-Ansari. 'It signals a shift toward reintegration over isolation, in line with the Arab League's recent normalization trend. The move could weaken Iranian influence, enable refugee return plans, and restore Syria's economic channels. It also reflects Riyadh's rising influence in shaping not just regional security, but US policy,' he explained. Iran Nuclear Deal The US and Iran are in talks to reach a new nuclear deal to curb Tehran's rapidly advancing nuclear program. During his visit to Saudi Arabia, Trump extended an 'olive branch' to Iran, but warned Tehran of consequences if it did not make a deal and end its support for proxy groups. 'Trump's offer of a new nuclear deal—coupled with a warning over Iranian proxies—is classic carrot-and-stick diplomacy. The Trump administration is not interested in endless negotiations; he appears to understand Iran's stalling tactics well,' Al-Ansari told Leaders MENA Magazine. 'Tehran now has an option: strike a deal with the US that limits its nuclear ambitions and curbs the involvement of its proxies in the Middle East—or face unprecedented sanctions and a possible military threat,' he said. Short link : Post Views: 1
Malaysian Reserve
23-05-2025
- Business
- Malaysian Reserve
Tanmiah Food Company Signs Two MOUs with Leading U.S. Companies During the Saudi-U.S. Investment Forum
These partnerships aim to accelerate agri-food innovation, AI integration, and halal product development in support of Vision 2030 RIYADH, Saudi Arabia, May 23, 2025 /PRNewswire/ — Tanmiah Food Company ('Tanmiah', 'TFC' or the 'Company', 2281 on the Saudi Exchange), established in 1962, one of the Middle East's leading providers of fresh poultry, processed proteins, animal feed, health products and restaurants operator, was formally recognized for its transformative Memorandum of Understanding (MoUs) with Griffith Foods and Poulta Inc. during the Saudi-US Investment Forum in Riyadh yesterday. These strategic partnerships with U.S. companies reflect Tanmiah's ongoing commitment to collaborating with international partners and bringing global expertise into the Kingdom. They also underscore our focus on unlocking value across our integrated business units through automation, advanced R&D, and innovation with the aim of positioning Saudi Arabia as a global hub for halal products, ingredients, best-in-class practices, and cutting-edge agri-technologies. The MoU with Griffith Foods outlines plans to develop a dedicated production and R&D facility in Saudi Arabia for 100% halal food ingredients—including sauces, seasonings, and spice blends—tailored to the tastes of Saudi and regional consumers. The project will support local manufacturing and help position the Kingdom as a regional hub for halal ingredient production. As the halal industry increasingly emphasizes ethical sourcing, sustainability, and innovation, Tanmiah stands at the forefront of this transformation. By combining Tanmiah's strong market presence with Griffith Foods' global ingredients expertise, the collaboration aims to deliver healthy, locally developed, and globally competitive solutions that align with evolving consumer expectations in both domestic and export markets. The MoU with Poulta Inc., a U.S.-based agricultural technology company, to accelerate the digital transformation of Tanmiah's poultry production chain lays the foundation for automating Tanmiah's farms and facilities using advanced technologies ranging from the Internet of Things, big data, cloud computing and generative AI. The partnership will include the establishment of a joint venture to provide digital transformation services to the broader regional livestock businesses, as well as an R&D center in Saudi Arabia dedicated to agri-tech innovation. Through this collaboration, Tanmiah aims to enhance operational efficiency, reduce costs and carbon emissions, and promote smart resource management while adopting higher standards of animal welfare, better delivery of healthy halal food through data-driven decision-making and integrated automation across its business segments. Commenting on the recognition, His Excellency Amr Al-Dabbagh, Chairman of Tanmiah Food Company, stated: 'These strategic partnerships reflect our long-term vision to place Saudi Arabia at the heart of global halal food innovation. By joining forces with trusted international partners, we are creating a future where sustainable, healthy, halal food production, advanced technology, and local expertise collaborate to serve the region.' Zulfiqar Hamadani, Group CEO of Tanmiah Food Company, added: 'At Tanmiah, we see innovation and sustainability as inseparable. Through these agreements, we are accelerating our journey toward intelligent, data-driven operations that not only improve efficiency and animal welfare but also strengthen our ability to deliver high-quality, sustainable, healthy, halal food in line with the evolving consumer expectations.' These milestone agreements underscore Tanmiah's unwavering commitment to aligning with Saudi Vision 2030 by fostering innovation, enhancing local capabilities, and promoting global partnerships that drive economic diversification. As Tanmiah continues to scale its impact, the company remains dedicated to shaping the future of food—where technology, sustainability, and halal excellence converge to meet the needs of a growing global population. About Tanmiah Food Company Tanmiah Food Company, established in 1962, is one of the Middle East's leading providers of fresh poultry, processed proteins, animal feed and health products, and a restaurants operator. It is a publicly listed Company on the Saudi stock market. It is worth noting that Al-Dabbagh Holding Group Company is a partner and founding shareholder of Tanmiah Food Company. Tanmiah's fully integrated and highly efficient business model includes production, further processing, and distribution with products sold in Saudi Arabia, the UAE, Bahrain, Oman, Jordan, and Kuwait. As of 31 March 2025, Tanmiah operates 150 farms as well as seven hatcheries, four feed mills, and four primary processing plants, and, through its joint venture operations, it operates four further processing plants. Tanmiah distributes its products through a network of wholesalers, retailers, and food service outlets, as well as online directly to consumers. Sustainability is a core principle at Tanmiah, with initiatives including planting a million trees, using wastewater from its facilities, and turning waste products into fertilizer. For more information, visit Photo: View original content:
Yahoo
23-05-2025
- Business
- Yahoo
Tanmiah Food Company Signs Two MOUs with Leading U.S. Companies During the Saudi-U.S. Investment Forum
These partnerships aim to accelerate agri-food innovation, AI integration, and halal product development in support of Vision 2030 RIYADH, Saudi Arabia, May 23, 2025 /PRNewswire/ -- Tanmiah Food Company ("Tanmiah", "TFC" or the "Company", 2281 on the Saudi Exchange), established in 1962, one of the Middle East's leading providers of fresh poultry, processed proteins, animal feed, health products and restaurants operator, was formally recognized for its transformative Memorandum of Understanding (MoUs) with Griffith Foods and Poulta Inc. during the Saudi-US Investment Forum in Riyadh yesterday. These strategic partnerships with U.S. companies reflect Tanmiah's ongoing commitment to collaborating with international partners and bringing global expertise into the Kingdom. They also underscore our focus on unlocking value across our integrated business units through automation, advanced R&D, and innovation with the aim of positioning Saudi Arabia as a global hub for halal products, ingredients, best-in-class practices, and cutting-edge agri-technologies. The MoU with Griffith Foods outlines plans to develop a dedicated production and R&D facility in Saudi Arabia for 100% halal food ingredients—including sauces, seasonings, and spice blends—tailored to the tastes of Saudi and regional consumers. The project will support local manufacturing and help position the Kingdom as a regional hub for halal ingredient production. As the halal industry increasingly emphasizes ethical sourcing, sustainability, and innovation, Tanmiah stands at the forefront of this transformation. By combining Tanmiah's strong market presence with Griffith Foods' global ingredients expertise, the collaboration aims to deliver healthy, locally developed, and globally competitive solutions that align with evolving consumer expectations in both domestic and export markets. The MoU with Poulta Inc., a U.S.-based agricultural technology company, to accelerate the digital transformation of Tanmiah's poultry production chain lays the foundation for automating Tanmiah's farms and facilities using advanced technologies ranging from the Internet of Things, big data, cloud computing and generative AI. The partnership will include the establishment of a joint venture to provide digital transformation services to the broader regional livestock businesses, as well as an R&D center in Saudi Arabia dedicated to agri-tech innovation. Through this collaboration, Tanmiah aims to enhance operational efficiency, reduce costs and carbon emissions, and promote smart resource management while adopting higher standards of animal welfare, better delivery of healthy halal food through data-driven decision-making and integrated automation across its business segments. Commenting on the recognition, His Excellency Amr Al-Dabbagh, Chairman of Tanmiah Food Company, stated: "These strategic partnerships reflect our long-term vision to place Saudi Arabia at the heart of global halal food innovation. By joining forces with trusted international partners, we are creating a future where sustainable, healthy, halal food production, advanced technology, and local expertise collaborate to serve the region." Zulfiqar Hamadani, Group CEO of Tanmiah Food Company, added: "At Tanmiah, we see innovation and sustainability as inseparable. Through these agreements, we are accelerating our journey toward intelligent, data-driven operations that not only improve efficiency and animal welfare but also strengthen our ability to deliver high-quality, sustainable, healthy, halal food in line with the evolving consumer expectations." These milestone agreements underscore Tanmiah's unwavering commitment to aligning with Saudi Vision 2030 by fostering innovation, enhancing local capabilities, and promoting global partnerships that drive economic diversification. As Tanmiah continues to scale its impact, the company remains dedicated to shaping the future of food—where technology, sustainability, and halal excellence converge to meet the needs of a growing global population. About Tanmiah Food Company Tanmiah Food Company, established in 1962, is one of the Middle East's leading providers of fresh poultry, processed proteins, animal feed and health products, and a restaurants operator. It is a publicly listed Company on the Saudi stock market. It is worth noting that Al-Dabbagh Holding Group Company is a partner and founding shareholder of Tanmiah Food Company. Tanmiah's fully integrated and highly efficient business model includes production, further processing, and distribution with products sold in Saudi Arabia, the UAE, Bahrain, Oman, Jordan, and Kuwait. As of 31 March 2025, Tanmiah operates 150 farms as well as seven hatcheries, four feed mills, and four primary processing plants, and, through its joint venture operations, it operates four further processing plants. Tanmiah distributes its products through a network of wholesalers, retailers, and food service outlets, as well as online directly to consumers. Sustainability is a core principle at Tanmiah, with initiatives including planting a million trees, using wastewater from its facilities, and turning waste products into fertilizer. For more information, visit Photo: View original content to download multimedia: SOURCE Tanmiah Food Company Sign in to access your portfolio
