Saudi Crown Prince Mohammed bin Salman said on Tuesday that the kingdom's $1 trillion investment pledge in the US is part of its long-term business strategy, even as it deals with lower oil prices.
Prince Mohammed increased Saudi Arabia's investment commitment from a previously announced $600 billion during a meeting with President Donald Trump at the White House. It was the Crown Prince's first visit to the US since 2018.
Experts have questioned whether Saudi Arabia could finance this commitment amid softening oil prices. Despite geopolitical volatility this year, bearish sentiment has taken hold on growing fears of an oil supply glut as Opec+ increases oil production.
Saudi Aramco this month reported a decline in revenue in the third quarter this year on lower crude prices. Brent, the global benchmark for crude, is down about 15 per cent this year at about $65 a barrel.
Prince Mohammed said the investment in the US is about the kingdom's long-term business plans.
He spoke particularly about the kingdom's artificial intelligence ambitions, as it aims to become a global centre.
“Saudi Arabia has a huge demand of … computing power,” Prince Mohammed said.
He said Saudi Arabia would spend $50 billion in the short term on semiconductors for the kingdom's needs, and that an agreement with the US would allow the Arab world's largest economy to focus on “hundreds of billions of dollars in the long term”.
“So there's a lot of real opportunities that fit our needs in Saudi Arabia and fit our business strategy,” Prince Mohammed said.
His visit to Washington comes after last month's Future Investment Initiative forum in Riyadh. The FII said more than $50 billion in agreements and investment pledges were made across AI, advanced technology, renewable energy and infrastructure.
A major cornerstone of Saudi Arabia's AI ambitions is Humain, the AI company backed by the kingdom's Public Investment Fund. Prince Mohammed announced the launch of the company in May, with Humain designed to support the kingdom's broader diversification goals under Vision 2030.
Humain is expected to announce deals with Amazon, AMD, xAI and GlobalAI this week, Semafor reported. That would be in addition to partnerships it has already formed with Nvidia and Qualcomm.
After the Crown Prince's White House visit, the Trump administration announced it had signed an agreement with Saudi Arabia in which the US will give the kingdom access to US technology, without providing details.
Among the agreements Saudi Arabia was hoping to reach during Prince Mohammed's visit is a chip export licence, similar to the one the US agreed to with the UAE.
The White House also said the two countries signed a civil nuclear deal, “which builds the legal foundation for a decades-long, multibillion-dollar nuclear energy partnership” with Saudi Arabia. The US also said th two countries signed a critical minerals framework similar to one Washington struck with other trading partners.
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
The five pillars of Islam
Results
4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.
5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.
5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.
6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.
7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.
'Of Love & War'
Lynsey Addario, Penguin Press
UAE currency: the story behind the money in your pockets
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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UAE currency: the story behind the money in your pockets
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Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
WRESTLING HIGHLIGHTS
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
