RIYADH: Mutual investments between Saudi Arabia and the US are expanding in key sectors as industry leaders from both countries eye deeper partnerships and co-development opportunities.

Speaking to Arab News on the sidelines of the Saudi-US Investment Forum, held during US President Donald Trump’s state visit to the Kingdom on Tuesday, Joseph Rank, vice president and CEO of Lockheed Martin for Saudi Arabia and Africa, said that enhanced partnerships are paving the way for two-way investments.

“This is an opportunity to really enhance our partnership and grow business. There’s actually almost too many to talk about. But the real key is growing our partnership, which then leads to investment on both sides,” Rank said.

Lockheed Martin’s role in the Kingdom is shifting from traditional collaboration to advanced manufacturing and technology sharing, Rank said.

“We used to build things here. Now we’re actually manufacturing things here. So the big opportunity is manufacturing, co-production, co-development and transfer of technology,” he said.

“This is jobs for Lockheed Martin in the US and jobs for Saudi industry here. A win-win-win.”

Marc Winterhoff, interim CEO of electric vehicle manufacturer Lucid Group Inc., stressed the importance of Saudi Arabia as a manufacturing base, with its King Abdullah Economic City facility expected to reach a 150,000-unit capacity.

“We have very, very close ties to Saudi Arabia, both from an investment point of view, but also we’re building a big plant in KAEC here,” he said, adding that 65 percent of the workforce is currently made up of Saudi citizens.

“There’s a lot of investment going into this plant to build vehicles for the local market, but then also for exports.”

Winterhoff said Lucid is also working with Saudi research institutions, including King Abdullah University of Science and Technology, to co-develop advanced technologies like artificial intelligence models, autonomous driving, and crash simulation.

Sadek Wahba, chairman and managing partner of I Squared Capital, echoed the sentiment, describing the forum as a reflection of enduring US-Saudi economic cooperation and the role infrastructure will play in future development.

“The event represents the best of what you can find in Saudi in the cooperation that can exist between the United States and Saudi Arabia.

“Cooperation that already exists for the last decades, and I think will continue to flourish over the coming period,” Wahba said.

He said the company sees significant opportunity in Saudi Arabia’s infrastructure sector, particularly in telecoms, digital infrastructure, transport and logistics.

The biggest investment opportunities are in transport and logistics, he said, citing the growing needs of a rapidly developing economy.

Wahba also announced a memorandum of understanding with the Public Investment Fund to establish a Middle East infrastructure fund focused mainly on Saudi Arabia.

“I Squared Capital is looking to invest over $1 billion over the coming years, and PIF and others will be contributing to that effort,” he said.

Meanwhile, Kathy Warden, president and CEO of Northrop Grumman Corp., emphasized the company’s longstanding partnership with the Kingdom and its commitment to investing in defense and local talent.

Warden said that the company signed a memorandum of intent with the Saudi government’s General Authority of Military Industries to procure capabilities from Northrop Grumman, which total nearly $14 billion.

The US company is also partnering locally with Saudi Arabian Military Industries to deliver its capabilities.

“These investments will contribute to the security and safety of the Kingdom and also create local jobs that are high-skilled engineering jobs,” she added.

From a technology perspective, Chris Rouland, founder and CEO of Phosphorus Cybersecurity Inc., emphasized the need to secure AI and data-driven systems as Saudi Arabia ramps up its digital transformation.

“I think one thing that was overlooked in today’s conversations was the importance of security in artificial intelligence,” Rouland said. “Just as security and safety has made the Kingdom such a great place to do business, security and privacy are very important for AI and data centers.”

He said that the company is exploring a joint venture in Saudi Arabia aimed at securing Internet of Things infrastructure and AI systems to prevent exploitation by cybercriminals.

The forum underscored the Kingdom’s growing role as a magnet for American industry leaders seeking to invest in sectors aligned with Vision 2030 — from defense and infrastructure to advanced manufacturing and cybersecurity — reinforcing Saudi-US economic ties built on shared long-term objectives.

RIYADH: When top officials, CEOs and investors from Saudi Arabia and the US convened in Riyadh on Tuesday for the Saudi-US Investment Forum, the focus of the high-profile gathering was on economic cooperation and innovation.

The one-day forum, held at the King Abdulaziz International Conference Center, highlighted major deals and partnerships in technology, artificial intelligence, energy, digital infrastructure, fintech, healthtech and industrial innovation — all aligned with Saudi Arabia’s Vision 2030 development blueprint.

The tone was collaborative and forward-looking, emphasizing commerce and technology as both nations seek to deepen ties in emerging sectors. Officials from both governments, along with Fortune 500 executives, used the platform to announce investments and outline long-term strategies for mutual growth.

The forum’s agenda was broad and ambitious, covering cutting-edge industries and critical infrastructure.

Sessions throughout the day focused on themes such as technology and AI innovation, renewable and traditional energy cooperation, digital infrastructure expansion, fintech and financial services, health and biotech advancements, and industrial and advanced manufacturing partnerships. Panel discussions included ministerial dialogues, CEO panels and executive roundtables designed to spur high-impact engagement in these sectors.

High-level participants

Saudi Investment Minister Khalid Al-Falih opened the forum by highlighting its timing “at a historic moment” of renewed commitment between the two nations. He pointed to the exceptional delegation of US business leaders in attendance, reflecting nearly 90 years of close relations since the first Saudi-US agreements.

The forum coincided with a US executive visit to Saudi Arabia, underscoring the strategic importance both sides place on economic partnership. In his remarks, Al-Falih emphasized that strengthening the bilateral investment relationship would benefit both economies and “the world at large.”

Notably, the list of attendees read like a Who’s Who of corporate America and Saudi industry. According to the forum program and media reports, CEOs and senior executives from companies including BlackRock, Palantir Technologies, Citi, IBM, OpenAI, NVIDIA, Meta, Amazon, Qualcomm, Alphabet (Google’s parent), Tesla and Franklin Templeton were present. On the Saudi side, key figures included Crown Prince Mohammed bin Salman — architect of Vision 2030 — as well as ministers overseeing the finance, energy, technology, tourism and health sectors. 

The presence of these leaders highlighted the forum’s focus on expanding commercial ties. Even high-profile tech entrepreneur Elon Musk was spotted on stage, seen in conversation with Saudi Minister of Communications and IT Abdullah Al-Swaha during the event.

The diversity of participants from government and industry ensured that discussions ranged from AI chips and cloud computing to sustainable energy projects and digital economy regulation.

Tech and AI partnerships

If one theme dominated the forum, it was artificial intelligence and technology. A series of headline-making deals underscored Saudi Arabia’s push to become a global hub for AI and advanced tech — with major support from US tech giants.

At the center of many announcements was HUMAIN, a newly launched Public Investment Fund-backed AI startup. 

NVIDIA CEO Jensen Huang made headlines by unveiling a landmark agreement to supply Saudi Arabia with cutting-edge AI hardware. NVIDIA will sell hundreds of thousands of its latest AI chips to HUMAIN over the next five years, starting with an initial shipment of 18,000 high-performance Blackwell GPU chips. 

In a joint statement, NVIDIA and HUMAIN said they plan to build “AI factories” with up to 500 megawatts of capacity in Saudi data centers, housing those advanced GPUs and related infrastructure.

“This marks a significant step toward positioning the Kingdom as a leader among data- and AI-driven economies,” said Dr. Abdullah Al-Ghamdi, president of the Saudi Data & AI Authority, regarding the partnership. The goal is to establish Saudi Arabia as a global leader in AI, GPU cloud computing and digital transformation — in line with the Kingdom’s aim to become an international AI hub outside the US.

Another US chipmaker, Advanced Micro Devices (AMD), announced its own multibillion-dollar partnership with HUMAIN. AMD CEO Lisa Su confirmed a $10 billion strategic collaboration to deploy 500 MW of AI computing infrastructure in Saudi Arabia over five years.

Under the deal, AMD will provide a mix of advanced CPUs, GPUs and software expertise to help build HUMAIN’s next-generation cloud platform for AI.

“Together, we are building a globally significant AI platform that delivers performance, openness and reach at unprecedented levels,” Su said in a statement. Notably, HUMAIN is working with multiple chipmakers to avoid overreliance on a single vendor, ensuring a resilient supply of AI hardware.

Also in the semiconductor space, Qualcomm signed a memorandum of understanding to develop new data center processors with Saudi partners. The San Diego-based firm — best known for its mobile chips — will work with HUMAIN on specialized CPUs for data centers, potentially leveraging technology from its Nuvia acquisition to deliver server-grade processors.

This flurry of chip deals was enabled in part by supportive policies: under a new US initiative, American tech suppliers like NVIDIA and AMD received clearance to pursue AI partnerships with Saudi entities, reflecting a government-backed effort to promote “AI diplomacy” with trusted allies.

Cloud computing giant Amazon Web Services (AWS) also played a prominent role. At the forum, AWS announced a strategic partnership with HUMAIN to develop a dedicated “AI Zone” in Saudi Arabia. AWS and HUMAIN plan to invest more than $5 billion to build this AI Zone — a cluster of state-of-the-art data centers and AI development facilities.

According to AWS CEO Andy Jassy, the zone will feature Amazon’s most advanced cloud infrastructure, including UltraCluster networking for faster AI model training, a full suite of services like SageMaker and Bedrock, and training programs to develop Saudi AI talent. 

This initiative comes on top of AWS’s previously announced $5.3 billion plan to launch a cloud region in Saudi Arabia by 2026. The AI Zone is a separate investment, focused specifically on accelerating AI innovation. HUMAIN has committed to build and deploy its AI solutions on AWS and help local startups access the platform’s tools.

Together, these moves by NVIDIA, AMD, Qualcomm and Amazon represent an unprecedented transfer of AI technology and infrastructure to Saudi Arabia as the Kingdom races to become a leader in the data-driven economy. 

The forum’s tech deals are expected to benefit the US as well. One of Saudi Arabia’s newest firms, DataVolt, announced plans to invest $20 billion in AI data centers and energy infrastructure in the US.

Additionally, a coalition of US and Saudi companies — including Alphabet (Google’s parent), Oracle, Salesforce, AMD, Uber and DataVolt — is set to invest a combined $80 billion in “cutting-edge transformative technologies” across both countries. 

While specific details were limited, the White House noted that these investments will span a range of high-tech sectors in Saudi Arabia and the US, illustrating a two-way investment flow catalyzed by the forum.

Energy, infrastructure, new industries

Beyond AI and computing, the forum spotlighted a range of sectors central to Saudi Arabia’s economic diversification plans. Energy, in particular, remains a cornerstone of US-Saudi cooperation — not only in traditional oil and gas, but increasingly in clean energy and sustainability.

Saudi officials used the event to reaffirm the Kingdom’s role as a stable oil supplier to global markets, even as it accelerates its pivot to renewables. They also highlighted joint initiatives in solar, wind and emerging energy technologies. Vision 2030’s focus on sustainability was echoed in forum sessions on “Energy & Sustainability,” which emphasized balancing energy security with climate-conscious innovation.

One standout project discussed was the massive green hydrogen venture at NEOM, Saudi Arabia’s futuristic city on the Red Sea. Rayan Fayez, deputy CEO of NEOM, described the $8.4 billion green hydrogen plant being developed as a joint venture between NEOM, Saudi utility ACWA Power and US-based Air Products.

This project — one of the world’s largest hydrogen initiatives — will use solar and wind power to produce clean hydrogen for export, showcasing how US companies are investing in Saudi sustainability efforts.

“Building a city and a region of this scale requires significant infrastructure,” Fayez said, citing 500 kilometers of fiber-optic cable already laid in NEOM, along with new data centers, solar and wind farms, and 194 kilometers of installed water pipelines.

These infrastructure projects are creating opportunities for American firms; Fayez noted that NEOM is “doing business with 83 American companies” as it builds this high-tech metropolis.

Tourism, smart mobility, real estate

Traditional sectors like tourism and real estate were also featured as key growth areas. In a panel on Saudi Arabia’s giga-projects, Jerry Inzerillo, CEO of the Diriyah Gate Development Authority, discussed the $63 billion transformation of historic Diriyah — the birthplace of the Saudi state — into a global heritage and leisure destination.

Inzerillo noted that the project, which preserves UNESCO World Heritage sites while adding museums, resorts and entertainment venues, is on time and on budget.

“We just welcomed our three millionth visitor (to Diriyah) this week … We have 45,000 workers currently on the project,” he said, adding: “Right now we’re doing business with 83 American companies” involved in the development. 

This highlights the role of US firms — from engineering and construction to hospitality — in supporting Saudi Arabia’s non-oil economic transformation.

Transportation and smart mobility also emerged as a prominent topic. Uber CEO Dara Khosrowshahi praised Saudi Arabia as one of Uber’s fastest-growing markets, with 140,000 Saudi drivers serving 4 million riders across 20 cities.

Khosrowshahi used the forum to announce plans to introduce autonomous vehicles in the Kingdom. “You will see autonomous vehicles in Saudi Arabia this year,” he said, noting that Uber is working with 18 autonomous technology partners to ensure safe deployment.

He argued that self-driving vehicles will make streets safer and eventually offer more affordable transportation, as robotic systems “continue to learn from all the miles driven all over the world.”

The vision of Saudi cities with driverless taxis — supported by US technology — illustrated the forum’s emphasis on next-generation infrastructure.

Fintech and healthtech

Financial services and fintech were also on the agenda, reflecting Saudi Arabia’s drive to modernize its financial sector through open banking, digital payments, venture capital and more.

While no specific banking deals were announced at the forum, the presence of major US financial leaders — including Citigroup CEO Jane Fraser and BlackRock CEO Larry Fink — signaled strong interest in Saudi capital markets. Discussions reportedly included financing Vision 2030 projects and expanding two-way capital flows.

With Saudi Arabia opening its stock market to more foreign investors and launching large investment funds, US financial institutions are positioning to play a significant role in the Kingdom’s economic liberalization. 

Healthcare and healthtech likewise emerged as key areas of collaboration, aligning with Saudi efforts to digitize healthcare and advance biotech research. Panels on health tech and biotechnology explored potential partnerships in pharmaceutical development, digital health platforms and medical investment.

Although most initiatives were still in the exploratory stage, Saudi Arabia’s Ministry of Health is reportedly in ongoing talks with US healthcare firms about telemedicine and hospital joint ventures.

The forum underscored that as Saudi Arabia modernizes its healthcare system — a priority under Vision 2030’s Quality of Life program — US companies in medical technology, biotech and healthcare management see growing opportunity.

Vision 2030 alignment

Throughout the forum, speakers consistently tied individual deals to the broader goals of Vision 2030 — Saudi Arabia’s blueprint for diversifying its economy away from oil by the end of the decade.

Crown Prince Mohammed bin Salman, the driving force behind Vision 2030, took the stage to emphasize the scale of US-Saudi business underway. He announced that more than $300 billion in Saudi-US deals had been signed, a figure that impressed attendees.

These agreements spanned sectors including technology, defense and infrastructure. Looking ahead, the crown prince said Saudi Arabia is targeting $600 billion in further investment opportunities with the US in the coming years — with the potential for that number to grow to $1 trillion as new projects take shape.

He noted that the United States is one of the “largest partners of the Saudi Vision 2030 reform agenda,” underscoring that joint investments are a central pillar of the bilateral economic relationship. He also highlighted that about 40 percent of Saudi Arabia’s Public Investment Fund — the $900 billion-plus sovereign wealth fund — is invested in the US. This financial interconnection is foundational to initiatives like the forum.

US representatives also praised the Kingdom’s transformation. US President Donald Trump (attending as part of a state visit) avoided politics in his public remarks, focusing instead on economic cooperation.

He commended the “phenomenal transformation” underway in Saudi Arabia, attributing it to the leadership of King Salman and Crown Prince Mohammed. Trump pointed to a striking milestone: Saudi Arabia’s non-oil revenues now exceed its oil revenues — a dramatic shift from just a few years ago. He cited this as evidence that Vision 2030 is producing real economic change.

The president also praised Saudi Arabia’s ability to preserve its cultural heritage while “embracing a forward-looking, modern Vision 2030 agenda.” These affirmations from the US side bolstered confidence in the Saudi business environment and encouraged American CEOs to deepen their engagement.

Several panel discussions looked toward the future, examining how both nations can collaborate on long-term trends. In a tourism panel, Saudi Tourism Minister Ahmed Al-Khateeb predicted that by 2030, tourism will contribute as much to Saudi GDP as oil does today — a bold forecast reflecting the country’s shifting economic priorities. 

Al-Khateeb said Saudi Arabia is increasingly recognized as “a land of green mountains, stunning Red Sea islands and a welcoming culture,” rather than solely an oil-exporting nation. This evolving image has been supported in part by US-backed investments in hospitality and entertainment.

A partnership reinforced

In another discussion, Housing and Urban Development Minister Majed Al-Hogail detailed plans for smart cities and affordable housing — areas where US engineering firms and smart technology providers are contributing their expertise.

A panel on women in business, reflecting the social development dimension of Vision 2030, highlighted progress in female leadership within Saudi companies. US multinationals are playing a role through training programs and mentorship initiatives.

While these conversations were not centered on high-dollar deals, they showcased the human and cultural dimension of US-Saudi collaboration — emphasizing knowledge-sharing and societal change.

By the forum’s end, a clear narrative had emerged: Saudi Arabia and the US are leveraging their long-standing partnership to build a new economic future based on innovation, sustainability and shared prosperity.

The announcements — from multibillion-dollar AI investments and cloud zones to joint tourism initiatives and potential fintech collaborations — all serve Saudi Arabia’s ambition to become a diversified economic powerhouse by 2030. At the same time, they support US goals of expanding global markets for American technologies and deepening relationships with stable partners.

As Saudi Investment Minister Khalid Al-Falih summarized, the Saudi-US partnership is being “renewed and reinforced” for a new era — evolving beyond its traditional oil foundation into a broader alliance across multiple strategic sectors.

The Saudi-US Investment Forum showcased this transformation in real time, with high-profile announcements and symbolic handshakes that are likely to shape the economic relationship between the two countries for decades to come.

With significant capital flows and technology transfers now underway, both nations are betting that deeper commercial ties will generate mutual benefits — creating jobs, spurring innovation and linking two major economies that, as officials often reminded attendees, are vital to each other’s success in an unpredictable global environment.

The event’s success has already sparked discussions about establishing the Saudi-US Investment Forum as a recurring platform — one that can track progress, drive new initiatives and continue advancing Vision 2030 and the next phase of US-Saudi cooperation.