The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
ICT
Neuralink Rival Partners with Saudi Arabia’s Neom on Brain Tech
Paradromics Inc., a brain implant rival to Elon Musk’s Neuralink Corp., is partnering with Saudi Arabia’s NEOM to develop brain-computer interface therapies in the Middle East and North Africa.
NEOM is a member of the U.S.-Saudi Business Council.
AI Chip Startup Groq Secures $1.5 Billion Commitment from Saudi Arabia by Reuters
Semiconductor startup Groq said it has secured a $1.5 billion (SR5.63 billion) commitment from Saudi Arabia to expand the delivery of its advanced AI chips to the country. Groq, founded by a former Alphabet engineer, is known for producing AI inference chips that optimize speed and execute commands of pre-trained models.
Salesforce Spurs AI Development in Saudi Arabia with $500 Million Investment
Salesforce plans to invest $500 million (SR1.875 billion) in Saudi Arabia to bolster artificial intelligence development in the region, which includes training up to 30,000 locals in AI skills, the customer relationship management company revealed.
U.S.-Based ServiceNow to Launch Data Centers in Saudi Arabia in 2026
U.S.-based software firm ServiceNow is set to launch data centers in Saudi Arabia in 2026, according to its Europe, the Middle East, and Africa President.
Accenture and Google Cloud Advance Sovereign Cloud and Generative AI Adoption in Saudi Arabia
Accenture is collaborating with Google Cloud to accelerate the adoption of cloud solutions and generative AI capabilities within the Kingdom of Saudi Arabia to address local data, operational, and software sovereignty needs.
Edarat Partners with KPMG on Driving AI Adoption Across Saudi Arabia
A publicly listed company on Tadawul, Edarat is one of the largest independent data center providers in the MENA region. Their new partnership with KPMG focuses on helping organizations leverage Edarat’s cloud infrastructure for AI services and solutions.
Economy & Finance
The Saudi Export-Import Bank (Saudi EXIM) has signed three reinsurance agreements with global players Allianz Trade, Bpifrance, and American International Group (AIG) to bolster trade finance and credit insurance solutions.
Western Union and urpay Collaborate to Offer International Money Transfer Services
Western Union and urpay announced the launch of international money transfer services in the urpay wallet, enabling customers to seamlessly send money to friends and family globally.
Oil, Gas, & Petrochemicals
Sipchem and LyondellBasell have received a feedstock allocation from Saudi Arabia’s Ministry of Energy to conduct a joint feasibility study for a large-scale mixed feed cracker complex, with ownership split 60 percent Sipchem to 40 percent LyondellBasell.
Aerospace & Aviation
Riyadh Air, IBM to Create AI Enterprise for Enhanced Experiences
IBM has announced a new agreement with Riyadh Air, which will integrate watsonx, IBM’s portfolio of AI products, and IBM Consulting AI solutions to establish an enterprise-wide AI capability to elevate Riyadh Air guest and employee experiences.
Power & Energy
Saudi Agriculture Giant Taps Revolutionary KARNO Tech for Vision 2030
Hyliion Holdings Corp. has signed a non-binding Letter of Intent with Al Khorayef Group to deliver up to twelve 200 kW KARNO™ generator units in Saudi Arabia. The generators will be deployed for agricultural and power generation applications, supporting Saudi Arabia’s Vision 2030 sustainability goals.
Manufacturing
Saudi Company Exports Locally Made HVAC Products to the U.S.
Johnson Controls Arabia has begun exporting Saudi-made HVAC products to the United States, with nearly 100 chillers recently shipped for use in U.S. public schools.
Food & Agriculture
PepsiCo Set to Expand in the Kingdom, with New HQ Opening in Riyadh
The soft drinks manufacturer PepsiCo is set to open its new regional headquarters in Riyadh as part of its expansion, President and General Manager of PepsiCo MENA Ahmed ElSheikh told Arab News.
Tourism & Entertainment
Savvy Unit in Talks to Buy Pokémon Go Developer for $3.5 Billion
U.S.-based Pokémon Go developer Niantic is holding talks to sell its video-game business to a unit of Savvy Games Group, a subsidiary of Public Investment Fund, for $3.5 billion (SR13.1 billion), according to Bloomberg.
Globant, a digitally native company focused on reinventing businesses through innovative technology solutions, has partnered with Red Sea Global to create a cutting-edge digital program designed to transform the connected visitor experience at one of Saudi Arabia’s most ambitious tourism destinations.
UFC, WWE Owners ‘Close’ to Saudi Arabia Deal for New Boxing League
TKO, the parent company of the UFC and WWE, is nearing an agreement with the Saudi Arabian public wealth fund to create a new boxing league, TKO Group Holdings COO Mark Shapiro told investors on an earnings call.
