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.
INVESTMENT
Ma’aden and GlassPoint Unveil Plans to Build Solar Thermal Technology Showcase
Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company firm in the Middle East, and GlassPoint, the leader in decarbonizing industrial process heat, unveiled plans to build a Technology Showcase for its solar steam technology during the Future Minerals Forum taking place in Riyadh, Saudi Arabia.
Saudi Arabian Mining Company (Ma’aden) is a member of the Business Council.
Magic Leap Secures $590 Million from Saudi Wealth Fund
This week, Magic Leap secured $590 million (SR2.21 billion) from Saudi Arabia’s sovereign wealth fund, which had become the company’s majority owner in late 2022. In total, the company has raised about $4.5 billion over the years.
ICT
Aramco Digital and Intel announced their intent to establish Saudi Arabia’s inaugural Open RAN (Radio Access Network) Development Center. The facility is expected to drive innovation, foster technological advancements, and contribute to the digital transformation landscape in the Kingdom.
Saudi Aramco is a member of the Business Council.
Genesys Expands Presence in Saudi Arabia with New Riyadh Office
Genesys, a global cloud leader in AI-powered experience orchestration, has opened a new office in Riyadh, marking its latest milestone for its investment in Saudi Arabia. The new Genesys office is located in Home Offices in the heart of Riyadh, one of the most economically active capitals in the Middle East.
Saudi’s Al-Moammar Information Systems Invests $5 Million in OpenAI Inc
Saudi Arabia’s Al-Moammar Information Systems Company has invested $5 million for a stake in OpenAI, Inc. OpenAI is a leading artificial intelligence company, globally recognized for its pioneering work in Large Language Models with ChatGPT, redefining the landscape of natural language understanding and innovation.
MEDICAL & PHARMACEUTICAL
Future Care Pens Deal with Johns Hopkins Aramco to Provide Home Healthcare
Future Care Trading Co. signed on Jan. 23 a contract with Johns Hopkins Aramco Healthcare Co., according to a statement to Tadawul. Under the contract, Future Care will provide home healthcare services for Saudi Aramco and Johns Hopkins employees in the Eastern Province.
Saudi Aramco is a member of the Business Council.
CONSUMER & RETAIL
Pizza Inn and Blessings Basket Link to Open 50 Restaurants in Saudi Arabia
Pizza Inn, a subsidiary of Dallas-based Rave Restaurant Group, has signed a franchise agreement with the Blessings Basket Company to expand its presence in Saudi Arabia. The agreement calls for the opening of 50 new restaurants, the first two in January 2024.
OIL, GAS, & PETROCHEMICALS
LyondellBasell announced it entered into an agreement to acquire a 35 percent interest in Saudi Arabia-based National Petrochemical Industrial Company from Alujain Corporation for approximately $500 million (SAR1.87 billion).
