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.
TRANSPORTATION
NEOM Injects $100 Million into Pony.ai to Propel Autonomous Vehicle Deployment
NEOM has unveiled a substantial investment of $100 million through the NEOM Investment Fund into Pony.ai, a U.S.-based autonomous driving company. The collaboration between NEOM and Pony.ai aims to conceptualize, produce, and deliver autonomous driving services, cutting-edge vehicles, and intelligent vehicle infrastructure across NEOM and pivotal markets in the Middle East and North Africa region.
NEOM Invests in Electric Seaglider Development
NEOM has signed an investment deal with U.S.-based electric seaglider manufacturer REGENT to improve its transport offerings. Seagliders combine the speed of an aircraft with the convenience of a boat, offering a sustainable and innovative transport option for the planned city.
NEOM is a member of the Business Council.
ENERGY
GlassPoint Partners with MISA to Build a Solar Manufacturing Facility in Saudi Arabia
GlassPoint, a U.S.-based leader in decarbonizing industrial process heat, announced it has partnered with the Saudi Ministry of Investment to build a solar manufacturing facility and technology showcase in the Eastern Province of Saudi Arabia. Last year, GlassPoint signed an MOU with the Saudi Arabian Mining Company (Ma’aden) to develop the world’s largest solar process steam plant.
TOURISM & ENTERTAINMENT
Hollywood’s Stampede Ventures and Saudi Arabia’s Film AlUla Sign $350 Million Agreement
Saudi Arabia’s Film AlUla, the film entity looking to attract international productions to a sprawling area of desert and ancient ruins, has partnered with Hollywood media company Stampede Ventures, bringing 10 productions to the region over the next three years with a projected $350 million spend.
UFC to Hold March 2024 Fight Night Card in Saudi Arabia
The UFC will hold its first-ever event in Saudi Arabia on March 2, 2024. The card will be a Fight Night in conjunction with Saudi Arabia’s Riyadh Season festival. According to a release, UFC president Dana White will announce competitors for the card in the coming months.
