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Al Arabiya
23-05-2025
- Business
- Al Arabiya
Firms steam into Saudi Arabia as visa reforms accelerate foreign investment
Saudi Arabia is experiencing a surge in foreign business investment as recent regulatory reforms, visa liberalization, and economic incentives transform the Kingdom into an increasingly attractive destination for global corporations to base their headquarters. Companies from tech giants to service providers are establishing regional headquarters in the Kingdom, drawn by its strategic location, large market, and ambitious Vision 2030 economic diversification plan. For all the latest headlines follow our Google News channel online or via the app. Salesforce, the global customer relationship management leader, recently announced a $500 million investment in Saudi Arabia, including plans for a regional headquarters in Riyadh and an AI development center. 'Our decision to expand in Saudi Arabia is based on the opportunities presented by the Kingdom's ambitious Vision 2030 initiative, in addition to the size and importance of the Kingdom in the region,' Mohammed Alkhotani, senior vice president and general manager of Salesforce Middle East, told Al Arabiya English. This investment will unfold over several years and includes workforce development through AI skilling and expansion of Salesforce's local partner ecosystem. The company has already begun developing its new headquarters and implementing a hiring strategy to support projected growth. Similarly, Skin Laundry, a US-based skincare company, has designated Saudi Arabia as its entry point for Middle Eastern expansion, with plans to open 20 to 25 clinics in the Kingdom over the next five years. 'Saudi Arabia is a critical component of our expansion plan for the Middle East. Its size, population, and economic stability are key factors that led us to choose Saudi Arabia as our entry point into the region,' said Ayman Sabi, CEO of Skin Laundry MENA, also speaking to Al Arabiya English Vision 2030 aligns with corporate growth strategies The Kingdom's Vision 2030 initiative, aimed at reducing dependence on oil and developing public service sectors, has created a hospitable environment for businesses seeking long-term growth opportunities. 'Vision 2030's goals of digital transformation and economic diversification are well aligned with Salesforce's long-term growth strategy,' Alkhotani explained. 'The Kingdom's focus on building a knowledge-based economy, developing digital infrastructure, and attracting foreign investment creates a significant growth market for a broad range of technology solutions.' This alignment between national goals and corporate objectives has become a recurring theme among companies establishing or expanding operations in Saudi Arabia. 'We are fully aligned with Saudi Arabia's Vision 2030. The country's commitment to investing in infrastructure, technology, and services supports our successful expansion, and we look forward to the various initiatives that will facilitate our growth,' said Sabi. Regulatory reforms open doors for foreign investment A series of regulatory reforms has dramatically improved the business landscape in Saudi Arabia. The February 2021 announcement requiring businesses to establish regional headquarters in the country by the end of 2023 to work on government contracts has accelerated corporate relocations. Additionally, labor law changes that took effect in March 2021 have enhanced worker mobility, allowing employees to change jobs without employer approval and making the country more attractive to international talent. 'One of the most significant regulatory reforms was allowing foreign investors to operate in Saudi Arabia. As an American company, this regulatory shift was a key enabler for our entry into the market,' said Sabi. 'Additionally, ongoing efforts to streamline business operations and enhance the ease of doing business in the Kingdom have further encouraged our decision to enter and expand within Saudi Arabia.' The introduction of a temporary work visa in early 2021, permitting short-term employees to stay in the country for 90 days, along with tourist visa reforms, including visa-on-arrival for certain passport holders introduced in September 2022, have further opened the country to foreigners. Strategic geographic advantage Saudi Arabia's central location between Europe, Asia, and Africa has emerged as a critical factor in companies' decisions to establish regional headquarters in the Kingdom. 'Saudi Arabia's geographic location is another key strategic advantage. As Skin Laundry continues its global expansion, the Kingdom's central position enables us to establish a regional headquarters that can effectively support our growth across Asia, Europe, and Africa,' Sabi explained. This strategic positioning allows companies to use Saudi Arabia as a launching pad for broader regional operations, enhancing the Kingdom's status as a commercial hub. Improved business environment Business leaders report a significant transformation in Saudi Arabia's business climate compared to previous years, with streamlined processes and reduced bureaucratic barriers. 'It's now significantly easier to do business in Saudi Arabia compared to five years ago. Back then, entering the market as a foreign investor was not feasible, and obtaining visas—especially work visas for our staff—was much more challenging,' Sabi observed. 'Today, the ability to travel in and out of the country with ease, along with the notable improvements across various government agencies, marks a major shift from the past.' The Kingdom's commitment to technological advancement has particularly attracted tech companies looking to participate in Saudi Arabia's digital transformation. Salesforce plans to bring Hyperforce, its next-generation platform architecture, to Saudi Arabia through a strategic partnership with Amazon Web Services (AWS). 'Hyperforce in KSA enables Salesforce's global customer base to run workloads locally through a distributed public cloud infrastructure,' Alkhotani said, highlighting the company's commitment to building digital infrastructure in the Kingdom. Talent development As foreign companies establish operations in Saudi Arabia, many are investing in developing local talent to meet their specialized workforce needs. Salesforce has committed to upskilling 30,000 Saudi citizens in artificial intelligence, partnering with Riyadh-based Princess Nourah Bint Abdulrahman University to bring AI-focused learning and workforce development opportunities to students. 'The Kingdom is home to a large population of young, talented, and ambitious people. Salesforce is keen to help develop this talent... We have extensive experience of working with partners, including universities around the world, on training and work experience. We are excited to expand and accelerate these initiatives in Saudi Arabia,' Alkhotani said. Skin Laundry is taking a similar approach to address the technical skills required for its operations. 'Given the technical nature of our operations, accessing the right talent is a global challenge—not just a local one. To address this, we are actively investing in tailored training programs to develop the skilled workforce we need,' Sabi explained. Saudi authorities have implemented various incentives to attract foreign businesses, though the specifics vary by sector and company size. 'We have been approached by various governmental agencies encouraging us to place a headquarters in Saudi Arabia, some of them are financial, some of them are regulatory and also the possibility of investing in training programs that the government will assist us in,' Sabi noted. With a population of over 35 million, Saudi Arabia offers companies access to a large and growing consumer market, particularly appealing to retail and service companies. 'We've long seen Saudi Arabia as the key player in the Middle East. Its vast population and geographic size present a significant opportunity for growth compared to neighboring markets,' said Sabi. 'We see this scalability as one of Saudi Arabia's greatest strategic advantages.'
Reuters
21-05-2025
- Business
- Reuters
Amazon investors again reject all shareholder proposals
May 21 (Reuters) - (AMZN.O), opens new tab investors at its annual meeting again rejected all outside shareholder resolutions, including three meant to address the online retail giant's impact on climate change. Voters approved the reelection of 12 directors and proposed executive compensation. Shareholders put forth eight proposals, all of which Amazon encouraged investors to vote against. Last year, there were 14 resolutions and all failed to get sufficient votes to be enacted. Among the eight this year were a proposal that would have required additional reporting on Amazon's overall carbon emissions, another targeting data centers' climate impact and one calling for further disclosure about packaging materials, particularly plastic. Amazon said its existing disclosures are sufficient and that it is working towards reducing its environmental impacts. Two other proposals aimed at the development of artificial intelligence software were also rejected. One resolution would have had Amazon assess its board structure to consider how it might develop AI more responsibly, while the other would have required a report on data usage and collection around AI. Seattle-based Amazon asserted that it is a leader in responsible AI development, and so no changes are needed. Shareholders had also proposed that Amazon create a policy ensuring the separation of its CEO and board chair roles. The company already separates the two roles between CEO Andy Jassy and founder Jeff Bezos, but not as a mandatory policy. As CEO until 2021, Bezos had also held the chairmanship. Shareholders voted against a resolution that would have required the company to create a report on risks presented by advertising, in an effort to keep it politically neutral. Also rejected was a proposal soliciting a report on warehouse working conditions, a perennial source of criticism of the company. Amazon will later provide a full tally of the investor vote in a securities filing. Shares were down less than 1% on Wednesday to $203.20.
Forbes
12-05-2025
- Business
- Forbes
Don't Rush Copyright Changes That Could Damage UK's AI Future
Secretary of State for Science, Innovation and Technology, Peter Kyle. (Photo by Dan Kitwood/Getty ... More Images) Today, The Entrepreneurs Network has published an open letter to the Secretary of State for Science, Innovation and Technology, Peter Kyle, asking him to urge Members of Parliament and Peers to reject amendments to the Data (Use and Access) Bill that threaten to undermine the Government's careful and consultative approach to legislating on copyright and AI development. The House of Lords will debate the Data (Use and Access) Bill today, including proposals that would dramatically alter how UK copyright law applies to AI services. These amendments would undermine the Government's ongoing consultation process – one that drew over 11,000 responses, including many from our entrepreneurial network. At stake is nothing less than Britain's competitive position in the global AI race. The signatories of this letter include some of the UK's foremost experts in artificial intelligence, whose work bridges cutting-edge research and real-world application. Professor The Lord (Lionel) Tarassenko CBE, Founder of Oxehealth, is a pioneer in clinical AI and has advised government and industry on health technology for decades. Professor Alison Noble CBE, Founder of Intelligent Ultrasound, is one of the world's leading authorities on AI in medical imaging and a former President of the MICCAI Society. The signatories also include Professor Paul Newman, whose Oxa Autonomy is revolutionizing robotics and autonomous vehicles; Professor Niki Trigoni, whose groundbreaking work at Navenio has transformed AI-powered indoor location systems; and Professor Sir John Michael Brady, whose multiple AI-driven healthcare ventures have reshaped both academic research and commercial diagnostics. These are some of the minds driving Britain's AI revolution. These leading AI innovators don't attach their names to public statements lightly. Their concern echoes warnings from the recent Social Market Foundation report, Getting the balance right: Copyright and AI, which emphasized "the need to avoid rushing through a poorly designed copyright framework." Unfortunately, that's precisely what these Lords amendments represent – hasty changes with far-reaching consequences. The proposed amendments reveal a fundamental misunderstanding of AI development. They would impose crushing transparency obligations – like monthly reporting of comprehensive training data – that bear no relation to how modern AI systems are actually built. Such requirements wouldn't just be technically unfeasible and prohibitively expensive; they would force companies to reveal their intellectual property and trade secrets. The practical effect? Making the UK an impossible place to develop or deploy cutting-edge AI models. Furthermore, requiring companies 'with links to the UK' to comply with these obligations regardless of where models are trained would make it unattractive to even offer AI services here. As the Tony Blair Institute argues: 'This risks making the UK a less attractive location for businesses and researchers considering where to invest, and where to develop their next technology.' As the Government commissioned AI Opportunities Action Plan argued, 'AI systems are increasingly matching or surpassing humans across a range of tasks. Today's AI systems have many limitations, but industry is investing at a scale that assumes capabilities will continue to grow rapidly. Frontier models in 2024 are trained with 10,000x more computing power than in 2019, and we are likely to see a similar rate of growth by 2029. If progress continues at the rate of the last 5 years, by 2029 we can expect AI to be a dominant factor in economic performance and national security.' The question is whether Britain will lead or follow. Finding the right balance on these issues will be challenging, which is precisely why the Government initiated a careful, evidence-based consultation process. Resolving these tensions requires genuine leadership – not hasty amendments. The current debate around generative AI and intellectual property has been misleadingly framed as David versus Goliath: tech giants exploiting small creative producers. The reality is far more nuanced. As one analysis put it: 'The picture is significantly more complex, and could be equally cast as exploitative media and content aggregators seeking rent from technology developers for creative tools they neither developed nor envisaged.' We need policy based on facts, not oversimplified narratives. Oliver Cameron, founder of Odyssey and a signatory to our letter, captured what's truly at stake: "AI is an unprecedented technology, and I know the nuances aren't always clear, but this is a once in a generation opportunity for the UK to genuinely lead the world, and for the individual creatives of the UK to be the biggest benefactors of its benefits." This moment demands vision, not reactive legislation. The Government's consultation process must be allowed to run its course, producing policy that ensures Britain remains at the forefront of the AI revolution. The Lords should reject these amendments and allow proper, evidence-based policymaking to prevail.
The Herald
09-05-2025
- Business
- The Herald
Google cuts about 200 staff in global business unit, The Information reports
Google on Tuesday cut about 200 jobs across its global business unit, which is responsible for sales and partnerships, The Information reported on Wednesday, citing a person with knowledge of the situation. Big Tech players have been redirecting spending towards data centrEs and AI development, while scaling back investments in other areas. The company told Reuters in a statement that it was making a small number of changes across teams "to drive greater collaboration and expand our ability to quickly and effectively serve our customers". The Information reported last month that Google had laid off hundreds of employees in its platforms and devices unit, which houses the Android platform, Pixel phones and the Chrome browser among other applications. In January 2023 Google-parent Alphabet announced plans to cut 12,000 jobs, or 6% of its global workforce. It had 183,323 employees as of December 31 2024, according to a filing in February. Among other major job cuts: Facebook-parent Meta laid off about 5% of its "lowest performers" in January, while pushing ahead with the expedited hiring of machine learning engineers; Microsoft trimmed 650 jobs in its Xbox unit in September; Amazon laid off employees in several units, including communications; and Apple eliminated about 100 roles in its digital services group last year, according to media reports.
Bloomberg
08-05-2025
- Business
- Bloomberg
OpenAI Wants to Create a Public Benefit Corporation. What Does That Mean?
After months of public pressure over its effort to convert from a nonprofit into a more traditional moneymaking business, OpenAI decided to partly walk back its plan and strike a complicated balance. While the ChatGPT owner still intends to form a public benefit corporation that's meant to be more appealing to investors, the overall business would continue to be overseen by OpenAI's nonprofit entity. The push to restructure reflects OpenAI's growing business ambitions and the significant capital required to build cutting-edge artificial intelligence systems. However, OpenAI has faced pushback from former employees, academics and rivals including Elon Musk who raised concerns about the company prioritizing profits over safe AI development.
