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Boston Globe
30-04-2025
- Business
- Boston Globe
Under Trump, stocks have the worst start to a presidential term since 1974
That swiftly changed when Trump unveiled his marquee suite of tariffs April 2 -- not the first new import taxes announced by his administration, but by far the most sweeping. Volatility erupted. Wall Street frantically began to grapple with the economic consequences of the new government's policies. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The S&P 500 tumbled more than 10% in two days, a drop comparable to some of the worst days of the pandemic-induced sell-off in March 2020 and, before that, the financial crisis in 2008. Advertisement Stocks have since stabilized, but the shock waves from the chaotic tariff rollout continue to send tremors through the global financial system. Some investors have questioned the United States' role at the heart of that financial system and the safety of the nation's assets during periods of market turmoil, threatening the long-held market order. There remain some optimists who note that the market turmoil did seem to eventually prompt Trump to back down on his steepest tariffs. But for many investors, even hopes of trade deals, tax cuts and deregulation -- a return to the more pro-business policies on the president's agenda -- remain marred by the sheer uncertainty over what else could happen next. Advertisement 'It's a very unstable situation,' said Michael Purves, chief investment officer at Tallbacken Capital. Promises of Prosperity Ahead It didn't start out like this. One month into Trump's term, the S&P 500 notched a record high. Investors were encouraged by the seemingly unlimited potential of artificial intelligence and a new president who had campaigned on a pro-growth agenda. Addressing the Future Investment Initiative Institute in Miami on Feb. 19, Trump assured investors of economic prosperity ahead. 'There's no better place on earth than the current and future United States of America under a certain president named Donald J. Trump,' he said. Investors were jubilant. 'There was so much optimism in the air,' said Todd Ahlsten, chief investment officer at Parnassus Investments, adding, 'There were few warning signs on the horizon.' Within a day of Trump's speech, however, worries over inflation started to weigh on the market, intensifying at the beginning of March with the announcement of 25% tariffs on Mexico and Canada. Economists expect tariffs, which are a tax on imports paid by the importer, to lead to higher prices for consumers and businesses. Investors, who once believed that Trump's aggressive campaign talk about trade imbalances would not become policy, were suddenly confronting a new reality. The president was serious about imposing tariffs, and he was willing to risk a sell-off in the stock market to achieve his goals. Advertisement Investors were still not prepared for what came next. 'A Huge Change in the Paradigm' The announcement of double-digit tariffs on countries across the globe incited the worst two-day sell-off for the S&P 500 since March 2020. The difference this time was that the slide came in direct response to government policy. 'It was a rapid sell-off, especially when you consider that there was no external shock like the pandemic,' said Mohamed El-Erian, president of Queens' College at Cambridge University and the former CEO of Pimco, one of the largest asset managers in the world. Economists began sounding the alarm that the economy, which had been experiencing steadily slowing job growth as inflation cooled, was now headed toward a much sharper downturn. The administration again shrugged off the stock slide. Investors rushed to protect their portfolios from further losses. 'The U.S. economy has gone from being celebrated for economic exceptionalism to concerns that it is slipping into stagflation or recession,' El-Erian said. 'That is a huge change in the paradigm for the world's most important economy.' The week before the tariffs were expected to go into effect, both the tech-heavy Nasdaq Composite index and the Russell 2000 index of smaller companies -- which tend to be more of a barometer of the outlook for the economy than much larger, multinational companies -- had fallen into bear markets. A bear market, in which an index falls 20% from its peak, is rare. When one occurs, it is a marker of extreme investor pessimism. In this case, analysts and economists say, it's over the direction of the economy in response to tariffs. It's a line in the sand for a sell-off turning into a sustained down market. Advertisement When markets closed April 8 -- the day before the tariffs were set to take effect -- the S&P 500 had fallen 18.9% below its February peak. With the market continuing the fall further toward a bear market as the tariffs came into force the next morning, Trump announced a 90-day pause for the most punitive tariffs on all countries except China. Stocks rallied, with the S&P 500 recording its best day since 2008. Alarm Bells Across the Financial System But it wasn't the stock market that Trump said had made him blink. That same week, something strange occurred in both the bond and currency markets. Typically, in times of turmoil, investors all over the world seek out U.S. assets as a source of reliability and safety. They buy dollars and U.S. government debt, typically pushing up the value of each. That is what happened as the stock market initially tumbled. But in the days leading up to the tariffs, both the dollar and U.S. government bonds started to fall as well, setting off alarm bells across Wall Street. Traders described a sense of panic and fear as prices lurched lower, sending yields soaring. The 30-year Treasury bond started the week with a yield of just over 4.3%. In overnight trading before the tariffs went into effect, the yield -- which is indicative of the borrowing cost for the U.S. government -- rose above 5%. That was a huge move in a market that typically moves by hundredths of a percentage point each day. 'The bond market is very tricky,' Trump remarked Traders pointed to technical thresholds that were breached in the bond market, setting off a spate of selling from different computer-driven trading strategies that automatically buy and sell based on preset programming. Advertisement Then the sell-off gathered momentum, with some analysts saying the unusual moves were a sign that investors were souring on U.S. assets amid the chaos caused by tariffs. U.S. exceptionalism is rooted in the notion that the United States plays a central role in global financial markets, where the dollar is the reserve currency and the nation's debt underpins borrowing domestically and internationally. That very notion, analysts say, has become vulnerable. Amid the chaos, Trump also ramped up attacks on the people and institutions underpinning U.S. exceptionalism, such as Jerome Powell, the chair of the Federal Reserve, whose independence helps underpin investor confidence in U.S. markets. The president was displeased that Powell had not lowered interest rates, even though Powell has warned that doing so could fuel further inflation. While many investors also long for lower rates, it is more important to them that the Fed maintain its independence. More 'Yo-Yo' Tariffs? Since April 9, there had been a shift in the tone of the administration. Officials have promoted what they say have been positive trade negotiations taking place behind the scenes. Even when the administration's claims of talks are rebuffed for being made up, as in the case of China, investors have taken the cue that the White House is trying to give the market something to cheer. Still, few are willing to bet on what happens next. One bond banker at a U.S. bank said his team was no longer making trading decisions with a time horizon of up to six months, as it was last year. Instead, uncertainty has forced it to make decisions week to week, with much dependent on the eventual level of tariffs that may not be known for weeks or even months. Advertisement Economic data will be watched closely for signs that tariffs are taking hold. Earnings reports will continue to be pored over for signs that tariffs are hitting Main Street. Then it will be July and the end of the 90-day pause that put tariffs and the market's meltdown on hold. 'If the administration moderates the tariff policy soon, and the tariff uncertainty abates, the lasting damage might be modest or negligible,' said James Egelhof, an economist at BNP Paribas. He said he was spending an increasing amount of time fielding questions from clients about what a potential economic downturn might look like if the tariff uncertainty persists. 'If we continue on a course where tariffs behave like a yo-yo, going up, then down, then up again, then this uncertainty won't abate, and it will have a paralyzing effect on businesses in particular,' he said. Highlighting that uncertainty again Wednesday, Trump pushed off blame for the current market turmoil onto his predecessor. 'This is Biden's Stock Market, not Trump's,' Trump wrote on Truth Social. 'I didn't take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. 'BE PATIENT!!' he added. This article originally appeared in
Arab News
12-04-2025
- Business
- Arab News
Turning US tariffs into opportunities for the Middle East
JEDDAH: The US's imposition of tariffs on several Middle Eastern nations signals a shift in trade dynamics, challenging traditional alliances while opening doors for new economic partnerships and diversification in the region. Gulf Cooperation Council nations, along with Egypt, Morocco, Lebanon and Sudan, are facing a 10 percent US tariff on exports to the US under Trump's new trade policy, targeting what the president described as long-standing unfair practices. While GCC states were spared the steepest penalties, other Arab countries were hit harder: Syria with 41 percent, Iraq with 39 percent, Libya with 31 percent and Algeria with 30 percent. Tunisia and Jordan received 28 percent and 20 percent tariffs, respectively. Despite the levies being on US imports, most GCC countries have trade deficits with America, importing more than they export. According to the Office of the US Trade Representative, goods imports from MENA to America totaled $61.3 billion in 2024, down 1.6 percent, or $1 billion, from 2023. The US goods trade surplus with the Middle East was $19.1 billion in 2024, a 39.8 percent increase, or $5.4 billion, on 2023. Strategic intent signals When the US imposes tariffs, the impact extends far beyond the balance sheets of exporters and importers. These policy tools, while often presented as economic levers, also serve as clear messages about strategic intent. The most recent round of US tariffs on a variety of goods has sparked concern across global markets, including among trade experts in the Middle East. Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute, told Arab News that the move was part of a broader shift in tone, saying: 'Tariffs have never just been about taxes. They are signals. And the message coming from Washington right now is: 'We're prioritizing domestic protection.'' While such a stance may make political sense in the White House, Al-Sayed believes it introduces a layer of complexity to long-standing economic ties between the US and the Gulf he said, the region has had strong energy and defense trade channels with the US, but in areas such as petrochemicals, aluminum and even some tech-linked components, there is some discomfort. Tariffs have never just been about taxes. They are signals. And the message coming from Washington right now is: 'We're prioritizing domestic protection.' Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute He emphasized that the issue extends beyond immediate cost increases, highlighting a broader shift in the tone of the relationship — from collaborative to transactional. Describing the scene in the region, he noted that it is only natural for businesses and governments to begin asking 'tough' questions — such as whether they are overly exposed to a single market, and how they can future-proof their trade strategies. 'That might lead to a bit of a cooling-off in certain sectors while we explore new or alternative partnerships,' he said. Minor impact on exports, rising diplomatic tensions Yaseen Ghulam, an associate professor of economics and director of research at Al-Yamamah University, Riyadh, told Arab News that US diplomatic relations with their allies in the region are under significant strain due to blanket tariffs on goods imported from these countries. 'Some countries are impacted more due to higher rates and a larger volume of trade. When it comes to Middle Eastern countries, the negative direct impact is not significant,' Ghulam said. However, he said that a tariff of 10 percent on exports to the US will not significantly change their volume of exports to the US. Ghulam pointed out that incidents and related shocks such as these are not common when one looks at the history of the international trade mechanism developed after World War II. 'The superpowers have always had the muscle to press a reset button. However, the speed and magnitude with which these tariffs have been introduced by the US is in fact unparalleled,' he said. The economist added that the US is a country that has dominated in politics and trade, but senses its dominance is in decline due to emerging larger trading powers such as China. Domestically, he added, the significant trade deficit the US has had over an extended period has been cited as a reason for the government's inability to upgrade infrastructure and services over the past two decades. He believes that the global community must address US concerns while preparing for a changed trade regime. 'There is also a need for dialogue to come up with arrangements that do not hurt international trade and global consumers, and that also do not give unfair advantages to some countries that have used protective policies for various economic sectors, such as agriculture and automobile manufacture, to the detriment of some exporting countries such as the US,' Ghulam said. New regional opportunities Among the sectors feeling the brunt of the US tariffs are aluminum and petrochemicals — industries in which Gulf countries such as Bahrain and the UAE have long held competitive advantages. According to Al-Sayed, these sectors are now grappling with diminishing price competitiveness in global markets with countries such as Bahrain and the UAE having built competitive export ecosystems around these industries. 'When tariffs hit, our price advantage starts to erode, and in a global market, that matters. But it is not all negative. Whenever there is a shake-up like this, new opportunities emerge. For example, sectors like agribusiness or food processing in the region could benefit as supply chains adjust and prices in the US climb,' he said. The FII official added that he sees a potential boost in re-export and logistics hubs such as Jebel Ali. 'They can step in to serve rerouted flows,' he said. Al-Sayed also highlighted the growing promise of the region's tech and green economy sectors. 'As global players look to hedge their trade exposure, they will want partners who are agile, well-positioned, and policy-stable. That is where we have an edge,' he said. Tariffs amid diversification, regional integration shift Countries in the region are increasingly prioritizing economic diversification to lessen their dependence on traditional income sources. While US tariffs have not created an immediate need for diversification, they have certainly accelerated the process. 'Diversification did not start with these tariffs. It is just accelerating now,' said Al-Sayed. He pointed out that there is also a shift toward a more regional integration, with the GCC states starting to tighten their economic cooperation. 'In times like these, neighbors matter. So, the US will remain a key player, but the region is clearly tilting toward a more balanced, multi-polar trade approach,' he said. Moreover, he added, these countries, especially under frameworks such as Vision 2030, have been on a mission to reduce overreliance on single markets. 'The current tariff situation just reinforces that urgency. You will notice stronger trade missions and deals being signed with China, India, Southeast Asia, and increasingly with Africa,' he said. Rise of strategic, sector-specific alliances Looking ahead, Al-Sayed foresees a wave of targeted, sector-specific trade agreements taking shape across the globe. Green energy partnerships with Europe, digital and AI cooperation with Asia, and food security initiatives with African nations, are all part of this evolving trade blueprint. Al-Sayed said that there is a new mindset emerging, particularly among Gulf sovereign funds and trade ministries, focused not only on importing and exporting but also on influence, access and long-term positioning. 'So, when we invest, we are thinking what market this opens and what network it unlocks. For example, do not be surprised to see strategic joint ventures in logistics, tech manufacturing, or even rare earths, where we co-own supply chains rather than just buy from them,' he said. The financial expert said that the world is rebalancing, and tariffs may seem like small policy tools, but their aftershocks are redrawing global trade maps. 'The Middle East, if it plays this right, could come out not just as a player but as a connector,' Al-Sayed said.
Arab News
01-03-2025
- Business
- Arab News
Global leaders commend KSA's progress, leadership
In his opening address at the Future Investment Initiative, recently held in Miami, US President Donald Trump praised the Saudi leadership, highlighting its strong management and economic influence. Trump underscored the need for strategic investments that generate both financial returns and long-term social impact. He said: 'Today, it is a tremendous honor to be the first American president to address the Future Investment Initiative Institute. 'I come today with a simple message for business leaders from across the nation and around the world: If you want to build the future, push boundaries, unleash breakthroughs, transform industries and make a fortune.' Trump thanked Crown Prince Mohammed bin Salman for hosting talks in Riyadh aimed at ending the Russia-Ukraine war. He further shared his impression of the Saudi leadership, emphasizing its vision and outlining the core values that great leaders should embody — peace, love, respect and strength. The president praised Saudi Arabia and its leader, saying: 'The Kingdom is a special place with special leaders.' He also commended Princess Reema bint Bandar, the Kingdom's ambassador to the US, saying: 'She is very popular.' Saudi Arabia and its leadership have rightfully earned global recognition for their remarkable achievements, setting new international benchmarks through their exceptional economic, social and political strength. Trump highlighted the Public Investment Fund, calling it a 'big fund,' and also praised the chairman and governor of the Future Investment Initiative Institute, as well as Finance Minister Mohammed Al-Jadaan. The Future Investment Initiative is a global nonprofit foundation with an investment arm and a singular agenda focused on making a positive impact on humanity. It is worth noting that the third FII PRIORITY Miami, held under the theme 'Invest with Purpose,' was designated as a catalyst for creating visionary business models, bold public policies and actionable frameworks designed to unlock extraordinary economic value. The summit has driven remarkable value creation by aligning the strategic goals of the public and private sectors, accelerating economic growth and prosperity. Meanwhile, at the Saudi Media Forum, former UK Prime Minister Boris Johnson commended Saudi Arabia's rapid transformation under Vision 2030. He highlighted the Kingdom's economic diversification, infrastructure development and social reforms, noting that 50 percent of the Saudi economy is now non-oil-based, with significant growth in the tourism, technology and renewable energy sectors. Johnson also praised the Kingdom's advancements in women's empowerment, highlighting that women now make up 35 percent of the workforce, including in the technology sector — a figure surpassing that of Silicon Valley and Europe. Reflecting on leadership, Johnson lauded Crown Prince Mohammed bin Salman as a 'leader with courage,' emphasizing the Kingdom's decisive and bold leadership. Saudi Arabia and its leadership have rightfully earned global recognition for their remarkable achievements, setting new international benchmarks through their exceptional economic, social and political strength. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
Yahoo
23-02-2025
- Business
- Yahoo
Donald Trump brings weight of the presidency to Saudis' Miami business conference
President Donald Trump spoke Wednesday at Saudi Arabia's annual investment conference in South Florida, a sign the oil giant is increasingly reaching the American mainstream with a signature event designed to promote the country as a global actor seeking to diversify its economy. Trump's speech at the Faena Forum on Miami Beach kicked off the Future Investment Initiative Institute Priority Summit Miami 2025 by showcasing the Saudis' relationship with the world's most powerful man. The event is backed by the Public Investment Fund, Saudi Arabia's sovereign wealth fund, which Bloomberg estimates holds $925 billion in assets under management. 'Today is a tremendous honor, to become the first American president to address the Future Investment Initiative Institute,' Trump told the audience, which included businessman Elon Musk, his chief of staff and national security advisor. Trump, whose Doral resort is scheduled to host the Saudi-backed LIV Golf tournament in April, has called on the oil-rich nation to invest $1 trillion in the United States. His son-in-law Jared Kushner — whose private equity firm does business with the Public Investment Fund — is scheduled to speak Thursday at the event with Middle East Envoy Steve Witkoff about the possibility of a 'new era' of investment between the Middle East and the United States. This week's conference is the Saudis' third in Miami Beach since 2023, but it is the first time Trump is attending. His presence suggests the Saudis have at least partly succeeded in diverting human rights as a concern, which in the past kept guests from attending or participating. The three-day event is drawing billionaires, wealth managers, CEOs and venture capitalists, as well as some people close to the Trump family. With the event, the Public Investment Fund is looking to draw investment back to Saudi Arabia and for opportunities in the United States. Heavy hitters from the finance world scheduled to appear on Thursday and Friday include Rob Capito, president and co-founder of Blackrock, Evan Russo, CEO of Lazard Asset Management, and Lisa McGeough, HSBC US president, CEO & head of banking. They'll be on a panel titled 'Global Markets in 2025: Reasons for Optimism and Saudi Arabia's Investment Edge' that'll be moderated by Robert Smith, founder of Vista Equity Partners, which manages over $100 billion in equity assets. The tech world will also have prominent participants, including Ben Horowitz, founding partner with venture capital firm a16z, Masayoshi Son, chairman & CEO of SoftBank Group Corp., and Dara Khosrowshahi, CEO of Uber. Attendees include billionaires with close ties to South Florida. Kenneth Griffin, founder and CEO of Citadel, is on a panel with Miami Mayor Francis Suarez and H.E. Khalid bin Abdul Al-Falih, Saudi Arabia's minister of investment. The panel is titled 'Enabling Purpose: How to Create Resilient Economies for Uncertain Times.' Other scheduled speakers with South Florida ties include Jorge Mas and Sam Nazarian. CNN, Bloomberg, CNBC and The Wall Street Journal have journalists serving as moderators. Other speakers include Steve Cohen, chairman and CEO of Point 72, Safra Catz, CEO of Oracle and Ed Bastian, CEO of Delta Airlines. Athletes Serena Williams and Lance Armstrong are also scheduled. FII's website says it is a non-profit that seeks to 'bring together leaders, visionaries, and innovators from around the world to explore the future of global investment.' The flagship conference, which started in Riyadh in 2017, 'ignites powerful dialogues, shapes investment trends, and navigates the uncertainties of our times.' Sessions this week will focus on what the group calls its four pillars: artificial intelligence and robotics, healthcare, education and sustainability. The country considers the Public Investment Fund and Saudi Vision 2030 — the blueprint for how the investment fund can be used to change its economy — as key to the country diversifying away from oil. Saudi Crown Prince Mohammed Bin Salman said in January after Trump was inaugurated that his country would seek to invest $600 billion in the U.S. over the next four years. Prior conferences were more controversial. In 2018, journalist and U.S. resident Jamal Khashoggi was murdered in Saudi Arabia. That initially clouded the conference. Numerous executives, including Uber's Khosrowshahi, didn't attend FII's flagship conference in Riyadh in 2018. Even today, there are critics. Human Rights Watch is hosting a press conference in Miami Beach on Thursday to discuss how the conference, according to the organization, is 'whitewashing the Saudi government's egregious human rights abuses.' Saudi supporters, though, see the nation as a big source of capital that is tough to resist, but also serious about several efforts to diversify their economy. The country's even betting on becoming a hub for the growing cruise industry. It's looking to Miami-Dade County and the PortMiami for advice. Last April, at a cruise industry trade show in Miami Beach, Cruise Saudi, a government-owned company funded by the country's sovereign wealth fund, had a prominent exhibit booth. Lars Clasen, CEO of Cruise Saudi, said then in an interview with the Miami Herald that it hopes to have 10 ports up and running by 2030. Sign in to access your portfolio
Leaders
22-02-2025
- Business
- Leaders
FII PRIORITY Summit 2025: Unlocking the Potential of Investment with Purpose
The Future Investment Initiative (FII) PRIORITY Summit took place in Miami, US, from February 19-21, 2025, convening top world leaders, investors and policymakers to address the pressing challenges and explore opportunities that shape the global economy. Under the theme 'Invest with Purpose,' the third edition of the FII PRIORITY Summit explored ways to create visionary business models, bold public policies, and actionable frameworks designed to unlock extraordinary economic value and advance economic growth and prosperity. FII PRIORITY Miami 2025 The FII PRIORITY Summit took place amid rapid technological transformation and evolving geopolitical landscapes. In the light of this, it stressed the urgent need for resilient and purposeful strategies. The summit focused on harmonizing the tactical goals of the public and private sectors to enable extraordinary value creation. It also emphasized the need for bold and visionary investments in transformational technologies and innovations to drive economic growth and prosperity. The FII PRIORITY Summit centered around four key pillars. These included architecting the next generation private-public alignment; disruptive technology and the exponential economy; leadership in a changing world; and frontiers of capital. Invest with Purpose The FII PRIORITY Miami Summit kicked off with a keynote address for the US President, Donald Trump, who underscored the importance of investment with purpose in shaping the economic global landscape. US President Donald Trump The US President stressed the need for strategic investments that deliver both financial and social returns. 'Today, it's a tremendous honor to become the first American President to address the Future Investment Initiative Institute,' he noted. 'I come today with a simple message for business leaders from all across the nation and all around the world. If you want to build the future, push boundaries, unleash breakthroughs, transform industries and make a fortune,' Trump said. A Call for Action In his opening speech on the summit's second day, the Chairman of the FII Institute Executive Committee, Richard Attias, made a strong call for action to tackle global challenges. 'The world faces an array of interconnected challenges—economic growth, resilience, climate change, emerging technologies, and geopolitical shifts,' he said. 'As investors, the question we must ask is: How can capital be directed to be a force for good, tackling these challenges with purpose?' he added. Donald Trump Similarly, Saudi Arabia's Ambassador to the US, Princess Reema Bandar Al Saud, highlighted the importance of purpose-driven investments in building a more equitable, resilient, and sustainable world. In her address, she called delegates to invest not only in financial growth but in humanity itself. Major Initiatives The FII PRIORITY Summit 2025 in Miami witnessed the announcement of major initiatives. During the summit, FII Institute released its latest Impact Report, titled 'Transforming Healthcare for a Health Humanity.' The report highlights revolutionary advancements and investment opportunities in healthcare innovation. Furthermore, the summit saw the establishment of the first-ever Invest Saudi office in the US, marking a significant step in boosting cross-border collaboration and accelerating investment between Saudi Arabia and the US. Saudi Arabia: An AI Pioneer During his participation in the FII PRIORITY Summit 2025, the Saudi Minister of Communications and Information Technology, Abdullah Al-Swaha, underscored the Kingdom's pivotal role as a strategic partner for the US and the world in bridging digital gaps and leading the transition towards a 'smart age.' Abdullah Al-Swaha Furthermore, Al-Swaha highlighted Saudi Arabia's efforts and ambitious vision to strengthen global cooperation in artificial intelligence (AI) and emerging technologies, according to the Saudi Press Agency (SPA). The Saudi Communications Minister said that Vision 2030, launched by Crown Prince Mohammed bin Salman, is the 'most prominent success story of the 21st century.' As a result of this transformative plan, the Kingdom's digital economy is now valued at $132bn, accounting for 50% of the region's digital economy of $260bn. A Growing Technology Hub Al-Swaha also pointed to a growth in tech talents in Saudi Arabia, from 150,000 to 381,000, demonstrating the rapid growth in technology and innovation sectors. Furthermore, he highlighted Saudi Arabia's growing appeal to investments from global tech companies, including Oracle, Google and Microsoft, positioning the Kingdom's as one of the fastest-growing global tech hubs. Owing to this, Al-Swaha invited the world to consider Saudi Arabia as the ideal partner to accelerate AI adoption. He also expressed confidence in international cooperation's ability to overcome challenges and achieve sustainable productivity in this field. Fostering Partnerships On the sidelines of the FII PRIORITY Summit, Al-Swaha held a series of strategic meetings with the CEOs of global tech companies to foster partnerships in the fields of technology and AI, investment, space development, and entrepreneurship in Saudi Arabia. In the light of this, the Saudi Minister met with the CEO of NEA, Tony Florence, to discuss supporting tech entrepreneurs and promoting investment in tech and innovation startups in the Kingdom. He also met with the CEO of Oracle, Safra Ada Katz, to explore the expansion of partnership in cloud computing and AI. Moreover, Al-Swaha met with the president and COO of SpaceX, Gwynne Shotwell, to discuss bolstering cooperation in the fields of space exploration and rocket technologies, in line with Saudi Arabia's ambitious plans in this field. To encourage investment in technology and AI, the Saudi Communications Minister met with the CEO of SoftBank, Masayoshi Son, to explore strengthening investment partnerships and supporting innovation. He also met with the CEO of Vista Equity, Robert Smith, to discuss boosting partnerships in tech investments and asset management. Short link : Post Views: 84
