{"id":619737,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/saudis-tilt-toward-silicon-valley-is-nearly-complete\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"saudis-tilt-toward-silicon-valley-is-nearly-complete","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/saudis-tilt-toward-silicon-valley-is-nearly-complete\/","title":{"rendered":"Saudi\u2019s tilt toward Silicon Valley is nearly complete"},"content":{"rendered":"

Saudi\u2019s tilt ful<\/strong>ly toward Silicon Valley looks nearly complete <\/strong>as Bloomberg<\/a> reports that Alat, the PIF\u2019s advanced technologies platform, would divest from China if it were asked to do so by the United States.<\/p>\n

\u201cSo far the requests have been to keep manufacturing and supply chains completely <\/strong>separate<\/strong>, but if the partnerships with China would become a problem for the US, we will divest,\u201d the business information service quotes Amit Midha, CEO of the USD 100 bn platform, as saying. <\/p>\n

Two partnerships with US companies are now in the pipeline<\/strong>, Midha said, and could be announced by the end of the year. \u201cThe US is the number one partner for us and the number one market for AI, chips and semiconductor industry,\u201d he said.<\/p>\n

IN CONTEXT- The US has been on a years-long drive to contain China\u2019s emergence as a <\/strong>significant technology rival.<\/strong> Officials in DC are asking Riyadh to agree to limit the use of some Chinese technologies as part of a pact on AI and advanced tech that the two sides hope to sign. They\u2019re simultaneously negotiating agreements on defense and nuclear power as part of a wider process that Washington hopes will see Saudi Arabia normalize relations with Israel. <\/p>\n

It\u2019s going to be a delicate balancing act: <\/strong>Riyadh and Beijing have been on a drive to build deeper ties. China is a critical crude oil market for Aramco, which is looking to invest more in Chinese refining capacity<\/a> and petchems. The first China-based ETF of Saudi shares<\/a> started trading late last year, Tadawul will host today the Hong Kong edition<\/a> of its flagship capital markets conference. Gigaprojects are in play, too<\/a>: Neom was on the road in China a few weeks ago and it\u2019s courting Chinese bankers to help finance work there.<\/p>\n

ALSO FROM PLANET FINANCE-<\/strong><\/p>\n