Announcements are still pouring in from the US-Saudi Investment Forum held in Washington last week. The forum saw USD 267 bn in new agreements with major US companies, featuring everything from AI and telecom to transportation and defense, bringing the total tally of agreements signed since May to more than USD 560 bn.

INVESTMENT-

#1- The National Development Fund (NDF) signed a SAR 12 bn MoU with NorthernTrust to manage a global equity portfolio and oversee the fund’s assets, the fund said on LinkedIn. The agreement aims to diversify investments, improve asset management, and maximize long-term returns, with a working group formed to implement the plan and explore new investment products.

The NDF also inked an MoU with State Street valued at up to SAR 750 mn to create new investment products in the Saudi stock market, such as ETFs, giving both local and international investors the chance to invest in the Kingdom’s economy, the fund said on LinkedIn. It also includes training programs to strengthen local expertise in asset management.

#2- Monshaat enters six global partnerships to support small businesses: The Small and Medium Enterprises General Authority (Monshaat) signed six agreements with companies, including The BTL Group, National Drug Source, Functional Fluidics, Puzzle Healthcare, CircNova, and Alerje, it said on X. The agreements aim to support Saudi startups and small businesses in technology, business development, and healthcare, facilitating their connection with international firms, new technologies, and paths for global growth.

ICYMI- The Kingdom will cooperate with the US on improving capital markets technology and standards and boosting partnerships with international financial institutions under a set of agreements signed between the Saudi Finance Ministry and the US Treasury Department, according to a White House fact sheet. The partnership also introduces new investment plans aimed at creating new prospects for US businesses, boosting US exports, and lowering trade barriers to directly aid US manufacturers.

TECH-

#1- The Saudi Data and Artificial Intelligence Authority (Sdaia) signed seven strategic agreements with major US tech companies, it said in several posts on X. The agreements focus on data infrastructure, workforce training, and expanding AI use in the Kingdom. They include:

  • An agreement with Supermicro covering server solutions, data center design, AI events, and training and e-learning programs to build local skills;
  • An agreement with Dell Technologies to support AI adoption through improved infrastructure, knowledge transfer, and national training initiatives;
  • An agreement with Accenture to share expertise, develop data and AI systems, support workforce training, and raise public understanding of AI;
  • An agreement with Cisco Systems to support digital transformation in the public sector and develop scalable, AI-ready data center environments;
  • An agreement with Boomi Software to help develop AI data centers using Boomi technology and expand knowledge-sharing programs;
  • An agreement with SambaNova Technologies to set up a joint sandbox for testing and developing new AI solutions;
  • An agreement with GitLab to level up cooperation in skills development, innovation projects, commercial solutions, and promote Saudi AI applications globally.

#2- Microsoft is mulling offering its sovereign-cloud services in the Kingdom, after signing a non-binding MoU with the Public Investment Fund and the Saudi Information Technology Company (Site), Microsoft said in a statement. The partnership aims to study how Microsoft cloud model can support the Kingdom’s data security, compliance, and local storage priorities, as well as collaborate on research, innovation, and knowledge sharing.

#3- Etihad Atheeb Telecommunication (Go Telecom) launched an AI platform in Silicon Valley, CEO Yahya Al Mansour told Asharq Business (watch, runtime: 3:57). The company is also building AI infrastructure through its Go Cloud platform to run AI models and has set up Go Cyber to provide security solutions across several sectors, he added. Meanwhile, the company signed 43 agreements with US-based AI firms, enabling them to offer their products and services in the Saudi market.

TRANSPORT-

#1- The Kingdom now recognizes the US Federal Motor Vehicle Safety Standards (FMVSS) as fully meeting the Kingdom’s automotive safety requirements under an agreement signed by both countries, according to a letter exchange (pdf). Adopting FMVSS is expected to improve safety and reliability in the Saudi market, protect consumers, and support the growth of the Kingdom’s industrial, transportation, and logistics sectors, state news agency SPA reports.

#2- A local vehicle manufacturing plant in the works: The Investment Ministry, the National Industrial Development Center (NIDC), Petromin Corporation and Dutch automaker Stellantis signed a four-party MoU to explore building a manufacturing plant to produce passenger and commercial vehicles, Stellantis said in a press release. The ministry and NIDC will support the project through industrial development and localization initiatives.

#3- KAUST x SkyGrid explore air transport tech: King Abdullah University of Science and Technology (Kaust) signed an MoU with SkyGrid to collaborate on advancing next-generation advanced air mobility technologies in the Kingdom, it said in a press release. The partnership focuses on preparing for future crewed and uncrewed aircraft operations by developing test environments, running flight trails, and exploring new aviation technologies in areas like aerospace management, automation, and communications.

DEFENSE-

The Defense Ministry signed eight MoUs with unnamed American companies, covering aircraft manufacturing, cybersecurity, surveillance systems, AI, and improving military readiness, it said on X. The agreements aim to increase local military production, develop national expertise, and bring advanced technologies into the country.

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