{"id":84550,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/20\/pif-said-to-be-pursuing-usd-40-bn-world-scale-ai-play\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"pif-said-to-be-pursuing-usd-40-bn-world-scale-ai-play","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/20\/pif-said-to-be-pursuing-usd-40-bn-world-scale-ai-play\/","title":{"rendered":"PIF said to be pursuing USD 40 bn, world-scale AI play"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>We have a reasonably busy issue for you this morning, starting with a late-breaking: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Public Investment Fund may be cooking up a world-scale AI play<\/strong>, with officials said to be exploring the setup of a USD 40 bn fund to invest in artificial intelligence, the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/19\/business\/saudi-arabia-investment-artificial-intelligence.html\" style=\"\" rel=\"noopener\">New York Times<\/a> reports. The fund would make PIF the world\u2019s largest investor in AI and <strong>it could start investing as early as the second half of this year<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Possibly on board: Andreessen Horowitz<\/strong>, also known as A16Z, long one of Silicon Valley\u2019s highest-profile venture capital firms. Co-founder Ben Horowitz is said to be a friend of PIF Governor Yasir Al Rumayyan, with the two having reportedly spent time together socially last month in Los Vegas for the SuperBowl. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fund would invest in everything AI<\/strong>, from chipmakers and AI companies to data centers, the Times says in its exclusive. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This means we all have two must-reads this morning. <\/strong>A16Z co-founder Marc Andreessen is a polarizing figure in some circles, but he\u2019s been the clearest and most enthusiastic communicator on the notion that <a target=\"_blank\" href=\"https:\/\/a16z.com\/why-software-is-eating-the-world\/\" style=\"\" rel=\"noopener\">\u201csoftware is eating the world,\u201d<\/a> an idea he first pushed in a seminal 2011 essay. It shouldn\u2019t be a surprise, then, that he sees massive potential in AI. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GO DEEPER yourself <\/strong>in two Andreessen essays that made big waves last year \u2014 and that still resonate across the Valley:<\/p>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/a16z.com\/ai-will-save-the-world\/\" style=\"\" rel=\"noopener\">Why AI will save the world<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/a16z.com\/the-techno-optimist-manifesto\/\" style=\"\" rel=\"noopener\">The techno-optimist manifesto<\/a> <\/li>\n<\/ul>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>US Secretary of State Antony Blinken will land in Jeddah today for talks <\/strong><strong>with officials here <\/strong>as part of his sixth trip to the Middle East since the crisis in Gaza erupted in October, the State Department <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-travel\/travel-to-austria-south-korea-and-philippines-march-14-20-2024\/?utm_source=homepage&amp;utm_medium=hero&amp;utm_campaign=s_travel\" style=\"\" rel=\"noopener\">said yesterday<\/a>. Blinken travels to Cairo tomorrow. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ceasefire top of the agenda:<\/strong> \u201cthe Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza \u2026 and a political path for the Palestinian people with security assurances with Israel,\u201d the statement reads in part.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO TODAY- The US Federal Reserve wraps its two-day meeting. <\/strong>Nobody expects it to announce a rate cut this evening (Saudi time), but <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/19\/heres-everything-to-expect-from-the-federal-reserves-policy-meeting-wednesday.html\" style=\"\" rel=\"noopener\">pundits will be scouring its statement for hints of when it might start<\/a>. A Moody\u2019s analyst tells CNBC that \u201cI expect them to reaffirm three rate cuts this year, so that would suggest the first rate cut would be in June.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>AND- Shares of Saudi Cables will resume trading on the main market today<\/strong> after Tadawul lifted a near two-year suspension imposed due to a delay in disclosing financial statements, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/vVLLcoIwFP0Vu-gyk8sblvSFOlhFBIUNk0LapoWAmpZ-fiN2oY6PdtOs7smc5Nx7z8EpXuCUk0_2QgSrOSklTlIzM1wT1L4NY2_mKxDElm_HwUyBgY5jnOI056IRrzgRpCDtR5lRfg1rgn5gVzcrltM14QXjBZVVd8lpuy0qsnqnYgtzsQOR4iDQkAqq3lMVBXqi7lWE8Y1qWeekpDihHWpyVuDEsQpb158cpBYmQTolFDkW1ZFpmER1iEUMA_B8fyh75JkQPLrBWLUM8GLA6fmZD95DODEgeJiMNB-m4IH5u_dw4rgX9UM5cSL_sE6SXCnyyWiLI16vKulj-McVSfb8dpQF0f1UKu1sug94eKk_GRr2tlymrkxGzQX9Enjxj9GYb7rf7XDsOpY0aHjjDXxXs03rkHAkAfuEIxZ3hDMeNlVlaxWKokXbzmiS3fnP4YC5V987Od6x\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. Tadawul had permitted the trading of the company\u2019s shares over the counter since August 2023. The company is back in the black with <a target=\"_blank\" href=\"http:\/\/enterprise.news\/ksa\/en\/news\/story\/295e63ad-38cb-420a-8f53-b42c7e5e31e0\" style=\"\" rel=\"noopener\">net income of SAR 33.5 mn<\/a> in 9M 2023, after accumulating net losses worth SAR 117.5 mn in 9M 2022.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- The gloomy weather saga continues: Brace for some moderate to heavy <\/strong><strong>rainfall in some parts of Riyadh today<\/strong>, with a daytime high of 24\u00b0C daytime and an overnight low of 17\u00b0C. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The nasty weather looks set to continue for a while: <\/strong>We\u2019re looking at scattered thunderstorms throughout the capital city from Friday through Monday, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In <strong>Jeddah<\/strong>, it\u2019s shaping up to be a little windy, with a daytime high of 29\u00b0C and an overnight low of 23\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Meanwhile, <strong>Dammam<\/strong> is also in for clouds with temperatures oscillating between a daytime high of 24\u00b0C and an overnight low of 17\u00b0C. Expect showers on Friday.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat? <\/strong>Maghrib prayers are at 6:05pm in the capital city, and you\u2019ll have until 4:38am tomorrow to hydrate and caffeinate ahead of fajr. It\u2019s day 10 of Ramadan.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- GCC wants to fast-track talks on Schengen visa waiver scheme: <\/strong>Gulf Cooperation Council (GCC) Secretary General Jasem Al Budaiwi stressed to members of the EU\u2019s Political and Security Committee the importance of considering Schengen visa exemptions to GCC nationals, according to a <a target=\"_blank\" href=\"https:\/\/www.gcc-sg.org\/en-us\/MediaCenter\/NewsCooperation\/News\/Pages\/news2024-3-19-1.aspx\" style=\"\" rel=\"noopener\">statement by the GCC<\/a> yesterday. Al Budaiwi said he hoped the meeting in Brussels would help fastrack the talks, which \u201crequires a series of long procedures on the European side.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> GCC nations have been looking to strike an agreement with the EU that would see Gulf citizens exempted from Schengen visas. Al Budaiwi highlighted <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2076ef60-066c-4602-9e47-958abb155dcf\/no-visa-access-to-shengen-countries-coming-soon%3F\" style=\"\" rel=\"noopener\">earlier this month<\/a> Gulf nationals\u2019 \u201cpositive presence\u201d in Europe through tourism, education, healthcare, and trade exchange.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- IPO WATCH- Nomu-listed Canadian Medical Center has appointed Al Rajhi Capital as <\/strong><strong>its financial <\/strong><strong>advisor <\/strong>to quarterback its transition to Tadawul\u2019s main market, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/ldBNC4JAEAbgX-MxdrT86raSbomhJqLtJdYKE1zXw1b471vqJNjX3AaeF94ZRFGJaMduTc1kIzrWqn1PrYOJLTDWDsQxdm1Ig9AjmwjP_XSBijEggeEr4Hrpyic6EBvRv_KQJaYCyXYewQ4IWL_l4c1g-J6nYzJxwRhMVHyCDx1CROtWVK9_XqTslxpoINmJ3a-tpjoeBe9ZN2QDr4RCrqk7KDt3qOd5XkKT8GKGH6IEu5Y!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83ODgwNy9jb21wYW55U3ltYm9sLzk1MTgvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. The move is still subject to approval from the exchange.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#3- Mining giant Ma\u2019aden said a key subsidiary is still securing regulatory <\/strong><strong>approvals for its <\/strong><strong>acquisition of a 10% stake in Brazilian miner Vale<\/strong>\u2019s base metals unit, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyNDI0FA_ODVPvyA3NMIgMyA3XNdREQBpxMXF\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83ODgwOC9jb21wYW55U3ltYm9sLzEyMTEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. The transaction, which had been expected to close in 1Q 2024, is taking more time than projected because of \u201cconnections to multiple regulatory bodies in more than one country.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-&nbsp;<\/strong>Manara, a JV between the Public Investment Fund and Ma\u2019aden, <a target=\"_blank\" href=\"https:\/\/climate.enterprise.press\/stories\/2023\/07\/30\/pif-maaden-jv-manara-grabs-10-stake-in-vales-base-metals-unit-101978\/\" style=\"\" rel=\"noopener\">sealed an<\/a><a target=\"_blank\" href=\"https:\/\/climate.enterprise.press\/stories\/2023\/07\/30\/pif-maaden-jv-manara-grabs-10-stake-in-vales-base-metals-unit-101978\/\" style=\"\" rel=\"noopener\">agreement<\/a> with Brazilian miner Vale last year to grab a 10% slice of its base metals unit as it eyes a pivotal role in the global energy transition supply chains. The sale values Vale at USD 26 bn.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The backlog at King Abdulaziz Port in Dammam has begun easing<\/strong> after the General Ports Authority (Mawani) obliged shipping agents and tenants at storage yards in the port\u2019s logistics zone to work around-the-clock, sources told <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/03\/19\/article_2709876.html\" style=\"\" rel=\"noopener\">Al Eqtisadiah<\/a> yesterday. Mawani has handed fines to more than 17 shipping agents for not following its instructions to work 24\/7 to help clear the backlog, spokesperson Khaled Al Ghaith said, without providing further details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Houthi crisis in the Red Sea is to blame: <\/strong>Congestion in King Abdulaziz Port came after most Jeddah-bound maritime traffic was directed to the port in Dammam in reaction to ongoing attacks on shipping in the Red Sea. The crisis saw container handling at Dammam growing by 41.3% y-o-y in February to reach a record high of 235.8k TEUs.<\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The local Real Estate Market saw the execution of 31.2k transactions worth a <\/strong><strong>combined SAR 35.2<\/strong><strong> bn since the beginning of 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/03\/19\/article_2709896.html\" style=\"\" rel=\"noopener\">Aleqtisadiyah reports<\/a> citing an unnamed judicial source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details<\/strong>: Residential properties accounted for 85.1%, followed by commercial properties at 12%, then agricultural properties. Riyadh accounted for 46% of the transactions with 14.3k trades worth SAR 21.5 bn, followed by Makkah at 5.6k transactions worth SAR 6.3 bn, and the Eastern Province with 4.9k transactions worth SAR 4.5 bn.<\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- T<\/strong><strong>GA cracks down on unlicensed passenger transport: <\/strong>The Transport General Authority (TGA) has <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/saudi_tga_%D9%84%D8%A7%D8%AA%D8%B1%D9%83%D8%A8%D9%85%D8%B9%D8%BA%D9%8A%D8%B1%D8%A7%D9%84%D9%85%D8%B1%D8%AE%D8%B5-activity-7175566642502864898-FkLV?utm_source=share&amp;utm_medium=member_desktop\" style=\"\" rel=\"noopener\">issued a warning<\/a> that companies running unlicensed passenger transports will be slapped with fines of SAR 5k for each violation.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading the front pages this morning:<\/strong><\/p>\n<ul>\n<li>In <strong>Gaza<\/strong>, starving children fill hospital wards as famine looms (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/default\/gaza-starving-children-fill-hospital-wards-famine-looms-2024-03-19\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li>The dilemma impeding an <strong>Israel-Hamas<\/strong> ceasefire (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/the-dilemma-impeding-an-israel-hamas-cease-fire-a76ee5c4\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/li>\n<li>Israel's ban on <strong>Palestinian workers<\/strong> is hurting both economies (Bloomberg)<\/li>\n<li>In Hong Kong, <strong>China<\/strong>\u2019s grip can feel like \u2018death by a thousand cuts\u2019 (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/19\/world\/asia\/hong-kong-security-law-china.html\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private is the new public \u2014 again? <\/strong>Calpers, the biggest pension fund in the United States, wants to see private equity and credit investments account for 40% of its AUM, up from 33% now. The move will see it <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/57eb4fa4-16d5-43aa-bdee-2ffec736b31d\" style=\"\" rel=\"noopener\">pour some USD 30 bn or more into private equity<\/a> after the fund said it thinks it cost up to USD 18 bn in returns by not piling into PE earlier. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reports of the death of EV manufacturing are greatly exaggerated<\/strong>, if you\u2019ll allow us to quote Mr. Twain this morning. German carmaker Audi is looking into the possibility of <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/23c90105-3754-46f7-8e0b-9f1359736f44\" style=\"\" rel=\"noopener\">manufacturing EVs in the US of A<\/a>, piggybacking on unused space at a plant owned by parent company Volkswagen. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f404ca54-5773-400a-9629-22350d432b0d\" style=\"\" rel=\"noopener\">So maybe Saudi isn\u2019t the only one sticking with EVs\u2026<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From Planet AI: <\/strong>Google is talking to Apple about becoming the <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/apple-in-talks-to-license-google-gemini-for-iphone-ios-18-generative-ai-tools\" style=\"\" rel=\"noopener\">baked-in provider of generative<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/apple-in-talks-to-license-google-gemini-for-iphone-ios-18-generative-ai-tools\" style=\"\" rel=\"noopener\">AI services on iPhones<\/a> (it already has an agreement that makes it the default search engine of Safari) and Microsoft just hired the founder of DeepMind to run its consumer AI unit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Is the UAE seeking its own trade agreement with Europe<\/strong>, looking to bypass stalled GCC talks? That\u2019s <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uae-seeks-bilateral-eu-trade-talks-with-gcc-negotiations-impasse-sources-say-2024-03-19\/\" style=\"\" rel=\"noopener\">Reuters<\/a>\u2019 contention in an exclusive out overnight. A UAE official said the claim of separate talks was \u201cbaseless and unfounded.\u201d<\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The four-day <\/strong><strong>Townhall Expo<\/strong><strong> is slated for Thursday, 2 May<\/strong>, at Holiday Inn Hotel in Riyadh, featuring over 200 projects from Saudi-Egyptian real estate developers and investors who are aiming to wrap up EGP 2 bn in real estate transactions during the expo. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The three-day <\/strong><strong>Smart Future Expo<\/strong><strong> will open its doors on Monday, 13 May<\/strong>, at the Riyadh Front Exhibition and Convention Center. The gathering will include execs, investors, startups, and exhibitors, offering insights into smart tech including AI, AR, digital twin, cybersecurity, cloud computing, blockchain, business intelligence, IoT solutions, big data, and 3D printing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Projects tracking and analysis platform Meed is hosting the <\/strong><strong>Saudi Giga Projects 2024<\/strong><strong>forum on Monday, 13 May<\/strong>, at Crowne Plaza Riyadh, convening contractors, suppliers and top industry execs. The summit will provide an overview of the USD 870 bn mega projects currently under development across the Kingdom including Qiddiya, Roshn, and Neom. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Meed will also be hosting its annual<strong> MENA Construction Summit 2024 <\/strong>on Tuesday, 14 May, at the same venue, where industry leaders will have a chance to network and discuss the challenges and potentials of construction tech, climate change resilience and sustainable development in the digital economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two-day <\/strong><strong>Future Projects Forum<\/strong><strong> kick starts on Monday, 20 May, <\/strong>at the Four Seasons Hotel in Riyadh, where contractors and investors will be able to meet 40 project owners including Aramco, the PIF, Investment Ministry, Asir Municipality, Mawani, Modon, and the Transport General Authority. The forum is expected to feature projects worth SAR 1 tn where contractors and investors can access information about these projects and weigh their bidding success chances. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cityscape Global is slated for 11-14 November 2024 in Riyadh.<\/strong> Last year the real estate event hosted 160k visitors, 380 speakers, 300 exhibitors and saw transactions worth a combined USD 30 bn close.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ Check out our full Calendar on the web for links to all of these conferences.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: The GCC wants to fast-track talks on a Schengen visa waiver program<\/p>\n","protected":false},"author":1,"featured_media":84551,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[154,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-pif","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"399e70a3-e2fe-4f5f-8a42-286b5b4ce2db","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/1791.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi\u2019s PIF said to be pursuing USD 40 bn, world-scale artificial intelligence play","related_issue":[84548],"teaser":"Plus: The GCC wants to fast-track talks on a Schengen visa waiver program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.0d1c7ec4-4860-4f4b-8644-efa8aabc0558.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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