Top officials, CEOs, and investors from Saudi Arabia and the United States convened at the Saudi–U.S. Investment Forum in Riyadh for a high-profile gathering centered on economic cooperation and innovation. The one-day forum, hosted at the King Abdulaziz International Conference Center, showcased major deals and partnerships in technology, artificial intelligence (AI), energy, digital infrastructure, fintech, healthtech, and industrial innovation – all underscored by Saudi Arabia’s Vision 2030 development blueprint. The tone was collaborative and forward-looking, focusing on commerce and technology, as both nations seek to deepen ties in emerging sectors. Officials from both governments, alongside Fortune 500 executives, used the platform to announce investments and discuss long-term strategies for mutual growth.
A High-Level Agenda Targeting Key Sectors
The forum’s agenda was broad and ambitious, spanning cutting-edge industries and critical infrastructure. Sessions throughout the day were dedicated to themes such as technology and AI innovation, renewable and traditional energy cooperation, digital infrastructure expansion, fintech and financial services, health and biotech advancements, and industrial and advanced manufacturing partnerships. Panel discussions featured ministerial dialogues, CEO panels, and executive roundtables designed to spur high-impact engagements in these areas.
Saudi Investment Minister Khalid Al-Falih opened the forum by highlighting its timing “at a historic moment” of renewed commitment between the two nations. He noted an exceptional delegation of U.S. business leaders in attendance, reflecting the nearly 90 years of close relations since the first Saudi-U.S. agreements. The forum coincided with a U.S. executive visit to Saudi Arabia, underscoring the strategic importance both sides place on economic partnership. In his remarks, Al-Falih emphasized that strengthening the bilateral investment partnership would benefit both economies and “the world at large”.
Notably, the list of attendees read like a who’s who of corporate America and Saudi industry. According to the forum program and media reports, CEOs and top executives from companies such as BlackRock, Palantir Technologies, Citi, IBM, OpenAI, NVIDIA, Meta, Amazon, Qualcomm, Alphabet (Google’s parent), Tesla and Franklin Templetonwere present. From the Saudi side, senior figures included Crown Prince Mohammed bin Salman (MBS) – the architect of Vision 2030 – as well as ministers overseeing finance, energy, technology, tourism, and health sectors. The presence of these leaders signaled the forum’s focus on wide-ranging commercial ties. Even high-profile tech entrepreneur Elon Musk was spotted on stage, seen in discussion with Saudi Minister of Communications and IT Abdullah Al-Swaha during the event. This diversity of participants from government and industry ensured that topics ranged from AI chips and cloud computing to sustainable energy projects and digital economy regulation.
Tech and AI Partnerships Take Center Stage
If one theme dominated the forum, it was artificial intelligence and technology. A series of headline-grabbing deals were announced that underscore Saudi Arabia’s drive to become a global hub for AI and advanced tech – with significant help from U.S. tech giants. The Kingdom’s newly launched AI initiative, a Public Investment Fund-backed startup named HUMAIN, was at the heart of many announcements.
NVIDIA CEO Jensen Huang made waves by unveiling a landmark agreement to supply Saudi Arabia with cutting-edge AI hardware. NVIDIA will sell hundreds of thousands of its latest AI chips to HUMAIN over the next five years, starting with an initial delivery of 18,000 high-performance “Blackwell” GPU chips. In a joint statement, NVIDIA and HUMAIN said they plan to build “AI factories” with up to 500 megawatts of capacity in Saudi data centers, housing those advanced GPUs and related infrastructure. “This marks a significant step toward positioning the Kingdom as a leader among data- and AI-driven economies,” said Dr. Abdullah Al-Ghamdi, president of the Saudi Data & AI Authority, in describing the NVIDIA partnership. The goal is to establish Saudi Arabia as a global leader in AI, GPU cloud computing and digital transformation – aligning with the country’s aim to be an international AI hub outside the US.
Another U.S. chipmaker, Advanced Micro Devices (AMD), announced its own multi-billion-dollar partnership with HUMAIN. AMD’s CEO Lisa Su confirmed a $10 billion strategic collaboration to deploy 500 MW of AI computing infrastructure in Saudi Arabia over five years. This arrangement will see AMD provide a mix of cutting-edge CPUs, GPUs, and software expertise to help build HUMAIN’s next-generation cloud platform for AI. “Together, we are building a globally significant AI platform that delivers performance, openness and reach at unprecedented levels,” Lisa Su said in a statement about the deal. Notably, HUMAIN sought multiple chip partners to avoid reliance on any single vendor, ensuring a resilient supply of AI hardware.
Also in the semiconductor domain, Qualcomm revealed it had signed a memorandum of understanding to develop new data center processors with Saudi partners. The San Diego-based firm (known for mobile chips) will work with HUMAIN on specialized central processing units (CPUs) for data centers – potentially leveraging technology from Qualcomm’s acquisition of Nuvia to deliver server-grade chips. This flurry of chip deals was enabled in part by supportive policies: under a new U.S. initiative, American tech suppliers like NVIDIA and AMD received clearance to arrange these AI partnerships with Saudi entities, illustrating a government-backed push for “AI diplomacy” with trusted partners.
Cloud computing leader Amazon Web Services (AWS) likewise took a prominent role. At the forum, AWS (part of Amazon) entered a “strategic partnership” with HUMAIN to develop a dedicated “AI Zone” in Saudi Arabia. AWS and HUMAIN will invest over $5 billion to build this AI Zone – essentially a cluster of ultra-modern data centers and AI development facilities. According to AWS CEO Andy Jassy, the zone will feature Amazon’s most advanced cloud infrastructure (including AWS UltraCluster networking for faster AI model training), a full suite of AI services like Amazon SageMaker and Bedrock, and training programs to nurture Saudi AI talent. This new investment is on top of AWS’s previously announced $5.3 billion plan to launch a cloud region in Saudi Arabia by 2026. The AI Zone represents an additional commitment specifically geared towards AI innovation – separate from the general cloud region spend. HUMAIN, for its part, committed to build and use AI solutions on AWS and help local startups access these tools. Together, these moves by NVIDIA, AMD, Qualcomm, and Amazon signal an unprecedented transfer of AI technology and capacity to Saudi Arabia, as the Kingdom races to become a leader in the data-driven economy.
The deals unveiled at the forum will flow both ways, benefitting the U.S. as well. On the American side, one of Saudi Arabia’s newest tech firms, DataVolt, announced a plan to invest $20 billion in AI data centers and energy infrastructure in the United States. In addition, a coalition of U.S. and Saudi companies – including Google’s parent Alphabet, Oracle, Salesforce, AMD, Uber and DataVolt – is set to invest a combined $80 billion in “cutting-edge transformative technologies” across both countries. While details were sparse, the White House indicated these investments will span various high-tech sectors in Saudi Arabia and the U.S., exemplifying a two-way investment flow catalyzed by the forum.
Investments in Energy, Infrastructure, and New Industries
Beyond AI and computing, the forum spotlighted a range of sectors key to Saudi Arabia’s diversification plans. Energy, in particular, remains a pillar of U.S.-Saudi cooperation – not only in traditional oil and gas, but increasingly in clean energy and sustainability. Saudi officials used the event to reaffirm the Kingdom’s role as a stable oil supplier to global markets even as it pivots to renewables. They also highlighted joint initiatives in solar, wind, and emerging energy tech. Vision 2030’s emphasis on sustainability was echoed in forum sessions on “Energy & Sustainability,” which stressed balancing energy security with climate-friendly innovation.
One standout project discussed was the massive green hydrogen venture at NEOM, Saudi Arabia’s futuristic new city on the Red Sea. Rayan Fayez, Deputy CEO of NEOM, described the $8.4 billion green hydrogen plant being developed as a joint venture between NEOM, Saudi utility ACWA Power, and U.S.-based Air Products. This project – one of the world’s largest hydrogen initiatives – will use solar and wind energy to produce clean hydrogen for export, illustrating how U.S. companies are investing in Saudi sustainability efforts. “Building a city and a region of this scale requires significant infrastructure,” Fayez noted, citing 500 km of fiber-optic cable already laid in NEOM, new data centers, solar farms, wind farms, and even 194 km of water pipelines installed as the city takes shape. Such infrastructure projects are creating opportunities for American firms; Fayez revealed that NEOM is “doing business with 83 American companies” currently as it constructs this high-tech metropolis.
Traditional sectors like tourism and real estate also featured as growth areas. In a panel on Saudi Arabia’s giga-projects (large-scale developments), Jerry Inzerillo, CEO of the Diriyah Gate Development Authority, talked about the $63 billion transformation of historic Diriyah (the birthplace of the Saudi state) into a global heritage and leisure destination. Inzerillo celebrated that the project – which preserves UNESCO World Heritage sites while building new museums, resorts, and venues – is on schedule and within budget. “We just welcomed our three millionth visitor [to Diriyah] this week… We have 45,000 workers currently on the project,” he said, before adding an important fact: “Right now we’re doing business with 83 American companies” on Diriyah’s development. This underscores how U.S. firms (from engineering and construction to hospitality brands) are actively involved in Saudi Arabia’s non-oil growth ventures.
Another area of note was transportation and smart mobility. Ride-hailing company Uber’s CEO Dara Khosrowshahi praised Saudi Arabia as one of Uber’s fastest-growing markets, with 140,000 Saudi drivers serving 4 million riders across 20 cities. Khosrowshahi used the forum to announce that Uber is gearing up to introduce autonomous vehicles in the Kingdom. “You will see autonomous vehicles in Saudi Arabia this year,” he predicted, highlighting that his company is working with 18 different autonomous tech partners to ensure self-driving cars can be deployed safely. He argued that autonomous technology will make streets safer and eventually provide a cheaper form of transportation, as robotic drivers “continue to learn from all the miles driven all over the world”. The prospect of Saudi cities with driverless taxis in the near future – supported by American tech – illustrated the forum’s focus on next-generation infrastructure.
Financial services and fintech were also on the agenda, given Saudi Arabia’s push to modernize its financial sector (open banking, digital payments, VC funding, etc.). While no specific banking deals were publicly announced at the forum, the presence of major U.S. financial CEOs like Jane Fraser of Citigroup and leading investors like Larry Fink of BlackRock signaled interest in Saudi capital markets and investment opportunities. Discussions reportedly touched on financing Vision 2030 projects and expanding two-way capital flows. With Saudi Arabia recently opening its stock market to more foreign investors and launching big investment funds, U.S. financial institutions are positioning to participate in the Kingdom’s economic liberalization.
Likewise, healthcare and healthtech featured as a domain of cooperation, aligning with Saudi plans to digitize healthcare and encourage biotech research. Panels on health tech and biotechnology explored partnerships in pharmaceutical research, digital health platforms, and medical investments, though specific deals here were more exploratory. Saudi Arabia’s Ministry of Health and U.S. healthcare companies are said to be in ongoing talks about telemedicine and hospital joint ventures. The forum reinforced that as Saudi Arabia upgrades its healthcare system (part of Vision 2030’s Quality of Life goals), U.S. firms specializing in medical technologies, biotech, and healthcare management see new opportunities.
Vision 2030 Alignment and Long-Term Strategies
Throughout the forum, speakers continually tied individual deals back to the bigger picture of Vision 2030 – Saudi Arabia’s blueprint for diversifying its economy away from oil by the end of this decade. Crown Prince Mohammed bin Salman, the driving force behind Vision 2030, took the stage to affirm the scale of U.S.–Saudi business being done. He announced that over $300 billion in Saudi-U.S. deals had been signed, a figure that wowed attendees. These agreements spanned sectors from technology to defense to infrastructure. Looking ahead, Prince Mohammed said Saudi Arabia is eyeing $600 billion in further investment opportunities with the U.S. in the coming years – and he expressed hope this could even rise to $1 trillion as new projects materialize. He noted that the United States is one of the “largest partners of the Saudi Vision 2030 reform agenda,” emphasizing that joint investments are a pillar of the bilateral economic relationship. In fact, approximately 40% of Saudi Arabia’s Public Investment Fund (PIF) – the $900+ billion sovereign fund – is invested in the U.S., he highlighted. This interdependence underpins initiatives like the forum.
U.S. representatives likewise praised the Kingdom’s transformation. U.S. President Donald Trump (attending as part of a state visit) steered clear of politics in his public remarks and focused on economic cooperation. He commended the “phenomenal transformation” underway in Saudi Arabia and attributed it to the vision of King Salman and Prince Mohammed. Trump specifically pointed out an eye-opening milestone: Saudi Arabia’s non-oil revenues now exceed its oil revenues – a stark change from just a few years ago. This was cited as evidence that Vision 2030’s reforms are bearing fruit in creating new industries. The President lauded Saudi Arabia’s ability to preserve its culture and traditions while “embracing a forward-looking, modern Vision 2030 agenda”. Such affirmations from the U.S. side reinforced confidence in the Saudi business climate, which in turn encouraged the American CEOs present to deepen their engagements.
Several panel discussions were forward-looking, exploring how both nations can collaborate on long-term trends. For instance, a tourism panel featuring Saudi Tourism Minister Ahmed Al-Khateeb predicted that by 2030, tourism will contribute as much to Saudi GDP as oil does today – a striking forecast that underscores how dramatically the economic mix is expected to shift. Al-Khateeb noted that Saudi Arabia is increasingly seen as “a land of green mountains, stunning Red Sea islands and a welcoming culture”, rather than just an oil exporter. This changing perception is partly thanks to U.S.-backed hospitality and entertainment investments in the Kingdom. On a related note, Housing and Urban Development Minister Majed Al-Hogail discussed plans for smart cities and affordable housing, areas where U.S. engineering and smart-tech firms are contributing expertise.
In a panel on women in business – reflecting social development aspects of Vision 2030 – participants highlighted progress in female leadership in Saudi companies, with support from U.S. multinationals through training and mentorship programs. While such discussions were not about big-dollar deals, they demonstrated the softer side of U.S.-Saudi cooperation: knowledge exchange and cultural change.
By the forum’s conclusion, a clear narrative had emerged: Saudi Arabia and the United States are leveraging their longstanding partnership to build a new economic future centered on innovation, sustainability, and shared prosperity. The forum’s array of announcements – from multi-billion-dollar AI investments and cloud computing zones to joint tourism projects and potential fintech collaborations – all feed into Saudi Arabia’s ambition to become a diversified economic powerhouse by 2030. They also align with U.S. interests in having reliable allies invest in American industries and purchase American technologies.
As Khalid Al-Falih summed up, the U.S.-Saudi partnership is being “renewed and reinforced” for the modern era, evolving from its historical oil-based roots into a broader alliance spanning many strategic sectors. The Saudi–U.S. Investment Forum showcased this evolution in real time, with deal signings and handshake moments that will likely shape the two countries’ economic relationship for decades to come.
With substantial capital commitments and technology transfers now underway, both nations are betting that deeper commercial ties will yield mutual gains – creating jobs, spurring innovation, and further integrating two economies that are, as officials frequently reminded the audience, critical to each other’s success in an uncertain global landscape. The event’s success has already prompted discussions of making the Saudi–U.S. Investment Forum a recurring platform to track progress on these initiatives and launch new ones, all in service of Vision 2030 and the next chapter of Saudi-U.S. cooperation.
