Saudi Arabia is actively transforming its economic landscape to become a new hub for global technology and entertainment industries. The government is employing strategies to attract global tech giants, including the FAANG firms, by offering incentives and applying pressure to relocate their regional headquarters from other Gulf countries. This move is complemented by the kingdom's venture into the entertainment sector, highlighted by the establishment of AlUla's recording studios aimed at the music industry and the creation of a $100 million fund dedicated to investing in the film industry. Additionally, Saudi Arabia is tightening its tech collaboration with China, demanding significant investments and expertise sharing from Chinese tech companies like Alibaba and SenseTime to secure substantial deals. This is part of a broader initiative that includes the launch of a new $100 billion investment firm, which has already announced a partnership with SoftBank to set up an industrial robotics facility in Riyadh, aiming to bolster local manufacturing capabilities. The Golden Visa scheme launched by Dubai is also attracting expatriates and encouraging them to set up businesses, further diversifying the region's economic base.
Saudi Arabia’s new $100 billion investment firm partners with SoftBank to bolster local manufacturing https://t.co/qxtB53zn1Z
Saudi Arabia’s new $100 billion investment firm partners with SoftBank to bolster local manufacturing https://t.co/KEqAKP3kKS
Saudi tech firm Alat to partner with SoftBank, others https://t.co/gBet4m3E1i https://t.co/PrI9NEyMSK
Saudi Arabia’s new $100 billion investment firm to set up industrial robototics facility with Softbank in Riyadh https://t.co/zGmHtTiWVX via @MattMartin128
Saudi Arabia’s new $100 billion investment firm to set up industrial robototics facility with Softbank in Riyadh https://t.co/zqvrAMMfPa
FirstFT: Saudi Arabia steps up demands in deals with Chinese tech group https://t.co/M8m9roZmTe
‘Strings attached’: Saudi Arabia steps up demands in tech deals with China https://t.co/gsEruDMJV3 via @ft
Sources: Saudi Arabia is mandating that Alibaba, SenseTime, and other Chinese tech companies invest in the kingdom and share expertise to secure huge deals (@eleanorolcott / Financial Times) https://t.co/LVfuh2byTW 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/xIRqiGH6Kn
‘Strings attached’: Saudi Arabia steps up demands in tech deals with China https://t.co/w5mzSwes2k
A Saudi Arabian investment firm is setting up a $100 million fund to invest in the kingdom’s film industry https://t.co/hbdQHa6AaO
Saudi Arabia’s Film AlUla Targets Music Industry As It Expands Studios With Recording Studio https://t.co/Ojhay6zNZk
By launching the #GoldenVisa scheme, #Dubai has shed its reputation as a transient city, attracting #expatriates and encouraging some of them to set up businesses. https://t.co/09OjPNmjy9
Saudia Arabia is becoming a new destination for global tech companies including the FAANG firms. The government is using a mix of incentives and pressure to lure regional HQs away from other Gulf countries: https://t.co/I7OeMLZnGE