Saudi AI firm Humain targets dual listing on Tadawul, NYSE in 4 years, says CEO
Saudi AI firm Humain targets dual listing on Tadawul, NYSE in 4 years, says CEO/node/2620566/business-economy
Saudi AI firm Humain targets dual listing on Tadawul, NYSE in 4 years, says CEO
Saudi artificial intelligence firm Humain, backed by the Public Investment Fund, is planning a dual listing on both the Saudi and New York stock exchanges within four years, revealed CEO Tareq Amin. Argaam
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Updated 8 sec ago
Nour El-Shaeri
Saudi AI firm Humain targets dual listing on Tadawul, NYSE in 4 years, says CEO
Updated 8 sec ago
Nour El-Shaeri
RIYADH: Saudi artificial intelligence firm Humain, backed by the Public Investment Fund, is planning a dual listing on both the Saudi and New York stock exchanges within four years, revealed CEO Tareq Amin.
Speaking to Asharq on the sidelines of the Future Investment Initiative conference, Amin said the company’s AI-powered assistant, Humain Chat, has reached 300,000 active users in the Kingdom. He said the company is targeting expansion into five new markets by December.
The announcement coincided with the signing of a strategic partnership between Humain and the FII Foundation to accelerate the development and deployment of artificial intelligence technologies.
“We have sufficient funding to support all our operational and expansion needs,” Amin told Asharq, highlighting the company’s strong financial backing.
Founded in May, Humain is building integrated AI capabilities across four core pillars: next-generation data centers, high-performance cloud computing infrastructure and platforms, advanced AI models, and positioning the Kingdom as a global hub for AI innovation.
Saudi FDI quadruples, surpassing 2030 targets, says minister at FII9
Updated 11 sec ago
Miguel Hadchity
RIYADH: ’s foreign direct investment has quadrupled, surpassing its Vision 2030 targets as the Kingdom’s economy continues to diversify away from oil, Investment Minister Khalid Al-Falih said.
Speaking at the ninth edition of the Future Investment Initiative in Riyadh, Al-Falih said the surge in investment reflects the success of Vision 2030, describing the Kingdom’s transformation plan as “a reality, not a dream,” according to the Saudi Press Agency.
This comes as foreign direct investment in the Kingdom grew by 24 percent to $31.7 billion in 2024, establishing it as a major global destination, supported by its megaprojects and preparations to host Expo 2030 and the 2034 FIFA World Cup.
“He pointed out that the non-oil economy has risen to (5 percent), indicating that the past two years have witnessed more new and promising investment opportunities in the Kingdom, including artificial intelligence and acceleration of digital transformation, pointing out that major national projects are continuing their work and some are preparing to open their doors,” the SPA report stated.
The minister outlined a fundamental shift in the nation’s economic structure, revealing that 40 percent of the state’s budget and expenditures are now financed by non-oil revenues. He further emphasized that a staggering 90 percent of all FDI flowing into the Kingdom is directed toward non-oil sectors.
Al-Falih emphasized that the Kingdom’s economy “is no longer oil-based,” highlighting rapid progress in advanced manufacturing, technology, tourism, entrepreneurship, deep tech, and venture capital.
He also highlighted the Kingdom’s ability to navigate a series of global obstacles, including the COVID-19 pandemic, oil price fluctuations, and regional tensions. He credited this resilience to the nation’s substantial financial reserves and overall stability, which he described as a key strength.
The minister also noted that major giga-projects are continuing their work, with some preparing to open their doors. Al-Falih reaffirmed ’s strong belief in powerful partnerships between the government and the private sector, as well as with foreign investors.
According to Argaam, the minister stated that with many large-scale projects, like the Red Sea Project, now at an advanced stage, the Kingdom should scale back government and Public Investment Fund spending and allow the private sector to lead future investment.
“These assets should now be transferred to the market to observe how they perform under private sector management,” Argaam reported Al-Falih as saying.
Al-Falih emphasized that the Kingdom is committed to reducing barriers to doing business, signaling a continued open-door policy for international capital.
Echoing this sentiment, other participants agreed that such collaborations are essential for achieving goals in a shorter timeframe. They stressed that sectors related to energy remain particularly promising and ripe with innovation capable of building a better future for humanity.
Qatar finance minister says AI to be big part of US investments, UK-Gulf trade deal close
Updated 44 min 48 sec ago
Reuters
RIYADH: Qatar’s finance minister said on Tuesday that artificial intelligence would be a big part of planned Qatari investments in the US.
“I would say most of the (QIA investment) will be in technology and AI because we see the growth in this field, and it is going to be rewarding,” Ali Ahmed Al-Kuwari said, speaking in Riyadh at the annual Future Investment Initiative conference.
“Now we see the huge growth in the US economy is coming from technology and AI and we believe this is one area we are going to focus on,” he said.
The Qatar Investment Authority, Qatar’s sovereign wealth fund, plans to at least double its annual US investments in the next decade, its CEO said in May.
The fund had already pledged to invest $500 billion in the US economy over the next 10 years.
Al-Kuwari also highlighted the importance of the sector for diversifying Qatar’s own economy and reducing its dependence on hydrocarbon income.
Speaking alongside his British counterpart Rachel Reeves, Kuwari said a trade agreement between the UK and the Gulf Cooperation Council was “almost done.”
Reeves said on Monday she was confident a trade deal with Gulf countries could be done quickly after she had “really good” meetings about an agreement that could help her plan to speed up economic growth.
UAE pledges $6bn in new tourism investment mapping with Africa
Updated 28 October 2025
MOHAMMED AL-KINANI
JEDDAH: A new $6 billion investment mapping intiative was unveiled at the UAE–Africa Tourism Investment Summit 2025, signaling a push to strengthen tourism, infrastructure, and connectivity links across the continent.
Announced during a high-level ministerial roundtable in Dubai, it is expected to generate around 70,000 jobs across multiple African countries, according to UAE Minister of Economy and Tourism Abdulla bin Touq Al-Marri, the Emirates News Agency, also known as WAM, reported.
The plan positions tourism as a central pillar for sustainable development and economic diversification, underscoring the UAE’s growing role as a key investor and strategic partner in Africa.
Al-Marri said that the UAE and Africa stand at a pivotal moment in developing a resilient and sustainable tourism sector.
He added: “This milestone is marked by the launch of a new investment mapping featuring diverse tourism projects in the fields of aviation, logistics services, infrastructure, and the digital sector, with an estimated total value of approximately $6 billion and the potential to generate 70,000 job opportunities in various countries of the African continent.”
Between 2019 and 2023, UAE investments in Africa exceeded $110 billion, ranking the Gulf nation as the fourth-largest investor globally on the continent, after the US, China, and the EU.
Over $70 billion of that capital has gone into green and renewable energy projects, highlighting the UAE’s focus on sustainable growth.
Al-Marri noted that tourism ranks among the top five Emirati investment sectors in Africa, alongside energy, infrastructure, logistics, and real estate.
The new round of projects announced at the summit marks an expansion of this strategy, building on the UAE’s ambitions to align investment with climate goals and sustainable tourism development.
The summit, which began in Dubai on Oct. 27 under the theme “Building Bridges for Sustainable Growth,” is organized by The Bench as part of the Future Hospitality Summit 2025.
The summit coincided with remarks from Secretary-General Elect of the UN World Tourism Organization for the 2026–2029 term, Shaikha Nasser Al-Nowais, who revealed that the global tourism and travel sector contributed $10.9 trillion to the world’s gross domestic product in 2024, accounting for 10 percent of the global economy.
Speaking to WAM on the sidelines of the summit, she said this contribution is expected to rise to $11.7 trillion in 2025, marking a 6.7 percent increase over 2024 and a 13 percent growth compared with 2019 levels.
Al-Nowais noted that while the sector’s recovery continues to outpace global growth, it faces mounting challenges from climate change, rapid technological shifts, and geopolitical tensions — areas that require innovation and cross-regional collaboration to address.
Nigeria’s Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musa Musawa, stated that tourism cooperation between the UAE and Nigeria offers a promising avenue for mutual benefits.
She highlighted some strategic projects for collaboration with the UAE and Emirati investors.
On the domestic front, Al-Marri said tourism investments in the UAE reached 28.8 billion dirhams ($7.78 billion) in 2023, rose to 32.2 billion dirhams in 2024, and are expected to reach 35.2 billion dirhams in 2025, “reflecting the country’s ongoing efforts to provide exceptional investment opportunities,” WAM added.
Indian firms eye Saudi petrochemical investments, refining ventures
Updated 28 October 2025
Mahmoud Laota Al-Eqtisadiah
RIYADH: Indian companies and business groups are stepping up efforts to tap into ’s growing petrochemical sector, with a focus on refining complexes, technology partnerships, and joint ventures, according to an official at the Indian Embassy in Riyadh.
The move underscores the expanding economic cooperation between the two nations, with chemicals and petrochemicals forming a key pillar of bilateral trade. The partnership was further reinforced during a recent high-level meeting aimed at boosting investment and technological exchange, Al-Eqtisadiah reported.
’s emergence as a global petrochemical hub has been driven by long-term strategy, major investments, and a strong push for economic diversification. Industry experts told Arab News earlier this month that the Kingdom’s petrochemical production capacity is set to double within five years — from about 75 million to more than 140 million tonnes annually — according to Hector Casas, principal at Arthur D. Little Middle East.
In response to Al-Eqtisadiah’s inquiries, the Indian Embassy said , one of the world’s largest petrochemical producers, has offered to supply the Indian market with a wide range of products including plastics, polymers, and organic chemicals derived from its extensive oil and gas reserves.
Strengthening industrial links
India, home to a robust industrial base in specialty and value-added chemicals, pharmaceuticals, and industrial materials, is seeking to deepen collaboration with the Kingdom through joint ventures, technology transfer, and investment in refining and petrochemical facilities.
The embassy added that several Indian startups are exploring new investment opportunities in , while recent discussions also focused on enhancing trade cooperation in sectors such as construction, contracting, healthcare, and information technology.
In line with Vision 2030 goals to boost local manufacturing, ’s Ministry of Investment signed a $1 billion agreement in January 2023 with India’s UPL Ltd. to produce specialty agricultural chemicals in the Kingdom. In February, the Saudi minister of industry and mineral resources visited UPL’s research and technology center in India to review the company’s advanced production techniques.
Expanding presence
Saudi mining giant Ma’aden has strengthened its footprint in India through Ma’aden Marketing Services Co., along with long-term fertilizer supply deals. Meanwhile, Saudi Aramco and Sipchem maintain active distribution networks and partnerships in the Indian market.
Bilateral trade between the two nations reached $41.9 billion in fiscal year 2024-25, with the chemicals and petrochemicals segment accounting for about 10 percent ($4.5 billion).
A Saudi delegation led by Khalil bin Ibrahim bin Salamah visited India in October 2025 to meet counterparts from the Ministry of Chemicals and Petrochemicals, discussing potential investments in Indian petrochemical zones and collaborations across the industrial value chain.
currently ranks as India’s fifth-largest trading partner, while India is the Kingdom’s second-largest. During FY 2024-25, India imported $30.1 billion worth of goods from and exported $11.8 billion in return.
Key Indian exports to include engineering goods, rice, pharmaceuticals, textiles, and jewelry, while Saudi exports to India are led by crude oil, LNG, fertilizers, and plastics.
More than 5,000 Indian companies operate in across sectors including construction, IT, healthcare, and finance, with over 40 firms establishing regional headquarters in the Kingdom in the past two years.
The two nations continue to strengthen cooperation in education, training, tourism, healthcare, and energy. India currently imports around 14 percent of Saudi crude oil output and 18 percent of its LNG exports, underscoring the strategic depth of their economic partnership.
‘Untapped’ potential for business cooperation in the Kingdom, says Finland’s economy minister
Updated 28 October 2025
Lama Alhamawi
RIYADH: Finland sees untapped potential in commerical opportunities in , according to the European country’s Minister of Economic Affairs Sakari Puisto.
Speaking to Arab News on the sidelines of 9th Future Investment Initiative, the minister referenced numerous giga-projects and Expo 2030 as areas of interest.
Puisto highlighted that Finnish firms have consistently been present in the Kingdom for many years, explaining that most recently Kone — a company specializing in elevators — won the bid for the Jeddah Tower.
“Even though we have had good business relations with Finnish companies being in for a long time, I think there is a lot of commercial potential to be untapped,” Puisto told Arab News.
Puisto made his first visit to the Kingdom to speak on a ministerial panel during FII9, and he also planned to hold multiple sideline meetings to strengthen Saudi-Finnish cooperation, meeting with the ministers of commerce, industry, energy, sports, economy and planning.
Sakari Puisto speaking to Arab News on the sidelines of 9th Future Investment Initiative. AN/Jaafar Saleh
Discussing bilateral ties and historic relations between and Finland, Puisto described how the two countries have had long-standing diplomatic relations, adding that there is room to increase cooperation, especially under Vision 2030 projects.
“We see a lot of potential here with Vision 2030 by his Royal Highness Crown Prince Mohammed bin Salman and that is all of the projects associated with that for instance, NEOM, Expo 2030,” Puisto detailed.
As a part of his visit, the minister visited the Expo 2030 offices, commenting: “It was a very, very welcoming, open experience. We were there this morning and met with the leadership, and they showed the master plan.”
He added: “First of all, it’s very impressive, like the districts how they planned it. And they are not only planning for the expo itself, but also transforming it afterwards into a global village.”
The event will provide many “possibilities for tech solutions for instance, how to manage the private network the waste management, or like showcasing for the future technologies, recycling, environmentally friendly technologies,” the minister said.
“They were very open and for the discussions, and I think we impressed them with our company portfolio,” he added.
Reflecting on his perception of the Kingdom, Puisto said: “I remember in the previous session, my first session in the parliament, I realized that there’s a lot of things going on in and lots of modernization. is having a huge urban development.”
Promoting Finish businesses where he sees areas of potential collaboration is one of his commitments, and he said is ” certainly one of the top, top picks” in this regard.
The minster also highlighted the various tech solutions offered by Finish companies, setting out how they could help .
“Today, I met with the Expo leadership, and they said that Expo 2030 foresight is essential, because it’s five years from now, essentially. So, much of the technology of today will be outdated by then. So, they need to look forward,” he said, adding: “I think we have a good sort of business opportunities there.”
During a reception held in the embassy in honor of the minister’s visit, Ambassador of Finland to Anu-Eerika Viljanen delivered the opening remarks highlighting the areas of commercial cooperation between the two countries.
“Our strengths complement one another so nicely. Finland’s expertise in sectors such as innovation, technology, and circular economy meets ’s bold and forward-looking Vision 2030,” Viljanen told Arab News.
“It is a vision that aligns closely also with Finland’s aspirations, and I am proud to say that Finland and Finnish companies eagerly continue to partner with you and contribute to the success of your country,” the ambassador added.
