Saudi-US business forum to focus on defense, artificial intelligence
A US-Saudi business forum will kick off in Riyadh tomorrow.
The Federation of Saudi Chambers will host the Saudi-US Business Forum at its headquarters in the Saudi capital with participation from the US Embassy in Riyadh. Around 200 American and Saudi businesspeople from the defense, renewable energy, informational technology and various other sectors will attend, the official Saudi Press Agency reported. Al-Monitor’s efforts to reach the US Embassy in Riyadh were unsuccessful.
Several Saudi government entities will participate in the forum, including the General Authority for Military Industries and Saudi Arabian Military Industries. The latter is owned by Saudi Arabia’s sovereign wealth fund. The Saudi Data and Artificial Intelligence Authority, Digital Government Authority, and Ministry of Information Technology will also be present, among many others, according to the agency.
Why it matters: Saudi Arabia is aggressively pursuing its Vision 2030 economic diversification plan, which aims to reduce the kingdom’s dependence on oil. Investment in futuristic technology is a major part of the plan, making it no surprise Saudi artificial intelligence and technology authorities will participate in the forum. In February, Saudi Crown Prince Mohammed bin Salman approved a new digital bank that will operate in the country. The same month, the kingdom announced billions in investments in metaverse, blockchain and other futuristic technologies.
Relatedly, Saudi Arabia’s regional ally the United Arab Emirates is also seeking to become a world leader in artificial intelligence.
US military and economic ties to Saudi Arabia have come under scrutiny in recent years. Many in Congress, particularly Democrats, want the US to stop its military support of the Saudi-led intervention in Yemen. The Saudi-led coalition has been widely criticized for civilian deaths and its blockade over parts of Yemen controlled by the Iran-backed Houthi rebels.
The Federation of Saudi Chambers has been active this year pursuing closer economic ties with a few countries. In January, the federation hosted a business forum with France. In February, it signed a trade agreement with Cyprus.