Business
A decade into Saudi Arabia’s Vision 2030, the non-oil sector makes up 56% of $1.3 trillion economy
Good morning from Riyadh, where we are hosting the Fortune Global Forum. We’ve had some fascinating conversations about the business implications of the convergence of technology, geopolitics, demographics and more. AI was top of mind, from Google President Ruth Porat’s predictions about curing cancer to influencer Jordi van den Bussche’s business that’s built on creating 10,000 videos of himself every day, using an AI-generated avatar.
With its investments in AI infrastructure and obvious strengths on the power front, this is a country that is building out data centers and positioning itself as a hub for AI, entertainment, sports, finance, high-tech manufacturing and more. Almost a decade into the kingdom’s Vision 2030 economic transformation plan, the non-oil sector now contributes 56% of the Kingdom’s $1.3 trillion economy, women’s labor force participation (34%, according to the World Bank’s latest data) is surpassing early targets, and 675 global companies are now licensed to establish regional headquarters in Riyadh.
Barclays is the latest to announce a presence in Riyadh. The British lender says it’s returning to Saudi Arabia after an 11 year absence. At the Global Forum, CEO C.S. Venkatakrishnan said he’s aiming to work with trusted partners “who are there for the long term and who will help you through the teething troubles.”
But Saudi Arabia is obviously not immune to geopolitics, tariffs, investor sentiment and the challenge of finding meaningful employment for its young population. Saudi Arabia’s Minister of Investment, Khalid A. Al-Falih told Fortune Editor-in-Chief Alyson Shontell that 2025 is a pivotal moment in which “the very foundations of global business are being shaken, in a way, and being rewritten before our own eyes.”
I had a fascinating conversation with three leaders from the front lines of business in Africa, which has the youngest population on earth, with a median age of 19. Over the next 25 years the combined GDP of Africa’s 54 nations is expected to grow tenfold while the U.S. is expected to jump 30%.
I’ll be back tomorrow to report from Global Forum Day 2, which includes interviews with Delta CEO Ed Bastian, HKEX CEO Bonnie Chan, Standard Chartered CEO Bill Winters, JPMorgan’s Mary Erdoes, Binance co-founder Changpeng Zhao, and Bridgewater founder Ray Dalio. The program is underway and you can watch the livestream here.
More news below.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
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The markets
S&P 500 futures up 0.79% this morning. The last session closed up 0.79%. STOXX Europe 600 was up 0.05% in early trading. The U.K.’s FTSE 100 was down 0.05% in early trading. Japan’s Nikkei 225 was up 2.46%. China’s CSI 300 was up 1.19%. The South Korea KOSPI was down 2.57%. India’s NIFTY 50 was up 0.66%. Bitcoin is up at $115K.
Around the watercooler
Founder of $100 million company says she quit her day job to rebuild her father’s Cape Cod chip empire—and there ‘wasn’t time’ to worry about nepotism by Emma Burliegh
Meet all 37 White House ballroom donors funding the $300 million build, including Silicon Valley tech giants, crypto bros and the Lutnicks by Nino Paoli
The housing market’s fall surprise: Buyers are back, and Zillow says the momentum isn’t over yet by Ashley Lutz
Inside the $22 trillion world of private capital, an asset class so big it would be the world’s second-largest economy by Nick Lichtenberg
CEO Daily is compiled and edited by Joey Abrams and Claire Zillman.
