Saudi Arabia seeking further digital advancements in Silicon Valley 

Saudi Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha in Silicon Valley. SPA.
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Updated 05 December 2023
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Saudi Arabia seeking further digital advancements in Silicon Valley 

RIYADH: Saudi Arabia is pursuing additional global partnerships to bolster its already robust digital infrastructure as the minister of communications and information technology met with senior officials from Silicon Valley. 

Discussions between Abdullah bin Amer Al-Swaha and Antonio Neri, president and CEO of Hewlett Packard Enterprise, were held on Dec. 5 to enhance local content and contribute to the growth of the Kingdom’s digital economy. 

The meeting focused on extending the strategic partnership into modern technology, cloud computing, and the localization of servers, as reported by the Saudi Press Agency. 

The minister highlighted Saudi Arabia’s potential for a strong digital infrastructure and its status as the largest market in the region. Talks also centered around the exploration of collaboration and partnership opportunities across various sectors. 

Al-Swaha also met with ServiceNow CEO Bill McDermott and Cohere CEO Martin Kon to discuss partnership opportunities in emerging technologies and artificial intelligence. 

These talks affirm Saudi Arabia’s position as a key regional technology and innovation hub, with efforts underscoring the region’s commitment to fostering the expansion of a dynamic digital economy, aligning with the goals outlined in Saudi Vision 2030. 

In October, Saudi Arabia and Finland signed a memorandum on information, communication, and technology to strengthen strategic partnerships to support the growth of the digital economy and exchange experiences between the two countries. 

The memorandum was signed in Riyadh by Al-Swaha and the Finnish Minister of Foreign Trade and Development, Ville Tavio. 

Under the deal, the two nations agreed to cooperate in developing emerging technologies, Internet of Things, cloud, new wireless network technologies, digital capacity development, and government digital transformation. 

It will also develop joint programs covering capacity building, collaborative research projects related to technology foresight, and coordination of private sectors in Saudi Arabia and Finland. 

Some five months before this agreement, Al-Swaha held talks with Chinese company leaders and investors in the digital economy, space, and innovation sectors.  

According to the communications ministry’s website, the meeting, held in Beijing, was organized by MCIT in collaboration with eWTP Arabia Capital and the Saudi Arabia-China Entrepreneur Association to strengthen the strategic partnership between Saud Arabia and China. 

Al-Swaha emphasized fostering cooperative relationships and exchanging experiences and expertise in technological projects and initiatives. He highlighted the alignment between Saudi Vision 2030 and the Belt and Road Initiative, providing a roadmap for collaboration. 

The minister also showcased successful partnership models between the two countries in various fields and discussed the promising investment opportunities available.


Arab Energy Fund takes minority stake in Saudi energy firm APSCO 

Updated 15 January 2026
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Arab Energy Fund takes minority stake in Saudi energy firm APSCO 

RIYADH: The Arab Energy Fund has acquired a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing one of the Kingdom’s largest private energy solutions providers as it looks to expand across the Middle East and beyond. 

The investment initiates a partnership aimed at pursuing opportunities across the Middle East, North Africa, and select international markets, covering APSCO’s core and adjacent business sectors. 

The move underscores TAEF’s commitment to investing in established regional leaders while promoting innovation and sustainable growth across the energy value chain. 

According to a press release, the transaction marks The Arab Energy Fund’s first investment of 2026, following an active 2025 during which the fund completed several key deals, including investments in Jafurah Midstream Gas Co. alongside BlackRock and in the platform Tagaddod. 

Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, commented on the deal, saying: “APSCO represents a unique platform with strong fundamentals and a proven track record in critical energy segments.” 

He added: “This investment aligns with our mandate to support high-quality energy and energy-adjacent businesses that are well-positioned to capture growth across the region and beyond.” 

The Arab Energy Fund is a multilateral impact financial institution established in 1974 by 10 Arab oil-exporting countries. 

Mohammed Ali Ibrahim Alireza, managing director, APSCO, said: “We welcome The Arab Energy Fund as a strategic partner supporting our next phase of growth.” 

He added: “As a pioneer in energy solutions for over 60 years, APSCO remains committed to quality, reliability, and innovation, while continuing to contribute to Vision 2030 by enhancing efficiency and minimizing environmental impact.” 

The partnership is designed to bolster APSCO’s long-term growth strategy, operational excellence, and geographic expansion, leveraging TAEF’s regional expertise and institutional network. 

APSCO is a Saudi energy company with more than 60 years of experience in integrated energy solutions, including aviation fuels, lubricants, and a nationwide automotive retail network. 

The company holds long-term partnerships with global energy leaders, including a 60-year relationship with ExxonMobil for lubricant distribution across several Middle Eastern countries. Since 1999, APSCO has also been the exclusive aviation fueling services provider for Saudia.