KSA targets mega deals in key Silicon Valley talks

JEDDAH: A great number of technology agreements are expected to be signed between Saudi Arabia and US companies in the Silicon Valley during the visit of Deputy Crown Prince Mohammed bin Salman to California, according to several Saudi sources cited by Asharq Al-Awsat.

The meetings of the deputy crown prince with US technological, financial and business companies also carry an important message that Saudi Arabia is open to solid and large investments.
Prince Mohammed bin Salman headed to western US where he is expected to meet with a great number of companies in the Silicon Valley, California, following a week of extensive meetings in Washington.
The deputy crown prince is expected to remain four days in California before he heads to New York on Tuesday, the third station in his current historic trip to the US.
The Silicon Valley is considered a huge technological fortress as it includes significant number of companies such as Facebook, Google, Oracle, Intel, IBM, Apple, Adobe, Cisco and others.
The valley also includes NASA and a large number of academic centers specialized in technology. The deputy crown prince’s visit to the Silicon Valley comes two weeks after the Kingdom’s announcement that it will invest $3.5 billion in Uber, which is based in San Francisco.
Foreign Minister Adel Al-Jubeir told a press conference that the deputy crown prince plans to benefit from the latest discoveries present at the Silicon Valley and to speak with a number of CEOs for using their discoveries in implementing Saudi Vision 2030.
The National Transformation Program (NTP), which sets targets for implementing Saudi Vision 2030, aims to boost non-oil revenues and employ more Saudis.
The vision has drawn the interest of the US government, businessmen and giant corporations, especially following the visit of Deputy Crown Prince Mohammed bin Salman.
Saudi sources said that Prince Mohammed bin Salman seeks to establish a Saudi society of technicians, by seeking the help of number of experts from US technological companies in an attempt to launch new plans in the Kingdom and benefit from the young educated Saudi generation.
The deputy crown prince’s visit to the US had an important political and economic impact.
The prince had met with the economic team of the US President Barack Obama, in the presence of the deputy crown prince’s accompanying delegation.
During the meeting, participants reviewed the best ways to enhance joint and continuous cooperation between the two countries in the fields of economy and investment, in light of Saudi Vision 2030 and its ambitious economic programs, including the National Transformation Program.
A statement issued by the White House following the meeting of US President Barak Obama with the Saudi prince said the US economic team expressed a clear willingness to help Saudi Arabia implement its new economic reform vision.
On Friday, Prince Mohammed bin Salman had also met with a number of CEOs representing companies specialized in the production of military equipment, such as Boeing, Raytheon and Lockheed Martin.
The meetings discussed ways of nationalyzing the Saudi military productions and enhancing partnerships between both parties.
Finance Minister Ibrahim Al-Assaf, who is accompanying the prince in his US visit said that the meetings of Deputy Crown Prince and US administration economic team tackled in details Saudi Arabia’s Vision 2030 and other related elements such as the Public Investment Fund, Saudi Aramco, and strategic partnerships with other countries. Al-Assaf said the objective of the financial agreements between Saudi and US companies pave the way to a strategic partnership between both countries.
Separately, Prince Mohammed bin Salman is expected to meet with UN Secretary-General Ban Ki-Moon during his stop in New York.