Good morning from Riyadh where we host Fortune Global Forum. We had some interesting conversations about the impact of the convergence of technology, geopolitics, demographics, and more on business. Artificial intelligence is attracting the most attention, from Google President Ruth Porat predict Influencer Jordi van den Bussche’s business, about curing cancer, is based on making 10,000 videos of himself every day using AI-generated avatars.
With investments in AI infrastructure and clear strength advantages, the country is building data centers and positioning itself as a hub for AI, entertainment, sports, finance, high-tech manufacturing and more. It has been nearly ten years since I entered the Kingdom Vision 2030 According to the Economic Transformation Plan, the non-oil sector currently accounts for 56% of the Kingdom’s US$1.3 trillion economy, and female labor force participation is 34% according to the Statistics Office. world banklatest data) On track to exceed early targets675 global companies have been approved to set up regional headquarters in Riyadh.
barclays bank It is the latest company to announce its presence in Riyadh. The Bank of England said Returning to Saudi Arabia after 11 years of absence. Speaking at the global forum, CEO CS Venkatakrishnan said he aims to work with trusted partners “who will be there for the long term and help you through the teething difficulties.”
But Saudi Arabia is clearly not immune to geopolitics, tariffs, investor sentiment and the challenges of finding meaningful employment for its young people. Saudi Arabia’s Investment Minister Khalid A. Al-Falih tells us wealth Editor-in-Chief Alyson Shontell said that 2025 is a critical moment. “The foundation of global business is being shaken to some extent. rewritten before our eyes“.
I had a fascinating conversation with three leaders on the front lines of business in Africa, the country with the youngest population on earth, with an average age of 19. Over the next 25 years, the combined GDP of 54 African countries will be Expected to grow tenfold The United States is expected to rise by 30%.
I’ll be back tomorrow to report on Day 2 of the Global Forum, which will include interviews with Ed Bastian, CEO of Delta Air Lines, Bonnie Chan, CEO of Hong Kong Exchanges and Clearing, Standard Chartered Bank CEO Bill Winters, JPMorgan’s Mary Erdoes and Bridgewater founder Ray Dalio. The show is in progress, you can watch the live broadcast here.
More news below.
Contact CEO Daily via Diane Brady: dianebrady@fortune.com
Hot news
Trump in Asia
US President Donald Trump is visiting Asia and is optimistic about his upcoming talks with Chinese President Xi Jinping. Trump also predicted both sides Can facilitate TikTok transactions He will meet with Xi Jinping as early as Thursday to discuss export controls, fentanyl and shipping costs. On his first stop in Malaysia, Trump signed trade and mineral agreements with the host country and Cambodia.
US-China trade war easing
Treasury Secretary Scott Bessant ahead of Trump’s meeting with Xi Announce Imposing 100% additional tariffs on China is “virtually impossible” as China loosens its grip on rare earth metals. Bessant said soybean farmers have been struggling as China has delayed purchases of soybeans for this season, but they will be “very happy with this deal.”
Trump threatens to impose 10% tariff on TV ads
Meanwhile, Trump’s trade war with Canada has resumed. trump card Announce On Saturday, Canada planned to impose an additional 10% tariff over television ads showing former President Ronald Reagan criticizing tariffs. The ad was produced by the Ontario government.
Millay’s big victory
Argentine President Javier Milley achieve major political victory On Sunday, his party’s representation in Congress more than doubled. An electoral mandate would breathe new life into Milley’s free-market experiment, which Trump has already funded with $40 billion in U.S. bailouts.
Target pivots back to DEI
Last week’s goals Highlight it is related to The Russell Center for Entrepreneurial Innovation provides education and other services to Black founders of small businesses. The move comes after the retailer distanced itself from its diversity, equity and inclusion policies, facing months of boycotts and criticism.
market
S&P 500 Index Futures rose 0.79% this morning. It closed up 0.79% on the previous trading day. Stoxx Europe 600 Index It was up 0.05% in early trading. UK FTSE 100 Index It fell 0.05% in early trading. Japan’s Nikkei 225 Index up 2.46%. China CSI 300 up 1.19%. Korea Composite Stock Price Index down 2.57%. Indian NIFTY 50 up 0.66%. Bitcoin rises to $115,000.
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CEO Daily is compiled and edited by Joey Abrams and Claire Zillman.