A decade into Saudi Arabia’s Vision 2030, the non-oil sector makes up 56% of $1.3 trillion economy
- In today’s CEO Daily: Diane Brady reports from the Fortune Global Forum in Riyadh.
- The big story: Trump visits Asia.
- The markets: Mostly up, with pops in Asia.
- Plus: All the news and watercooler chat from Fortune.
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, Saudi Arabia 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 its $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, Qualcomm CEO Cristiano Amon, Standard Chartered CEO Bill Winters, U.K. Chancellor Rachel Reeves, and Bridgewater Associates founder Ray Dalio. The program is underway and you can watch the livestream here.
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Contact CEO Daily via Diane Brady at diane.brady@fortune.com
This story was originally featured on Fortune.com