Saudi Arabia is shaking up its wealth game.

Back in April 2016, they rolled out “Saudi Vision 2030”, setting their sights on catapulting Saudi Arabia into the world’s top 15 economies by 2030. They’re shooting to bump the Public Investment Fund (PIF) assets from $160 billion to almost $1.9 trillion. Plus, they aim to leap from 25th to somewhere in the top 10 on the Global Competitiveness Index. Not too shabby, right?

01

Reimagining wealth: Goodbye oil, hello innovation

The days of leaning solely on oil are winding down. Saudi Vision 2030 shows the government’s push to ditch reliance on the black gold, aka oil. Large AI models are now the talk of the town. Computing power’s the new “oil”, and Saudi’s all in.

Fast forward to the end of 2023, Saudi’s messing around with 22 active data centers. Expectations are to hit 62 soon. Keeping with the trend, during Trump’s second visit to Saudi in May 2025, AMD joined hands with a local AI firm, Humain. (For a deep dive on Humain, see “Semiconductors in the Middle East, the Future is Bright” on ICViews.)

Come August 2025, Humain kick-started building data centers in Riyadh and Dammam. Humain CEO Tareq Amin hinted they’ll switch the lights on by mid-2026. By 2030, they’re planning an impressive 1.9 gigawatts of capacity. Meanwhile, the Stargate project eyes 4.5 gigawatts for the U.S. alone.

02

Saudi’s sandy shores: The next big tech frontier

NVIDIA and AMD, tech’s big guns, didn’t come alone. Even Intel’s Pat Gelsinger popped in for a chat on semiconductors and AI. And they’re not the only ones sniffing out Saudi’s burgeoning market.

ICViews dished out juicy tidbits on data center investments since 2021. Turns out, plenty of these centers are a Saudi-China love affair, initially serving cloud needs across the Middle East.

2025 was Tencent Cloud’s year for its first Middle Eastern venture, pledging over $150 million. This might just be the beginning of Saudi’s tech transformation.

03

Why tech firms are eyeing Saudi Arabia

Energy bills got ’em hooked. Data centers guzzle energy, making U.S. giants sweat over rising costs. They project data centers might use up 12% of U.S. electricity by 2028. Saudi’s state-owned Saudi Electricity Company offers a sweet deal, meeting massive industrial demands with surplus capacity.

It’s not just the power prices—there’s ample infrastructure in the works. They’re laying down thousands of kilometers of transmission lines and throwing in new nuke plants to boot.

Don’t forget the electricity rates. In the U.S., they’re rising fast. Conversely, Saudi promises costs between 5 to 8 cents per kilowatt, making data centers smile wide.

Plus, no green spaces to mind. With the desert’s barren landscapes, data centers settle comfortably without worrying about disrupting lush nature. It’s a win-win for tech giants looking to expand seamlessly.

Not to say they’re anti-green. In line with Vision 2030, Saudi’s charging ahead with renewable energy projects, reducing its oil shackles.

04

Building more than just data centers

Saudi wants more than to be a “power-richer”. They’re beefing up in science. Enter King Abdullah University of Science and Technology (KAUST), a hub of innovation since 2009. They’re churning out cutting-edge research in semiconductors and much more.

One standout project from KAUST? Chips that stack 41 layers high, crushing the competition, all while trimming energy use. KAUST’s aligning research with innovation, having set up a cool 750 million Saudi Riyals deep-tech fund.

05

Saudi Arabia’s path ahead

By 2024, Saudi’s GDP hit $1.09 trillion. They’ve also got their eyes on the tourism pie, projected to balloon to $110.1 billion by 2033.

According to the Global Innovation Index of 2024, they’re riding high, now in the 47th spot. There’s significant buzz in China about investing here too.

Yet, as with all good stories, caution’s wise. Many boast ties to the royal circle, but sometimes wind up spinning wheels. When diving into Saudi investments, keeping both eyes open is key.

This deep dive originally appeared via “Semiconductor Industry Insights” by Liu Qian, published on 36Kr with permission.

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Imagine this: A brand like Clean Skin Club, bursting onto the scene with a $32 million investment. It’s like they’ve won the startup lottery, thanks to Astō Consumer Partners and Amberstone. You better believe they’re ready to charm every bodega and corner store with their skin care evangelism.

“Clean Skin Club is shaking up the skincare game,” announces Clayton Christopher from Astō. They’re not just hawking lotions; they’re rewriting the book on skin hygiene and getting rave reviews on Amazon while they’re at it. That’s no easy feat in today’s crowded market.

Dive into Retail

Clean Skin Club didn’t just stop at online success. September saw their grand reveal at Target. Yes, Target, America’s go-to store for just about everything. This was a clever move, tipping their hat to changing skin care habits while sipping on that science-backed, sustainable kool-aid everyone’s so wild about these days.

In the heart of its operations, the company isn’t just selling skin towels. They’re slinging innovation left and right. Their Clean Towels XL? A dermatologist-approved revelation, both eco-friendly and guilt-free. Imagine using a towel that’s 100% USDA bio-based; that’s a conversation starter right there.

The Science Bit

What aligns them with the soul of New York is their relentless pursuit of science and sustainability. Ben-David Imberman, the brains behind the operation, practically gushes about the viral love for their line-up. He’s all about rigorous testing and total quality, kind of like a Swiss watch-maker, but for your face.

And let’s not forget, Imberman is feeling the love from Astō and Amberstone, who’ve got a track record of turning digital brands into retail powerhouses. They’re all set to quadruple their reach, proving once again that science and environmental consciousness are savvy bets in today’s market.

Trendsetters Unite

Moreover, the brand’s dedication to all things vegan and cruelty-free doesn’t just tick boxes, it sets trends. Industry insiders are watching closely, anticipating a wave of eco-friendly products that’ll trigger supply chain collaborations and innovation. Indeed, there’s a hunger for skincare that respects both your face and the environment.

So, that’s Clean Skin Club for you—poised to take the skincare world by storm with all the finesse of a New Yorker ordering a bagel. Stay tuned; the ride’s just beginning, and it’s bound to get interesting.

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Propense and Thomson Reuters Ventures: The Big Leap in AI-Powered Client Services

Propense, this up-and-coming SaaS platform, is shaking things up with its fancy AI technology. It’s all about making client experiences better and helping professional services firms rake in more money through cross-selling. And now, they’ve got a big backing from none other than Thomson Reuters Ventures. This sort of investment is like the hot dog vendor suddenly getting Michelin-star recognition.

A Cool $33 Billion on the Table

Propense doesn’t mess around—they’ve been rubbing shoulders with over half of the top 100 CPA firms in the U.S. The numbers are staggering, with about $33 billion in untapped revenue identified for professional services firms since they first showed up on the scene. That’s like finding extra pizza slices when you thought the box was empty. With this partnership, they’re planning to cast their net even wider and bring in more customers.

The Power of Smart Tech

We’re talking about a platform that’s designed to read the room—or in this case, read the market. Propense’s AI digs through historical data and current trends to whip up recommendations for legal eagles and number crunchers. And it doesn’t stop there. The platform provides firm leaders and their marketing cronies with tidy data insights, helping them hit those big-mile growth goals. Check out TechCrunch for a deeper dive into AI-driven transformations.

Why All the Fuss?

Manhattan’s skyscrapers weren’t built without vision, much like Propense, which seems to have a rather grand one. As Timothy Keith, the top dog at Propense, put it, “In an increasingly competitive market, it’s all about predicting and solving client needs by digging into past engagements and keeping an eye on market trends.” Basically, Propense prepares firms to not just catch the wave but ride it.

And here’s another thing. This baby’s built with lawyers and accountants in mind. Finally, a tech that respects how they’ve been doing things for centuries. The platform slides right into existing workflows, making proactive service just another thing you do before your morning coffee.

The Dream Team: Propense and Thomson Reuters Ventures

With Thomson Reuters Ventures in their corner, Propense is gearing up for some serious expansion. Like a Mets fan gearing up for the season, they’re fully loaded. Tamara Steffens, a big wig over at Thomson Reuters Ventures, said, “We’re committed to championing Propense’s innovative spirit.” This means they’re investing not just money, but belief and strategy in Propense’s mission.

Thomson Reuters Ventures has set their sights on transforming the future of enterprise tech, and they’re not playing with a small ball. With initiatives like venture investments in transformative platforms on their agenda, they’re picking winning horses—like Propense—to bet on.

On the Road Ahead

Propense is all about evolving how firms serve their clients in this AI age—like turning your yellow taxi into an autonomous electric car, kind of. Timothy Keith is psyched about the road ahead, thanks to the backup from their new pals over at Thomson Reuters Ventures. The future? It’s looking like a stylish mix of AI-powered insights and good old-fashioned hustle.

The synergy between Propense and the likes of Thomson Reuters Ventures paints a picture of a promising future. As Keith sums it up, they’re all about empowering more accounting and legal pros to get ahead of client needs. In the big city, staying a step ahead is everything.

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