Economic relations between Saudi Arabia and the United States are witnessing a new phase after the signing of several agreements and memorandums of understandings worth hundreds of billions of dollars in various sectors, including the technology sector.
Agreements signed between Saudi Arabia and the US in the technology sector included the signing of an MoU between the Saudi government and Microsoft to contribute to the digital transformation of Saudi Arabia through the transfer of knowledge and acquisition of systems related to artificial intelligence.
Four other MoUs were also signed between a number of Saudi companies, including Saudi Aramco, Saudi Electricity Company and Safnat, with a number of US companies to build the advanced data systems and optimize the utilization of 4G technologies in the areas of their work to improve business efficiency and development.
Agreements signed by Saudi Aramco included one with Honeywell to make use of the company's services in the Fourth Industrial Revolution to create 400 jobs by 2020, and an agreement with GE to support the digital conversion of Aramco operations in the Fourth Industrial Revolution worth $4 bln and expected to create 750 jobs by 2020.
Saudi Arabian Mining Company Maaden signed an agreement with Alcoa to expand its mining capacity in Ras Al Khair Industrial City by investing $500 mln in a deal expected to create 500 jobs by 2020. Maaden and Mosaic also signed a feasibility study for Phosphate 3 project worth $45 bln and expected to create nearly 1,000 by 2020.