Trump to Fox News: Within a few years, 50% of Saudi Arabia's income will come from non-oil sources

Trump to Fox News: Within a few years, 50% of Saudi Arabia's income will come from non-oil sources

President Donald Trump's visit to Saudi Arabia, scheduled for May 13, 2025, has sparked significant attention due to his ambitious investment wishlist. Trump is reportedly seeking a $1 trillion investment in the United States, with a particular focus on technology and defense sectors. This visit coincides with Saudi Arabia's unveiling of its new AI venture, Humain, part of broader efforts to diversify its economy away from oil [2].

AI Ambitions and Partnerships

Saudi Arabia's AI ambitions are reflected in its strategic initiatives, such as the launch of Humain, an AI company aimed at developing advanced Arabic language models and building AI infrastructure. The company is backed by the kingdom's sovereign wealth fund and is seeking to position Saudi Arabia as a global AI hub [1]. This week, Humain announced a partnership with NVIDIA, a leading developer of AI chips, to create AI data centers and digital twins in Saudi Arabia. Additionally, a $5 billion partnership with Amazon Web Services will help build AI infrastructure [1].

Challenges and Opportunities

While the $1 trillion investment figure is viewed as unrealistic by economists due to Saudi Arabia's budget deficits and existing financial strains from megaprojects like Neom, the visit is expected to yield concrete deals, particularly in the tech and defense sectors [2]. Saudi Arabia's focus on AI investments is part of a broader trend in the Gulf region to diversify economies and reduce dependence on oil [2].

Solar Energy Market Growth

In parallel with AI developments, Saudi Arabia's solar energy market is experiencing significant growth. According to a recent market report, the Saudi Arabia solar energy panel market is projected to reach $929.37 million by 2030, growing at a CAGR of 17.50% [3]. This growth is driven by the country's strategic emphasis on renewable energy, as outlined in its Vision 2030 initiative, which aims to reduce oil dependence and increase the contribution of renewables to 50% of the country's energy mix by 2030.

Conclusion

Trump's visit to Saudi Arabia highlights the kingdom's ambitious plans to diversify its economy and become a global leader in AI. While the $1 trillion investment figure may be overstated, the focus on AI and tech investments signals a significant shift in Saudi Arabia's economic strategy. As the country continues to invest in AI and renewable energy, it presents both opportunities and challenges, particularly concerning human rights and digital authoritarianism.

References

[1] https://au.news.yahoo.com/saudi-arabia-big-ai-ambitions-024301462.html

[2] https://waya.media/trump-visits-saudi-arabia-with-usd-1t-investment-wishlist/

[3] https://www.globenewswire.com/news-release/2025/05/16/3082970/0/en/Saudi-Arabia-929-Mn-Solar-Energy-Panel-Market-Trends-Competition-Forecast-Opportunities-2030F.html