A decade into Saudi Arabia’s Vision 2030, the non-oil sector makes up 56% of $1.3 trillion economy

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.

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Trump in Asia

U.S. President Donald Trump is visiting Asia and is upbeat about his upcoming talks with Chinese President Xi Jinping. Tump also predicted the two sides could broker a deal on TikTok as early as Thursday, when he’s set to meet Xi to talk about export controls, fentanyl, and shipping fees. On his first stop in Malaysia, Trump signed trade and mineral agreements with the host country and Cambodia. 

U.S.-China trade war eases

Ahead of Trump’s Xi meeting, Treasury Secretary Scott Bessent announced that an extra 100% tariff on China is “effectively off the table” as China eases its grip on rare earth metals. Bessent said that soybean farmers, who have been struggling as China has held off purchases of the crop this season, will be “extremely happy with this deal.”

Trump threatens additional 10% tariff over TV ad

Meanwhile, Trump’s trade war with Canada is back on. Trump announced plans to impose an additional 10% tariff on Canada on Saturday over a TV ad featuring footage of former President Ronald Reagan criticizing tariffs. The ad was produced by the Ontario government.

Milei’s big win

President Javier Milei of Argentina scored a big political win on Sunday with his party more than doubling its representation in Congress. The result will breathe fresh life into Milei’s free-market experiment, which Trump has backed with a $40 billion U.S. bailout. 

Target leans back towards DEI

Target last week highlighted its partnership with the Russell Innovation Center for Entrepreneurs that provides education and other services to Black founders of small businesses. The mention comes after months of boycotts and criticism after the retailer distanced itself from diversity, equity, and inclusion policies.

The markets

S&P 500 futures up 0.87% this morning. The last session closed up 0.79%. STOXX Europe 600 was up 0.4% in early trading. The U.K.’s FTSE 100 was down 0.05%  in early trading. Japan’s Nikkei 225 was up 2.46%. China’s CSI 300 was up 1.19%. The South Korea KOSPI was down 2.57%. India’s NIFTY 50 was up 0.66%. Bitcoin is up at $115K.

Around the watercooler

Founder of $100 million company says she quit her day job to rebuild her father’s Cape Cod chip empire—and there ‘wasn’t time’ to worry about nepotism by Emma Burliegh

Meet all 37 White House ballroom donors funding the $300 million build, including Silicon Valley tech giants, crypto bros and the Lutnicks by Nino Paoli

The housing market’s fall surprise: Buyers are back, and Zillow says the momentum isn’t over yet by Ashley Lutz

Inside the $22 trillion world of private capital, an asset class so big it would be the world’s second-largest economy by Nick Lichtenberg

CEO Daily is compiled and edited by Joey Abrams and Claire Zillman.