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Travelling across India is safer and easier for tourists, <keyword id="20130044" type="General" weightage="20" keywordseo="Indian-tourism" source="keywords">Indian tourism</keyword> industry leaders have said, promoting the country, especially <keyword id="19894922" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="keywords">Uttar Pradesh</keyword>, as a premier tourist destination for Singaporeans. Their remarks came as they participated in the <keyword id="23693812" type="General" weightage="20" keywordseo="ITB-Asia" source="keywords">ITB Asia</keyword>, a travel trade show held in Singapore From October 23 to October 25. "We need to educate <keyword id="21866171" type="General" weightage="20" keywordseo="global-travellers" source="keywords">global travellers</keyword> about the attractions in Uttar Pradesh and make UP known more and above the iconic <keyword id="20045918" type="General" weightage="20" keywordseo="Taj-Mahal" source="keywords">Taj Mahal</keyword> in Agra," said Rahul Wadhwa who leads CAL India Tours and Travel. He estimated a growth of 10 per cent across the UP travel agency business. Further, Wadhwa said his Agra-based travel business was seeking collaborations globally to tie up travel arrangements and promote the state as well as India as a tourist destination. There are a growing number of five-star hotels and continuing investments in highways that make travelling across India, including UP, as seamless as the tourists expect, said the <keyword id="20181038" type="General" weightage="20" keywordseo="travel-industry" source="keywords">travel industry</keyword> veteran of 33 years. Technology-wise, the travel industry has also done well, moving away from the telex-based phone-call booked communications to speedier online-offline as well as mobile phone app-led bookings and arrangements for globe trotters. Travelling across India is also safer and easier, added Sushil Kumar Singh, managing director of Jatak Travels, dismissing all notions and misunderstandings about <keyword id="20415307" type="General" weightage="20" keywordseo="safety-and-security" source="keywords">safety and security</keyword> in India. "We have <keyword id="23693813" type="General" weightage="20" keywordseo="tourist-friendly" source="keywords">tourist-friendly</keyword> people and highly rated facilities across the country and in UP," assured the head of the Varanasi-based travel group. The destinations and facilities in India are world-class. "We are no less than any other tourist destination," he stressed. "International tourists are visiting India freely," underscored Singh, who reported 200 per cent growth for his business post-Covid.

Indian tourism industry leaders spotlight Uttar Pradesh as safe and diverse travel destination

<ul class="summary-list"><li>China welcomed African leaders to a lavish summit in Beijing on Monday.</li><li>It's a sign of China's influence on the continent, where it has extensive trade links</li></ul>China's leader Xi Jinping playing the lavish host to leaders from Africa this week — burnishing its credentials as a world power.The Forum on China-Africa Cooperation, held in Beijing, is the biggest diplomatic summit in China in recent years, with <a target="_blank" class="" href="https://www.globaltimes.cn/page/202409/1319052.shtml">53 African heads of state in town</a>.China declared the theme of the summit, the first since 2018, as "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future."As they arrived, leaders were greeted by dancers, lines of Chinese troops, and cheering flag-waving children.Xi himself hosted the delegations at an opening banquet and ceremony on Wednesday, before discussions begin in earnest.Analysts say the event is about cementing Chinese influence on the continent, and chipping away at the US.In recent decades China has struck trade, infrastructure, and security deals worth billions as part of its <a target="_blank" class="" href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1">global Belt and Road Initiative.</a>But China's investment in Africa has dropped sharply in recent years amid domestic economic woes, while the US seeks to catch up amid in an intensifying race for global dominance."This summit occurs amid intensifying strategic frictions between China and the West, especially the United States," Ali Wye of the US think tank Crisis Group told Business Insider.<h2 id="1ba31662-aa21-48fd-a0be-484ed5b7b8fc">China fuels African growth, but not for free</h2>For decades, China's rulers built alliances with African nations, portraying them as engaged in a common struggle against the legacy of Western colonialism.As China's economy grew at a ferocious pace from the 1990s, it engaged in extensive infrastructure projects in Africa, securing deals for lucrative minerals vital for its growing tech and renewable-energy sectors.In 2017, China opened its first overseas People's Liberation Army base in Djibouti, on the horn of Africa, adding a military dimension to its expansion.China is now Africa's biggest trading partner, with bilateral trade reaching $167.8 billion in the first half of this year, according to <a target="_blank" class="" href="https://chinaglobalsouth.com/2024/08/15/china-africa-trade-edges-higher-in-the-january-july-period/">China's state media.</a>But its presence in Africa has also attracted criticism, with China's leaders accused of saddling African countries with vast debts in the form of loans to fund infrastructure projects.The US, China's chief rival for overseas influence in Africa, <a target="_blank" class="" href="https://apnews.com/article/g-20-summit-politics-covid-china-government-united-states-46a01f4190fae4ca260f0ab5beaa59a5">has accused Beijing</a> of seeking to exploit African countries and ensnare them.<h2 id="270efc91-6046-4c91-bee6-d4eb073e0b7c">Seeking Xi's favor</h2>It hasn't stopped African leaders from lining up to do business with China, even as they take on the costs.Some are likely to push this week for deals to lighten their debt burden and address concerns over global warming, said Wyne.Among the leaders granted special one-to-one meetings with Xi are Cyril Ramaphosa, <a target="_blank" class="" href="https://africa.businessinsider.com/local/markets/african-leaders-likely-to-table-funding-dilemma-as-they-gather-in-china/fszgr2e">president of South Africa</a>, and William Ruto, the president of Kenya. The economies are among Africa's biggest, though Kenya has, in recent months, been rocked by riots over economic instability caused by its debts.China's economic downturn and the COVID-19 pandemic saw its investment in Africa dip sharply.According to data from <a target="_blank" class="" href="https://www.bu.edu/gdp/tag/chinese-loans-to-africa/">Boston University's Global Development Policy Center,</a> China's loans to Africa rose to $4.6 billion in 2023, an increase from the $1 billion loaned in 2022, but a massive reduction of the nearly $30 billion in 2016.Instead of the major projects it pitched around a decade ago, China will likely propose smaller deals to African leaders."Given the concerns of some African countries over the impact of the Belt and Road Initiative on their indebtedness and environments, China will seek to pitch smaller, more sustainable investments across the continent," said Wyne.<h2 id="e1da025b-79be-4f13-860d-4a1414905ac2">China portrays itself as leader of the 'Global South'</h2>Africa remains vital to China's strategy of portraying itself as the champion of the "global south" of non-Western nations.Tensions between China and the West have increased in the wake of the Ukraine war, in which China has provided support to Russia. And leaders in Western countries are increasingly alarmed by China's growing global assertiveness.The conference this week presents China with an opportunity to present itself as a global power broker."[China] will also aim to demonstrate that, even as advanced industrial democracies increasingly align to contest its influence, it is far from diplomatically isolated, especially in the developing world. In" said Wyne.

China is hosting African leaders in a lavish display of its global ambition

<ul><li>The global foldable smartphone shipments have declined by 1% in Q3 2024.</li><li>Samsung has emerged as the top company in foldable smartphone shipments in Q3 2024.</li><li>Samsung continues to account for over half of the market share, despite a huge decline in shipments.</li></ul>The global foldable smartphone shipments declined for the first time in Q1 2024, recording a 1% year-on-year decline. This marks the first decline for foldable smartphones in Q3. According to a report by Counterpoint Research, one of the factors for the decline in shipments was Samsung’s<a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-review/articleshow/112497472.cms"> Galaxy Z Fold 6</a> and<a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-galaxy-z-flip-6-galaxy-ring-and-more-launched/articleshow/111637913.cms"> Galaxy Z Flip 6</a> smartphones not performing as expected. <div type="Article" hostid="261" msid="112497472" title="Samsung Galaxy Z Fold 6 review – the complete package" mstype="2" mssubtype="0"></div> “The global foldable market appears to have entered a transitionary phase where it is facing challenges as it progresses from a niche segment to the mainstream. User satisfaction is particularly high with book-type foldable devices, but the prohibitively high prices remain the biggest obstacle to mass adoption,” said Jene Park, Senior Analyst, Counterpoint Research. <h2>Global foldable smartphone market share</h2> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">56% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Huawei </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Honor </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motorola </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr></tbody></table> Source: Counterpoint Research Samsung has emerged as the market leader in Q3 2024, with a market share of 56%, down from 70% in Q3 2023. While the company’s Galaxy Z Fold 6 performed decently, the Galaxy Z Flip 6 failed to match its predecessor’s sales. The company recorded a 21% year-on-year decline in shipments. Huawei has emerged second, with a 15% market share in Q3 2024, up from a 13% market share in Q3 2023. The company recorded a 23% year-on-year growth in shipments. Honor and Motorola take the third and fourth spots, with a 10% and a 7% market share respectively. Both companies have recorded good growth. While Honor has recorded a 121% year-on-year growth, Motorola has recorded a 164% year-on-year growth. Xiaomi is in the fifth position, with a 6% market share. The company recorded the highest year-on-year growth at 185%. This growth was driven by the Mix Flip, the company’s first clamshell smartphone. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms">Honda Activa e and QC1 electric scooters unveiled in India, to go on sale in 2025</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms">India’s PC market reaches new high with 4.49 million shipments in Q3 2024</a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms">Realme GT 7 Pro with Snapdragon 8 Elite chipset launched starting at ₹59,999</a>

Global foldable phone shipments decline in Q3 2024, Samsung leads with 56% market share

<ul class="summary-list"><li>Donald Trump wants to divide US rivals Russia and China.</li><li>An area of tension is China's new assertiveness in Central Asia.</li></ul>At the Valdai forum last week, <a target="_blank" class="" href="https://www.businessinsider.com/six-telling-moments-putin-speech-valdai-congratulated-trump-china-ukraine-2024-11">Russian President Vladimir Putin</a> was keen to tamp down rumors of simmering tensions with his closest global ally, China's leader <a target="_blank" class="" href="https://www.businessinsider.com/xi-jinping-painful-road-ahead-rainy-days-new-stimulus-china-2024-10">Xi Jinping.</a>The source of the perceived tension is <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-plan-divide-china-russia-axis-is-likely-fail-2024-11">China's growing assertiveness in Central Asia</a>. The region is the latest area in which Xi has launched an audacious bid to increase his political and economic authority and cement its dominance in rare-earth minerals."What is happening in <a target="_blank" class="" href="https://www.businessinsider.com/turkmenistan-what-life-is-like-inside-secretive-dictatorship-2019-10">Central Asia? </a>Many expected it to be a site of conflict or clash between China and Russia," Putin told the forum. "This has not happened."But the reassurances will not convince everyone, and among those <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-plan-divide-china-russia-axis-is-likely-fail-2024-11">on the lookout for signs of division</a> between Putin and Xi is President-elect Donald Trump. The Republican, days before his election, criticized the Biden Administration for allowing China and Russia, the US' two most powerful adversaries, to draw closer together and said that when he takes office, he'd be seeking to drive them apart. The power grab over rare-earth minerals in Central Asia could be among the issues he will seek to exploit.<h2 id="421107c0-1c53-4350-b648-36a082b91bd8">A power struggle over rare-earth minerals </h2>At stake for the US in Central Asia is not just political power but access to the region's reserves of <a target="_blank" class="" href="https://www.businessinsider.com/us-rare-earth-minerals-stockpile-mystery-opacity-worries-experts-2024-6">rare-earth minerals</a> such as uranium, lithium, and tantalum.Rare-earth minerals are needed to make all sorts of products, from F-35 stealth fighters and smartphones to internet <a target="_blank" rel=" nofollow" href="https://www.sciencenews.org/article/rare-earth-elements-properties-technology">fiber-optic cables</a> and MRI machines."If rare earth elements are the crude oil of the 21st century, then Central Asia and Mongolia may be the Saudi Arabias of these strategic minerals," <a target="_blank" class="" href="https://thediplomat.com/2023/12/central-asias-rare-earths-may-fuel-energy-transition/">wrote</a> Wilder Alejandro Sánchez, an analyst at consulting firm Second Floor Strategies."Just like the Middle East, the region is subject to intense and divergent political pressures. Russia and China border the region, each exercising their influence at the other's expense and eager to keep the West out."<div type="image" title="Putin - Xi" height="683" width="1024" msid="115221998" hostid="261" sizebytes="62066"></div>China has the biggest global reserves of these materials. It produces around 60% of the world's rare-earth minerals and processes nearly 90%, according to <a target="_blank" class="" href="https://www.csis.org/analysis/what-chinas-ban-rare-earths-processing-technology-exports-means">the Center for Strategic and International Studies.</a>To cement its dominance, China is also <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">spending billions on infrastructure in Central Asia</a> and brokering new trade and security deals.At the same time, Western leaders are seeking to strengthen their influence in the area and secure access to its resources. France's President Emmanuel Macron visited Kazakhstan and Uzbekistan last November and Germany's Chancellor Olaf Scholz visited the region in September.'It would be a blow to our interests if either China or Russia established overwhelming influence there," John Herbst, who served as US Ambassador to Uzbekistan between 2000-2003, told Business Insider. "The key, of course, are Kazakhstan and Uzbekistan.""Rare earths, especially in Kazakhstan, are one more reason to establish closer relations in the region and especially its two principal nations."Stefan Wolff, a professor of international security at the University of Birmingham in the UK told BI that Trump could seek to broker a deal with Putin to gain better US access to developing Central Asia's rare-earth mineral resources — and exclude China."There are rare-earth minerals worth exploring/exploiting, and if the US/EU could strike a major deal with [Kazakhstan's capital] Astana, this would certainly contribute to breaking China's monopoly," said Wolff."So, the incentive is clearly there to regain a foothold in Central Asia."<div type="image" title="Xi, Kazakhstan" height="683" width="1024" msid="115222002" hostid="261" sizebytes="38170"></div><h2 id="ba868742-2b53-45b0-8d95-8cef1355430c">Central Asian nations seek autonomy from the Kremlin </h2>China's growing presence in Central Asia is likely enraging the Kremlin, say observers. But Russia is so indebted to China for its diplomatic and economic support in Ukraine, that it's in no position to protest. "There are clearly tensions between Russia and the Central Asian successor states of the Soviet Union," Wolff said.He pointed to recent tensions between Kazakhstan and Russia. The Central Asian<a target="_blank" href="https://www.politico.eu/article/russia-bans-vegetables-from-kazakhstan-after-country-refuses-to-join-brics/"> nations refused to join the BRICS </a>alliance, which Russia has sought to expand as a bulwark against the US. In October, Russia banned some agricultural exports to Kazakhstan in response.Despite Putin's bid to portray the relationship with China in Central Asia as part of a mutually beneficial "no limits" partnership, tensions remain between them.For now, Xi and Putin are determined to supplant the US as the world's dominant powers."But if one of them decides that working against the US damages their international position, their partnership will wither away because even today there are tensions in their relationship," said Herbst."Even today, China has not hidden its long-term revanchist ambitions over Russian, Kazakhstani, Kyrgyz, and Tajikistani territory."<h2 id="b5d0c707-0b3e-4b5e-9154-35b569ac4c2d">Russia and China have too much to gain</h2>For now, dismantling China and Russia to gain more US access to Central Asia seems like a long shot.Russia and China have too much to gain from excluding the US from Central Asia, regardless of how much Trump may seek to exploit tensions between Putin and Xi."It is unlikely that as long as Putin considers the US its main adversary, Russia would break with China. That would not change because of some American initiative in Central Asia," said Herbst.Putin sees in Xi a more predictable partner than the mercurial Trump, said Wolff."Putin and his regime are simply more likely to survive in partnership with Xi. I don't think that Putin sees Trump as a dependable partner in any potential deal," he said. "That's not to say that there won't be a transactional improvement in relations between Washington and Moscow, but it will not derail the relationship between Beijing and Moscow."

How Trump could exploit a looming global struggle for rare-earth minerals

Climate Action 15: 2024's top global innovators powering green solutions

<ul><li>The global <keyword id="20211456" type="General" weightage="100" keywordseo="smartphone-shipments" source="keywords">smartphone shipments</keyword> reported a growth of 4% in <keyword id="23421619" type="General" weightage="20" keywordseo="Q3-2024" source="keywords">Q3 2024</keyword>.</li><li>316.1 million smartphones were shipped across the world in Q3 2024.</li><li><keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword> emerged as the leader with an 18.3% <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword>, followed by <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> and <keyword id="19901379" type="General" weightage="20" keywordseo="Xiaomi" source="keywords" meta.keywordsubtype="org" meta.entityname="Xiaomi" meta.hostid="261" meta.entityid="Xiaomi">Xiaomi</keyword>.</li></ul>Worldwide smartphone shipments continued to grow in Q3 2024, marking the fifth consecutive quarter to record an increase in smartphone shipments. Four out of the top five smartphone makers have recorded growth in this quarter. According to a report by the International Data Corporation (IDC), 316.1 million smartphones were shipped worldwide in Q3 2024, marking a 4% year-on-year growth. “Led by strong growth from Chinese vendors like vivo, OPPO, Xiaomi, Lenovo and Huawei, the smartphone market shows resilience despite global economic headwinds," said Will Wong, senior research manager, IDC. <h2>Smartphone shipments Q3 2024</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">57.8 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">59.5 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.80% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apple </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">56 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">54.1 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">42.8 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.5 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.30% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.8 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.2 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.90% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">22 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.80% </td></tr></tbody></table> Source: IDC, shipment in millions Korean smartphone maker Samsung continues to lead the <keyword id="20214327" type="General" weightage="20" keywordseo="global-smartphone-market" source="keywords">global smartphone market</keyword> despite a decline in shipments. The company shipped 57.8 million devices in Q3 2024, down from 29.5 million devices shipped in Q3 2023, recording a 2.8% decline in shipments. Apple is a close second, with 56 million devices shipped in Q3 2024, up from 54.1 million devices shipped in Q3 2023, registering a 3.5% growth. <div type="Article" hostid="261" msid="114070723" title="Samsung leads the first phase of festive sales with a 20% market share" mstype="2" mssubtype="0"></div> Xiaomi takes the third spot in Q3 2024, shipping 42.8 million devices, up from 41.5 million devices shipped in Q3 2023, registering a 3.3% year-on-year growth. Oppo, which is in the fourth position shipped 28.8 million devices in Q3 2024, up from 27.2 million devices shipped in Q3 2023, registering a 5.9% growth. Chinese smartphone maker Vivo recorded the highest growth in Q3 2024, shipping 27 million devices, up from 22 million devices shipped in Q3 2023, registering a 22.8% year-on-year growth. "While the growth of the Chinese players in emerging markets has been an ongoing theme this year, Apple also enjoyed a 3.5% YoY growth in shipments this quarter fueled by strong demand from the previous models and the launch of the new iPhone 16 lineup,” said Nabila Popal, research director for Worldwide Client Devices. <h2> Smartphone Market Share Q3 2024</h2> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 market share </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.30% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apple </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td></tr></tbody></table> Source: IDC Samsung continues to lead the market with an 18.3% market share in Q3 2024, followed closely by Cupertino tech giant Apple with a 17.7% market share. Xiaomi is a distant third with a 13.5% market share. "In Q3 2024, older iPhone models, specifically the iPhone 15, performed exceptionally well due to the heavy promotions and increased marketing activities around Apple Intelligence,” Popal added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hyundai-ipo-review-everything-you-need-to-know-about-indias-biggest-ipo/articleshow/114203740.cms">Hyundai IPO review – Everything you need to know about India’s biggest IPO</a> <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-september-2024-maruti-suzuki-dominates-with-seven-cars/slidelist/114112295.cms">Top selling cars in India in September 2024 – Maruti Suzuki dominates with seven cars</a>

Global smartphone shipments record 4% growth in Q3 2024, Samsung leads the market

Earlier this week, former US President Donald Trump revealed that Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> is scheduled to meet with him next week. This potential gathering, set against the backdrop of Trump’s bid for a return to the White House, highlights how global leaders are positioning themselves in anticipation of possible changes in US leadership. “He happens to be coming to meet me next week, and Modi, he’s fantastic,” Trump said on Tuesday during a town hall event in Flint, Michigan, while discussing free trade and US job protection. He even went on to call India a “very big abuser” in trade, Al Jazeera reported. Most likely, Prime Minister Narendra Modi meeting up with Trump could be an acknowledgment of the latter's potential return to power in the November election, as foreign leaders carefully navigate diplomatic relations with key US political figures. However, neither the Trump campaign nor India’s Ministry of External Affairs have clearly commented on the matter yet, meaning that the Indian leader’s plans of a tête-à-tête with ex US President Trump are foggy at best. During a press conference, foreign secretary <keyword id="20181706" type="General" weightage="20" keywordseo="vikram-misri" source="keywords">Vikram Misri</keyword> said, "there are many meetings with the Prime Minister right now which we are trying to fix. Right now, I will not be able to tell you about any specific meeting, whether the meeting has been fixed or not." "We are looking from all angles as to how much time we have and with whom we can hold meetings. We will keep updating you about the meetings," he added. <div type="Article" hostid="261" msid="113444882" title="Trump says PM Modi will meet him during US visit, calls him &amp;#39;fantastic&amp;#39;" mstype="2" mssubtype="0"></div>What we do know with certainty is that Mr Modi is indeed scheduled to travel to the US over the weekend and his calendar is going to be jam-packed. His visit coincides with his planned participation at the <keyword id="23145156" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders Summit</keyword> (including representatives from Australia, India, Japan and the US) in Wilmington, Delaware, hosted by President Joe Biden. As per a White House official, the meet-up will feature "ambitious announcements in multiple areas such as maritime security, high-quality infrastructure and critical and emerging technologies to demonstrate the group’s endurance". Prime Minister Modi will have bilateral meetings with President Biden, Japanese Prime Minister Fumio Kishida, and Australian Prime Minister Anthony Albanese on Sunday, following the conclusion of the Quad Summit. A special event, the Cancer Moonshot initiative, is also scheduled on the sidelines of the summit. In his meeting with President Biden, India and the US are anticipated to sign several agreements, including those related to the Indo-Pacific Economic Framework and a memorandum of understanding (MoU) on drug frameworks. Foreign Secretary Vikram Misri stated that Modi and Biden will review the comprehensive global strategic partnership between India and the US, which spans over 50 areas of engagement and bilateral dialogue mechanisms. <div type="Article" hostid="261" msid="113085171" title="India is likely to benefit if Trump wins US elections, per Nomura Global Research" mstype="2" mssubtype="0"></div>Both leaders will also assess progress in areas of cooperation, though tensions remain due to the alleged assassination plot involving Khalistani leader Gurpatwant Singh Pannun. The investigation is ongoing, and India has formed a committee to examine the accusations. This visit may serve to ease some of the friction in the relationship. Defence cooperation remains a key area of collaboration between India and the U.S., including agreements on the procurement of 31 MQ-9B Predator drones, joint manufacturing of Stryker Infantry Combat Vehicles, and co-production of GE F414 engines in India. The Ukraine conflict is also expected to be a topic of discussion. Prime Minister Modi is supposed to attend the "Modi &amp; US" community event at the Nassau Veterans Memorial Coliseum in Long Island. The event, already overbooked with more than 24,000 Indian Americans registered for a venue with a capacity of 15,000, has attracted attendees from 42 states, especially the tri-state area. Additionally, PM Modi will allegedly lead a roundtable with CEOs of American companies working in fields like AI, quantum computing, biotechnology, and cutting-edge technology. Lastly, on September 23, Modi will address global leaders at the United Nations' Summit of the Future (SOTF) and is expected to hold bilateral meetings with other heads of state attending the UN General Assembly. Obviously, squeezing in a meeting with Trump and Democrat Candidate Kamala Harris (you know, to balance things out) seems unlikely given Mr Modi’s tight schedule. But we’ll have a clearer picture only in the coming days. <div type="Article" hostid="261" msid="111770277" title="PM Modi likely to address high-level UNGA session on Sep 26" mstype="2" mssubtype="0"></div>

Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

<ul class="summary-list"><li>OpenAI ranks fourth among vendors that IT leaders plan to spend the most with, per a Flexera survey.</li><li>The report surveyed 800 IT leaders on their priorities for the coming year.</li></ul>OpenAI ranks fourth among top vendors that IT leaders are currently or planning to spend the most with next year, according to a newly released industry report.Flexera, a software asset management company, released its <a target="_blank" class="" href="https://info.flexera.com/ITV-REPORT-IT-Priorities">2025 IT Priorities Report</a> based on a survey of 800 IT leaders from the US, the United Kingdom, Germany, and Australia. The survey focused on how IT decision-makers will make priorities for the coming year.Out of the top technology vendors, 37% of the surveyed IT leaders said that they currently or will spend the most with OpenAI next year. The AI research organization came in fourth behind Microsoft, Google, and Amazon Web Services, and it tied with Oracle.This was the first year that OpenAI debuted on the survey list as an option. Survey participants could also pick multiple options.The report said that OpenAI has taken a top four spot because of its ability to work with enterprises and allow employees to build custom AI solutions, which has given the company "a competitive edge in the AI consulting space."The survey also found that 42% of IT leaders said integrating AI would make the biggest difference to their organizations, compared to 26% for reducing security risks and 25% for reducing IT costs.OpenAI has been licensing its ChatGPT enterprise options to Microsoft and <a target="_blank" href="https://www.businessinsider.com/openai-first-customer-within-the-federal-government-2024-8">the federal government</a>. Microsoft has also made aggressive efforts to integrate AI into its product offerings, such as Microsoft Copilot, many of which are still powered by <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-punts-365-ai-bundle-pilot-tests-copilot-2024-9">OpenAI's GPT models</a>.OpenAI was recently<a target="_blank" href="https://www.businessinsider.com/openai-valuation-funding-ai-race-competition-2024-10"> valued at $157 billion</a> after raising $6.6 billion of capital from firms such as <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">Thrive Capital, Khosla Ventures, Tiger Global, SoftBank, Nvidia, and Microsoft</a>. Initially founded as a nonprofit research organization focusing on safe AI, the company has been discussing how to transform into <a target="_blank" href="https://www.businessinsider.com/openai-deadline-to-become-for-profit-or-return-investor-money-2024-10">a for-profit model</a> over the next two years to appease its investors.

OpenAI ranks fourth among top tech vendors that IT leaders plan to spend the most with, survey finds

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

<ul class="summary-list"><li>Saudi Arabia's wealth fund has pumped billions into global entertainment, sports, and infrastructure.</li><li>Now the Kingdom plans to cut its foreign investment to prioritize domestic spending.</li></ul>Saudi Arabia is pulling back on its <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">global spending spree</a> to focus on domestic investments.Yasir Al Rumayyan, governor of the Public Investment Fund (PIF), said on Tuesday the kingdom planned to reduce the proportion of foreign investments made by the sovereign wealth fund from 30% to about 18% of its portfolio."We're more focused on the domestic economy and we've been achieving and doing so many big things," Al Rumayyan told delegates at the <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">Future Investment Initiative</a> in Riyadh. Saudi Arabia's annual business conference has been dubbed "Davos in the desert" in a nod to the World Economic Forum meeting in Switzerland each January.The absolute dollar amount for overseas deals was still increasing, the PIF chief said.<div type="image" title="Governor of Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan on a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024." height="3822" width="5366" msid="114781319" hostid="261" sizebytes="297336"></div>In recent years, the PIF has pumped billions into high-profile assets, including global sports teams, entertainment, airport infrastructure, and <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Uber</a>. The fund's assets are worth about $925 billion.The spending is part of Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to reduce its economy's dependence on oil and transform the country into a significant global economic player.Investors have flocked to the FII conference in previous years to take advantage of the multi-billion dollar deals struck at the event. The total at last year's conference reached almost $18 billion, the Saudi Press Agency reported.The kingdom has already been slowing its cash flows and telling foreign fund managers to invest more in Saudi Arabia if they want to secure deals.The PIF's traded stocks in the US fell from about $35 billion at the end of 2023 to $20.6 billion at June 30, The Financial Times reported.Al Rumayyan said that investors were already changing their approach. "People used to come to us and ask for money. We are now seeing a shift from people wanting to take our money to people wanting to co-invest."The PIF governor also spoke about Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9">ambitions to become a top destination</a> for AI companies and investors, saying that the technology's economic impact made it a driver of national power."We either have discussions or initial discussions to invest in AI and the reason why we are investing in AI is Saudi Arabia is very well positioned to be a global hub, not only a regional hub," Al Rumayyan said.The technology could add nearly $20 trillion to the global economy by 2030, he added.In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The PIF is also in talks to partner with prestigious venture capital firm Andreessen Horowitz on an AI fund, with a potential value of $40 billion, Bloomberg reported.The new focus on domestic investment comes as Saudi Arabia's spending on <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">Neom</a>, its futuristic megacity in the desert, hit $1 trillion.Neom's scope appears to have been scaled back as the financial realities of the ambitious project hit home. Experts say Saudi has struggled to attract the foreign investment needed to fund the project's lofty goals.A <a target="_blank" class="" href="https://www.businessinsider.com/neom-sindalah-saudi-arabia-crown-prince-the-line-beach-party-2024-10">select group of guests</a> were recently invited to visit <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-neom-sindalah-island-dubai-resort-tourism-2024-4">Sindalah</a>, a luxury island resort in the Red Sea that is one of the first parts of Neom to become reality.

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