AI Chip Startup Groq Secures $1.5 Billion Investment From Saudi Arabia

by THEFUTURE.TEAM

February 11, 2025

Groq, a U.S.-based AI semiconductor startup, has secured a $1.5 billion commitment from Saudi Arabia to expand its advanced AI chip delivery in the country. The startup, founded by a former Alphabet AI chip engineer, specializes in AI inference chips that optimize speed and execute commands for pre-trained models.

Groq already has a partnership with Aramco Digital, the tech arm of oil giant Aramco, through which they developed a key AI hub in the region in December. The investment will fund the expansion of Groq’s data center in Dammam, with the startup having obtained the necessary licenses to export its chips despite U.S. export controls.

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The announcement was made at Saudi Arabia’s LEAP 2025 event, where the country also secured $14.9 billion in AI investments. One of the technologies supported by the Dammam Center is Allam, an AI language model developed by the Saudi government that operates in both Arabic and English.

In August, Groq raised $640 million in a funding round led by Cisco, Samsung, and BlackRock, bringing its valuation to $2.8 billion.

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Cyprus State Revenue Reaches €3.8 Billion By May 2026

by THEFUTURE.TEAM

June 23, 2026

Revenue Performance Overview

State budget revenue reached 35% of the annual target by the end of May 2026, while expenditure stood at 32%, according to the Treasury’s latest report.

Total revenue amounted to €3.8 billion, compared with €3.59 billion during the same period last year. The increase was largely supported by stronger tax collections across several categories.

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Tax Revenues And Expense Allocations

Both indirect and direct tax revenues recorded annual growth during the first five months of the year. Indirect tax collections increased by €120 million to €1.42 billion, driven primarily by value-added tax receipts. Direct tax revenue also moved higher, rising by €110 million to €1.29 billion, an annual increase of 8%.

While revenue continued to grow, spending patterns also shifted during the period. Expenditure on transfers, subsidies, and social benefits increased by €70 million, €40 million, and €40 million respectively.

At the same time, spending on salaries, pensions, and other remuneration edged down by €10 million to €1.35 billion.

Capital Investment And Development Indicators

Alongside current expenditure, capital spending continued to account for a significant share of government activity.

Capital expenditure reached €111.3 million, with funding directed towards road infrastructure, construction projects, and government facilities. These investments contributed to a development spending implementation rate of 19%, above the ten-year average of 17% recorded during the same period.

Fiscal Financing And Strategic Projections

Beyond revenue and expenditure trends, the report also highlighted changes in financing activity. Differences compared with 2025 were mainly linked to the timing of European Medium Term Note issuances. Repayment inflows totaled €1.06 billion, while repayments and new issuances combined reached €2.06 billion.

Funding also continued to flow into development programmes. Spending on co-funded projects and other planned disbursements amounted to €83.9 million, supporting areas such as industrial technology, education, and urban development.

Additional support was directed to academic institutions, including the University of Cyprus and the Cyprus University of Technology, with total allocations reaching €69.7 million. Separate funding for education, cultural initiatives, and housing support amounted to €24.5 million.

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