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.
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.
Bank Of Cyprus Named Best Sub-Custodian Bank In Cyprus 2026 By Global Finance
Bank of Cyprus has been named “Best Sub-Custodian Bank in Cyprus 2026” by Global Finance, one of the world’s leading international financial publications, reinforcing the Bank’s strong position in Cyprus’ custody and post-trade services market.
The award recognizes excellence across key areas of asset servicing, including operational efficiency, technology, client service and regulatory expertise. The award highlights financial institutions that consistently provide high-quality custody solutions and effectively respond to the increasingly complex needs of institutional and private investors.
The distinction reflects Bank of Cyprus’ commitment to safeguarding client assets and delivering reliable, high-quality custody and depositary services to institutional and private investors. It also acknowledges the Bank’s ongoing investment in innovative, client-focused post-trade solutions, underpinned by strong governance, regulatory compliance and extensive market expertise.
Recognising Excellence in Asset Servicing
Commenting on the recognition, Despina Kyriakidou, Treasury Director at Bank of Cyprus, said:
“This award is an important recognition of the expertise, commitment and consistently high standards of our teams. Custody and depositary services are fundamentally built on trust, reliability and the ability to navigate an increasingly complex investment and regulatory environment. At Bank of Cyprus, we continue to invest in our capabilities and technology, while remaining focused on the evolving needs of our clients. This distinction by Global Finance reinforces our commitment to providing secure, efficient and high-quality solutions to institutional and private investors.”
Comprehensive Custody And Depositary Services
Bank of Cyprus is a leading provider of custodian services to institutional and private investors, supported by a highly experienced and specialised team with extensive knowledge of the local and international investment environment. The Bank supports a broad range of investment activities through comprehensive asset safeguarding and tailored servicing solutions.
Its offering also includes specialised Depositary services for Collective Investment Funds, including UCITS and Alternative Investment Funds (AIFs), providing cash monitoring, safekeeping and oversight services that support domestic and international clients in navigating increasingly complex global markets safely and efficiently.
The award further strengthens Bank of Cyprus’ position as a trusted partner to the financial and investment industry and reflects its ongoing commitment to service excellence, innovation and the highest standards of asset servicing.
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