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Saudi Arabia is now a nation of city-dwellers, and ‘cities don’t lie,’ says urban development leader

Diane Brady
By
Diane Brady
Diane Brady
Executive Editorial Director
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Diane Brady
By
Diane Brady
Diane Brady
Executive Editorial Director
Down Arrow Button Icon
October 29, 2025, 5:59 AM ET
Chairman of the Saudi Conventions and Exhibitions General Authority, H.E. Fahd Al Rasheed speaks at the 2025 Fortune Global Forum in Riyadh.
Chairman of the Saudi Conventions and Exhibitions General Authority, H.E. Fahd Al Rasheed speaks at the 2025 Fortune Global Forum in Riyadh. Stuart Isett/Fortune
  • In today’s CEO Daily: Diane Brady has more from the Fortune Global Forum in Riyadh.
  • The big story: Vanishing white collar jobs.
  • The markets: In positive territory.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. I rarely use the word ‘courage’ when describing leaders. Making hard choices is part of the job. But it’s an apt label for Venezuelan opposition leader and Nobel Peace Prize winner Maria Corina Machado, who called in from a secret location to speak with us at the Fortune Global Forum earlier this week. With her life at risk and U.S. warships poised nearby, she had a lot to say about Donald Trump, Nicolás Maduro and the potential $1.7 trillion opportunity for business in Venezuela. You can watch our full interview here.

Recommended Video

Bestselling author and researcher Brené Brown talks about courage in this week’s episode of Leadership Next. She frames it in the context of showing vulnerability and leading in a period where “people are emotionally dysregulated, distrustful and disconnected.” Says Brown: “Leadership is plumbing and poetry. A good leader is poetic enough to set a vision that people want to follow, but they can also build the systems to deliver against that.” You can listen to the full conversation with Kristin Stoller and me on Apple or Spotify.

Many of the systems needed to thrive in business are built by leaders in the public sector. At the turn of this century, Venezuela was the richest country in South America. Now its economy has collapsed under the weight of corruption, mismanagement, human rights violations and other woes. It’s hard to imagine creating the infrastructure for a thriving economy without a fundamental shift in its politics.

Cities are the engines for innovation, job creation and growth in most countries. The skills needed to effectively run those cities are similar but distinct from what it takes to run a company. I’m glad we had a chance to discuss that in Riyadh with H.E. Fahd bin Abdulmohsan Al-Rasheed. He’s currently Advisor, General Secretariat of the Council of Ministers and Chairman of the Saudi Conventions and Exhibitions General Authority, our host partner for the Fortune Global Forum, alongside Invest Saudi. Al-Rasheed has also been a leader in urban development across Saudi Arabia and represents the country as a lead on Urban 20, which brings together mayors from major cities in G20 countries. Among other things, the group has created a Masters of City Administration program to help leaders hone the skills of business and public service in leading cities. 

In 1950, one in five Saudis lived in an urban area. Today, more than 85% do. That trend is playing out around the world. Great cities are hubs for great people, businesses and visitor experiences. “Cities don’t lie,” said Al-Rasheed, adding that Saudi Arabia wants to attract at least 400,000 global executives to move to the kingdom within the next five years. “You can’t build a country on your own. You need to partner with the world.” Click here for my full conversation with Al-Rasheed.

More news below.

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

Top news

AI job cuts

Artificial intelligence appears to be behind at least some of the recent white collar job cuts at employers like Amazon, UPS, and Target as companies use AI to do tasks previously carried out by experienced and young workers alike. Employers are also limiting seasonal hiring amid economic and trade uncertainty. 

Nvidia's 'super-duper' chips

Nvidia shares soared after President Donald Trump said he’d discuss the company’s Blackwell chips—which he called “super duper”—with Chinese President Xi Jinping during the pair’s much-anticipated Thursday meeting. The U.S. has effectively banned Nvidia from selling its top chips to China since 2022, and investors cheered a potential loosening of restrictions.

OpenAI completes for-profit recapitalization

OpenAI completed its for-profit recapitalization on Tuesday, granting Microsoft a 27% stake in the company and access to its models through 2032. Under the new structure, OpenAI’s for-profit arm operates as the OpenAI Group Public Benefit Corporation but remains under the control of its nonprofit foundation. The WSJ reports that OpenAI won the California AG’s approval for its plan, in part, by promising to stay in the state. 

The next Fed chair

President Trump is expected to name his replacement for Fed Chair Jerome Powell by Christmas. The leading internal contender is Fed governor Christopher Waller, the FT reports, but Trump floated Treasury Secretary Scott Bessent, who’s leading the search, as a possible Powell successor. Many candidates are adopting Bessent’s effort to fix the Fed’s “mission creep.”

Energy, cars, and financials top the Fortune 500 Europe

Fortune published the Fortune 500 Europe this morning, highlighting the continent’s largest companies by revenue. Four out of the top five companies are in the energy sector—see who made the top of the list here.

Cathie Wood warns Fed may swing to increasing rates

Investor Cathie Wood told CNBC that the Fed may reverse course and begin raising interest rates in the next year, causing a “shudder” in the economy. She however dismissed fears of an AI bubble and forecast a major productivity surge in the U.S. and global economies ahead of the 2026 midterm elections.

The markets

S&P 500 futures are up 0.16% this morning. The last session closed up 0.23%. STOXX Europe 600 was flat in early trading. The U.K.’s FTSE 100 was up 0.33% in early trading. Japan’s Nikkei 225 was up 2.17%. China’s CSI 300 was up 1.19%. The South Korea KOSPI was up 1.76%. India’s NIFTY 50 was up 0.40%. Bitcoin is down at $113K.

Around the watercooler

Meet the billionaires spending over six figures to stop Zohran Mamdani from becoming New York’s next mayor, from Michael Bloomberg to Bill Ackman by Jessica Coacci

The U.S. just bet $1 billion that AI supercomputers can turn most cancers from ‘death sentences’ to ‘manageable conditions’ within 8 years by Eva Roytburg

Elon Musk’s ‘polarizing and partisan actions’ may have cost Tesla more than 1 million U.S. EV sales, Yale study finds by Sasha Rogelberg

Trump media firm dives into red hot prediction markets, in tie-up with Crypto.com by Carlos Garcia

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

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.
About the Author
Diane Brady
By Diane BradyExecutive Editorial Director
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Diane Brady writes about the issues and leaders impacting the global business landscape. In addition to writing Fortune’s CEO Daily newsletter, she co-hosts the Leadership Next podcast, interviews newsmakers on stage at events worldwide and oversees the Fortune CEO Initiative. She previously worked at Forbes, McKinsey, Bloomberg Businessweek, the Wall Street Journal, and Maclean's. Her book Fraternity was named one of Amazon’s best books of 2012, and she also co-wrote Connecting the Dots with former Cisco CEO John Chambers.

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