Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Saudi Arabia to Invest $40 Bln in AI

Wed 20 Mar 2024 | 01:21 PM
Israa Farhan

According to The New York Times, Saudi Arabia is planning to establish a fund of nearly $40 billion (approximately 150 billion Saudi riyals) to invest in the field of artificial intelligence.

Representatives of the Saudi Public Investment Fund have recently discussed a potential partnership with the American venture capital firm Andreessen Horowitz and other financiers.

The newspaper reported that the Governor of the Public Investment Fund, Yasser Al-Rumayyan, has discussed the possibility of the American company establishing an office in Riyadh.

The newspaper stated that Saudi sovereign wealth fund officials have also discussed the role that the American company could play and how such a fund would operate, adding that plans may change.

It further mentioned that other investment capital owners may participate in the Saudi artificial intelligence fund, expected to commence operations in the second half of 2024.

The report indicated that Saudi representatives have explained to potential partners that the country is interested in supporting a variety of technology startups related to artificial intelligence, including chip manufacturers and large-scale data centers.

It is worth noting that Al-Rumayyan described the kingdom last month as a potential center for artificial intelligence activity outside the United States, citing its energy resources and financial capabilities.

He stated that the kingdom has the "political will" to implement artificial intelligence projects and has ample funds to enhance technological development.