Saudi Arabia’s government is planning to create a massive $40 billion fund to invest in artificial intelligence, a move that could establish the Kingdom as a major hub for AI development outside of the US. According to a report by the New York Times, representatives of Saudi Arabia’s Public Investment Fund (PIF) have been in talks with US venture capital firm Andreessen Horowitz and other financiers to set up a partnership that would see the establishment of an AI-focused fund. The fund, which is expected to launch in the second half of 2024, would support a range of tech startups associated with AI, including chip makers and large-scale data centers. This move is seen as a strategic play by the Kingdom to diversify its economy and reduce its dependence on oil exports. In my opinion, this is a bold move that could have significant implications for the global AI industry, and it will be interesting to see how it unfolds. Saudi Arabia’s abundant energy resources and funding capacity make it an attractive location for AI development, and its “political will” to make AI projects happen could give it an edge over other countries.
Saudi Arabia Bets Big on AI
Saudi Arabia plans to create a $40 billion fund to invest in artificial intelligence, citing its energy resources and funding capacity.
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