Saudi Arabia is reportedly planning to establish a substantial $40 billion fund dedicated to artificial intelligence investments. This initiative, as reported by the New York Times, aims to position the Kingdom as a significant player in the AI sector.
The Saudi Public Investment Fund (PIF) is in discussions with the US venture capital firm Andreessen Horowitz, exploring potential collaborations. Talks have included the possibility of Andreessen Horowitz opening an office in Riyadh.
PIF is considering Andreessen Horowitz’s role in the fund, although plans remain flexible. Other venture capitalists might also join this AI fund, expected to launch in the latter half of 2024.
Saudi officials have expressed interest in supporting a range of tech start-ups linked to AI, such as chip manufacturers and data centers. This aligns with Saudi Arabia’s vision to become a hub for AI innovation beyond the US.
Earlier, PIF’s governor, Yasir Al-Rumayyan, highlighted Saudi Arabia’s potential as a center for AI development, emphasizing the nation’s energy resources and financial capabilities. He stressed the country’s commitment and resources to advance AI projects.