KSA Plans $40 Billion Investment in Artificial Intelligence
The Saudi government intends to establish this fund to fuel the growth of AI technologies.
The Saudi Arabian government has announced an initiative to boost its artificial intelligence sector with a proposed $40 billion investment fund, according to the New York Times. The government intends to establish this fund to fuel the growth of AI technologies.[1]
Discussions have taken place between representatives of the Saudi Public Investment Fund (PIF) and potential partners, including prominent US venture capital firm Andreessen Horowitz. There have been talks about Andreessen Horowitz potentially opening an office in Riyadh, indicating the seriousness of the collaboration.
The fund, expected to kick off in the latter half of 2024, aims to support various AI-related ventures, including startups focusing on chip manufacturing and data centers.