Artificial intelligence investment of $40 billion by KSA
- The government of Saudi Arabia is planning to create a fund of approximately $40 billion to invest in artificial intelligence.
- Saudi Arabia has been discussing a possible partnership with venture capital company Andreessen Horowitz and other financiers
- The plan is to launch the artificial intelligence fund in the second half of 2024.
According to a report by the New York Times, the government of Saudi Arabia is planning to create a fund of approximately $40 billion to invest in artificial intelligence.
The Public Investment Fund (PIF) of Saudi Arabia has been discussing a possible partnership with venture capital company Andreessen Horowitz and other financiers in recent weeks.
The report suggests that PIF and Andreessen Horowitz have discussed the possibility of the U.S. firm setting up an office in Riyadh.
The plan is to launch the artificial intelligence fund in the second half of 2024, and other venture capitalists may join the fund.
PIF officials have indicated that the country is interested in supporting various tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers.
The report suggests that the fund’s plans could still change.
Last month, PIF’s governor Yasir Al-Rumayyan pitched the kingdom as a possible hub for Ai activity outside the U.S., citing its energy resources and funding capacity.
Al-Rumayyan had said that the kingdom had the “political will” to make Ai projects happen and ample funds it could deploy to nurture the technology’s development.
Neither PIF nor Andreessen Horowitz have commented on the news yet.
