Saudi Arabia makes top tech move with $40 billion investment into artificial intelligence
Saudi Arabia plans to create and push an estimated $40 billion into artificial intelligence. The said tech fund will place Saudi Arabia as the biggest world investor in artificial intelligence.
According to the New York Times, deliberations on a potential partnership between Saudi Arabia’s Public Investment Fund with Andreeson Horowitz, one of Silicon Valley’s top venture capital firms, and other financiers have begun.
The country intends to invest in a sovereign wealth fund, a state-owned investment fund with assets of more than $900.
The tech fund is being established with support from Wall Street Banks, according to the New York Times. With this, they will invest in tech start-ups tied to artificial intelligence including chip makers and expensive expansive data centers.
The project is estimated to start in the second half of 2024. If successful, the project has the potential to expand Saudi Arabia’s global business ambitions and develop its economy further, making it more influential in geopolitics.
Other venture capitalists are likely to invest in the Middle Eastern country's tech fund, New York Times reports.
In January 2024, Saudi Arabia announced that it would be pumping in $1 billion into a regional AI startup accelerator. The announcement was made by Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, Edge Middle East reports.
