RIYADH: As part of the Kingdom’s ambitious drive to become a worldwide AI powerhouse, the CEO of HUMAIN, Saudi Arabia’s AI startup supported by the Public Investment Fund, said that the business would create a $10 billion venture capital fund this summer. CEO Tareq Amin told the Financial Times in an interview that the new fund, HUMAIN Ventures, will focus on companies in the US, Europe, and some areas of Asia, using Saudi Arabia’s financial might to make an impact in the quickly changing AI sector.
The project is in line with the Saudi Data and Artificial Intelligence Authority’s forecasts, which state that by 2025, AI would generate 98 million new employment and add $15.6 trillion to the world economy by 2030. As part of its growth strategy, HUMAIN intends to build 1.9 gigawatts of data centre capacity by 2030 and ramp up to 6.6GW in four years.
“HUMAIN aims to leverage Saudi Arabia’s financial might to take the lead in practically every facet of the rapidly growing AI sector, including chip design, infrastructure, and investment. Other than a few Big Tech companies in the US and China who have had years, if not decades, to develop their businesses and technological know-how, that expansive approach is unrivalled,” the company stated in a statement.
“With US tech executives in discussions with regional officials about investments and capital raising, US tech firms increasingly view Gulf states and their powerful sovereign wealth funds as critical sources of investment,” the report continued.
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