Saudi Arabia intends to invest forty billion dollars in AI.

Saudi Arabia intends to invest forty billion dollars in AI.

The New York Times revealed on Tuesday that the Saudi Arabian government intends to establish a $40 billion fund specifically for investments in artificial intelligence, citing three individuals who were briefed about the plans.

The report states that Andreessen Horowitz and PIF governor Yasir Al-Rumayyan have talked about the possibility of the American company opening an office in Riyadh.

According to the newspaper, kingdom’s artificial intelligence fund is anticipated to launch in the second half of 2024 and may attract participation from additional venture capitalists.

The report also stated that Saudi officials have told prospective partners that their nation is keen to fund a range of AI-related start-ups, such as chip manufacturers and massive data centers.

Reuters’s requests for comments were not immediately answered by PIF or Andreessen Horowitz.

Citing the kingdom’s energy resources and funding capacity, PIF’s Al-Rumayyan proposed the country as a potential hub for artificial intelligence activity outside of the United States last month.

Al-Rumayyan had claimed that the kingdom possessed the “political will” and sufficient financial resources to support the advancement of artificial intelligence projects.

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