Saudi Arabia intends to invest forty billion dollars in AI
In its latest manifestation of the stampede toward a technology that is already changing how people live and work, the Saudi Arabian government plans to set up a fund worth about $40 billion to invest in artificial intelligence. Three people briefed on the plans said this initiative represents a major step toward AI development in Saudi Arabia. Saudi Arabia’s Public Investment Fund has discussed a possible partnership with one of Silicon Valley’s most powerful venture capital firms, Andreessen Horowitz. Such a collaboration could significantly enhance Saudi investment in AI technology, according to sources familiar with the discussions who spoke anonymously because they weren’t authorized to comment publicly. The proposed tech fund would establish Saudi Arabia as the world’s largest investor in artificial intelligence, exemplifying this oil-rich country’s ambitions in international trade, economic diversification, and rising geopolitical influence. With over $900 billion in asset...