REPORTS of Saudi Arabia’s plan to pour money into the AI sector through billions of dollars worth of investments drew attention from the international community.
The oil-rich country which is among the most influential in the Gulf region is taking steps to create a fund worth $40 billion to invest in the thriving sector.
The Kingdom’s desire to become a global hub for AI resulted in the establishment of the Saudi Company for Artificial Intelligence (SCAI) in 2021.
The Saudi Company for Artificial Intelligence is wholly owned by the Public Investment Fund (PIF) – one of the largest sovereign wealth funds in the world.
Negotiations for a potential partnership with one of Silicon Valley’s largest private venture capital firms, as well as other financiers, are underway
If the $40 billion AI funding pushes through, it will make Saudi Arabia the booming industry’s largest investor.
With promises to revolutionize industries, the global AI market size is projected to reach $1.8 billion by 2030 and create 97 million new jobs by 2025.
