Saudi Arabia makes big investments to become AI superpower

Saudi Arabia makes big investments to become AI superpower

SAUDI Arabia is spending billions of dollars as the kingdom seeks to build an empire in technological industry and expand its profits apart from oil and petroleum, also known as “black gold.”

In 2024, Saudi Arabia created a $100 billion fund to invest in AI and other technology.

The oil-rich kingdom is also negotiating with other investors to put an additional $40 billion into AI companies.

The fund would make Saudi Arabia the world’s largest investor in AI.

Additionally, the government plans to invest $1 billion in a Silicon Valley-inspired startup accelerator to lure AI entrepreneurs to the kingdom.

In March, Saudi Arabia hosted the LEAP conference, a four-day technology event held in the capital Riyadh, attended by more than 200,000 people and hundreds of startups, including tech executives, engineers, and sales representatives from Amazon, Google, TikTok, and other companies.

The Kingdom has set its sights on becoming a dominant player in AI as part of Saudi Arabia’s Vision 2030 – an ambitious roadmap to diversify the country away from oil and prioritize the empowerment of its citizens.

 

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