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SA: Saudi Arabia plans to pour $40bn into AI technology – report - The Loadstar

Mar 19, 2024 - theloadstar.com
Saudi Arabia is reportedly setting up a $40B fund to invest in artificial intelligence (AI), according to The New York Times. The Middle Eastern nation is keen on leveraging its financial strength to invest in technology that is transforming industries, as per three individuals familiar with the plan.

In the past month, representatives from Saudi Arabia’s Public Investment Fund have been in talks about a potential partnership with Andreessen Horowitz, a major private venture capital firm in Silicon Valley, and other financiers. If established, the fund could make Saudi Arabia the world's largest investor in AI, surpassing the typical size of U.S. venture capital firms.

Key takeaways:

  • Saudi Arabia is reportedly creating a fund worth about $40B to invest in artificial intelligence.
  • The Middle Eastern nation is serious about investing heavily in the technology that is reshaping industries.
  • Representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s largest private venture capital firms.
  • The fund could potentially make Saudi Arabia the world’s largest investor in AI, surpassing U.S. venture capital firms.
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