Saudi representatives have expressed interest in supporting a range of tech start-ups related to AI, including chip makers and large-scale data centers. The AI fund, which may also involve other venture capitalists, is expected to start in the second half of 2024. PIF's governor, Yasir Al-Rumayyan, has previously promoted Saudi Arabia as a potential hub for AI activity outside the U.S., citing its energy resources, funding capacity, and political will to support AI projects.
Key takeaways:
- Saudi Arabia's government is planning to create a $40 billion fund to invest in artificial intelligence.
- Representatives of Saudi Arabia's Public Investment Fund (PIF) have been in talks with U.S. venture capital firm Andreessen Horowitz about a potential partnership and the possibility of the U.S. firm setting up an office in Riyadh.
- The artificial intelligence fund, which may also involve other venture capitalists, is expected to start in the second half of 2024.
- Saudi representatives have expressed interest in supporting a variety of tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers.