The formation of the new AI group is yet to be officially announced, but it is believed that the PIF is finalising details before making the announcement. The group is expected to bring together the expertise, technology, and investment required to galvanise the country’s AI resources, in order to become a leader in creating new AI products, solutions, and services. The PIF's previous ventures, such as Alat, suggest that once the announcement is made, developments will progress rapidly.
Key takeaways:
- Saudi Arabia's Public Investment Fund (PIF) is reportedly planning a new AI group, code-named 'Project Transcendence', with funding of up to $100 billion.
- The new group will invest in data centres, startups, and other infrastructure to develop AI products and solutions, partnering with global tech players.
- Project Transcendence is expected to create new jobs for Saudi citizens, develop local talent, and help grow the country's talent pool for AI and related technologies.
- Despite rumours of a $40 billion AI investment fund in talks with Andreessen Horowitz and other venture capital firms, this is thought to be a separate project to the formation of the new Saudi AI group.