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‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower

Apr 25, 2024 - news.bensbites.com
The oil-rich kingdom of Saudi Arabia is investing heavily in technology, hosting glitzy events and funding research in computing power and artificial intelligence. This is part of an effort to build a tech industry that complements its oil dominance, placing the country in the middle of the escalating U.S.-China struggle for technological influence. The Leap tech conference, held in the desert outside Riyadh, attracted more than 200,000 attendees, including executives from Amazon, Google, and TikTok, and saw over $10 billion in deals.

At the conference, Amazon's cloud computing division CEO, Adam Selipsky, announced a $5.3 billion investment in Saudi Arabia for data centers and artificial intelligence technology. IBM's CEO, Arvind Krishna, spoke of a "lifetime friendship" with the kingdom, and executives from Huawei and dozens of other firms made speeches. The event symbolizes Saudi Arabia's aggressive push to become a global tech player, leveraging its wealth to attract major tech companies and investments.

Key takeaways:

  • More than 200,000 people attended the Leap tech conference in the desert outside Riyadh in March.
  • Saudi Arabia is investing heavily in technology, including artificial intelligence research, in an effort to diversify its economy beyond oil.
  • Executives from major tech companies such as Amazon, Google, and TikTok attended the conference, with Amazon's cloud computing division announcing a $5.3 billion investment in Saudi Arabia.
  • More than $10 billion in deals were made at the conference, according to Saudi Arabia’s state press agency.
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