The Kingdom of Saudi Arabia is planning to establish an investment fund worth approximately $40 billion, targeting investments in the field of artificial intelligence (AI).
This decision comes as part of a comprehensive strategy aimed at enhancing the Kingdom’s role in this vital sector.
According to a report by The New York Times, this move is part of Saudi Arabia’s efforts to achieve a leading position globally in innovation and technology.
Representatives from the Saudi Public Investment Fund have recently discussed the possibility of partnering with Andreessen Horowitz, a leading venture capital firm in Silicon Valley, along with other investors.
This partnership is expected to bolster the Kingdom’s global investment trends and achieve its economic and strategic objectives.
This initiative is part of a broader strategy where Saudis seek to diversify the Kingdom’s economy and rely on new sectors to enhance economic growth and achieve long-term financial stability.
The significance of artificial intelligence as a vital investment area is increasingly gaining national and global attention.
The establishment of the new technology fund comes at a time when countries and major companies are racing to invest in developing smart technologies, reflecting the recognition of the importance of this sector in advancing progress and development across various economic and social fields.
Saudi Arabia is not the only country seeking to invest in artificial intelligence, as there is intense competition globally among countries and companies to excel in this advanced field.
Through this step, Saudi Arabia joins leading nations that recognize the importance of investing in modern technology and its diverse applications.
The new fund is expected to support startups and innovators in the field of artificial intelligence, providing a conducive investment environment that encourages development and innovation, thereby enhancing Saudi Arabia’s position as a key center for innovation and technology in the region.
Forecasts suggest that the new fund will play a significant role in driving economic development in the Kingdom and achieving the ambitious strategic goals outlined in Saudi Vision 2030, which aims to transform the Saudi economy into a knowledge-based economy relying on innovation and technology.
The establishment of the technology fund for investing in artificial intelligence is a significant strategic step taken by Saudis towards achieving their development goals.
