Saudi Arabia’s PIF in talks to invest $40b in AI
More venture capitalists may participate in the Kingdom’s AI fund
Dubai: Saudi Arabia’s PIF is in talks to invest $40 billion (Dh146.9 billion) in artificial intelligence (AI) as the Kingdom looks to become a potential hub for AI outside the US.
The wealth fund is currently in discussions with US venture capital firm Andreessen Horowitz and other financiers for a potential partnership, revealed a New York Times report.
Andreessen HorowitZ is a private venture capital firm, headquartered in California, with the US company looking to open an office in Riyadh, the report noted.
Other venture capitalists may participate in the Kingdom’s AI fund, which is expected to commence in the second half of 2024, the newspaper said.
Saudi indicated that it is interested in supporting a variety of tech start-ups associated with AI, including large-scale data centres.
PIF’s Al-Rumayyan is supporting Saudi Arabia to become a potential hub for AI outside the US.