Saudi Arabia to Invest $40bn in Artificial Intelligence

Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence, according to media reports. 

According to reports, the Kingdom's Public Investment Fund (PIF) might partner up with US venture capital firm Andreessen Horowitz and other financiers for this investment. 

There have also been discussions about the US firm setting up an office in Riyadh, based on the reports. 

Other venture capitalists may participate in the artificial intelligence fund, which is expected to commence in the second half of 2024. 

Saudi representatives for the AI fund have expressed interest in investing in tech start-ups associated with artificial intelligence, which will include chip makers and large-scale data centers.