Time: Saudi Arabia plans to launch a $40 billion fund to invest in AI

The magazine, TIME, revealed that Saudi Arabia is planning to establish a $40 billion fund to invest in artificial intelligence, noting that the fund will be in cooperation with the venture capital firm Andreessen Horowitz.

The proposed fund outperforms the venture capital fund and transforms the Kingdom into one of the largest funders of artificial intelligence.

This step comes a month after the Public Investment Fund announced the establishment of a new fund worth $100 million to support the semiconductor industry and related industries, as the country seeks to diversify its economy away from oil.

Yasser Al-Rumayyan, Governor of the Public Investment Fund, said last February: We are well positioned to be a center for artificial intelligence outside the United States, citing the country’s ability to finance and available energy resources.

It is noteworthy that the Public Investment Fund previously established the Saudi Artificial Intelligence Company “Sky” as an arm of the fund in the artificial intelligence and emerging technologies sector, as it contributes to achieving the fund’s strategy to empower promising sectors to make the Kingdom a globally competitive center for advanced technologies.

Sky works to provide diverse innovative solutions in the field of artificial intelligence and emerging technologies for both businesses and individuals for a group of priority sectors in the Kingdom such as smart cities, energy, healthcare, and financial services.

Sky’s vision is to lead the future of artificial intelligence applications to make a valuable impact on a global level.

Amid the Kingdom’s interest in artificial intelligence, Riyadh will host the (Artificial Intelligence) Summit next week with a large international presence. The summit will showcase the rapid progress in the field of generative artificial intelligence and its potential to be a path towards general artificial intelligence, in addition to its role in encouraging a deep understanding of these pioneering technologies and their impact on the future of humanity, and the role of governments in harnessing the capabilities of artificial intelligence to drive economic growth and achieve national interests and societal progress.

The summit, which will be held under the theme “AI for the Good of Humanity,” will also discuss strategic approaches to AI, talent development, and bridging digital divides to ensure equitable access. One of the pillars will explore the impact of ethics, governance, and AI on education, culture, and science, as well as calling for responsible innovation for the benefit of society.