Saudi Arabia’s Public Investment Fund (PIF) is actively pursuing discussions to inject $40 billion into artificial intelligence (AI) initiatives, signaling the Kingdom's ambition to emerge as a global AI hub beyond the United States.
Reports from the New York Times reveal ongoing negotiations between PIF and prominent US venture capital firm Andreessen Horowitz, along with other potential financiers, indicating a prospective collaboration.
Headquartered in California, Andreessen Horowitz expresses interest in establishing an office in Riyadh, underlining the attractiveness of Saudi Arabia's AI investment landscape.
The Kingdom's AI fund, anticipated to kick off in the latter half of 2024, aims to attract additional venture capitalists, fostering a vibrant ecosystem for AI-driven innovations, including large-scale data centers.
Under the leadership of PIF's Al-Rumayyan, Saudi Arabia positions itself as a key player in advancing AI technologies, fostering economic diversification, and propelling innovation on a global scale.
