Artificial intelligence seems to be the right direction. The proof is that all countries are getting started, investing massively so as not to lag behind and depend on others. The latest to take an interest in it: Saudi Arabia. The Saudi government plans to create a fund of around $40 billion to invest in artificial intelligence, reported Tuesday the New York Timesciting three people briefed on these plans.
The newspaper says representatives of Saudi Arabia's Public Investment Fund (PIF) have discussed a potential partnership with U.S. venture capital firm Andreessen Horowitz and other financiers in recent weeks. An office could thus open in Riyadh, the country's capital, and serve as a front base for the investment fund to direct operations.
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“Political will and financing capacity”
According to ReutersSaudi officials have indicated to potential partners that the country is interested in supporting a variety of technology start-ups associated with artificial intelligence, including chipmakers and data centers.
This announcement follows the declarations from Yasir Al-Rumayyan, director of the kingdom's public investment fund, dated last month. The latter then presented the country as “a potential hub for artificial intelligence activities outside the United States, citing its energy resources and financing capacity”. He added that Saudi Arabia had the “political will” to carry out AI projects.
It remains to be seen which companies will agree to work with a government whose reputation is more than tainted and the laws differ widely from what American and European companies are used to.
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