Saudi Arabia Plans To Invest $40 Billion in Artificial Intelligence: Report
Saudi Arabia’s Public Investment Fund (PIF) is planning a $40 billion fund to invest in artificial intelligence, it was reported, citing sources familiar with the plans.
This move would be part of Saudi Arabia’s ambitions to diversify its oil-dependent economy and play a more influential geopolitical role.
The tech fund would make the Kingdom the world’s largest investor in AI, especially as Wall Street banks are helping PIF, which has over $900 billion in assets, structure and launch the tech fund, according to the report.
Representatives from the PIF have been in discussions with Andreessen Horowitz, a leading Silicon Valley venture capital firm, about a potential partnership on the new fund.
The giant target fund size would exceed those of typical US venture capital firms. It would aim only to be surpassed by SoftBank’s Vision Fund, which has long been the largest investor in start-ups.
