2024-03-19 22:36:49
He Government of Saudi Arabia is creating a US$40 billion fund to invest in Artificial Intelligence (AI)which would make her the largest investor in the world in this rapidly expanding sectoraccording to The New York Times on Tuesday.
The newspaper cites three sources with knowledge of the project but who did not reveal their names because they were not authorized to speak publicly regarding it, among other things because it is a still preliminary plan that might change in the future.
The plan involves an association of Saudi Public Investment Fund with the firm Andreessen Horowitza Silicon Valley venture capital firm, which is already an active investor in AI, taking advantage of the friendship of Ben Horowitz – co-founder of the firm – with the fund’s Saudi governor, Yasir al-Rumayyan.
Financing for the project would come from the Saudi sovereign fund, which manages a portfolio of US$900 billion.
The AI fund would become the largest in the worldand would represent another step in the strategy of the kingdom of the Saud dynasty to diversify its economy, an attempt that has already led them to position themselves in areas as diverse as high-level sports competition or the attraction of top-level university talent.
If plans go ahead, the AI fund would be up and running in the second half of this year, and might also result in the construction in the country’s capital, Riyadh, of a local replica of California’s Silicon Valley.
The New York newspaper assures that another neighbor and rival of Saudi Arabia such as the United Arab Emirates is also in the AI race and has partnered with Sam Altman, executive director of OpenAI to finance its needs for ultra-sophisticated chips that can support the complex technology. of AI.
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