Saudi Arabia wants to diversify its economy away from oil, and plans to create a fund worth around $40 billion for AI


In recent times and with a view to following the Kingdom’s committed pace to better understand the situation between now and 2034, the date of the World Cup that Saudi Arabia will organize, the latter is intensifying its efforts to diversify its economy outside of oil. , and therefore plans to create a fund worth around $40 billion in the second half of this year to invest in Artificial Intelligence (AI), which would make the Kingdom the world’s largest investor in AI .

According to the New York Times, representatives of the Saudi Public Investment Fund (PIF) have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s largest venture capital firms, in recent weeks. Discussions between PIF Governor Yasser Al-Rumayyan and Andreessen founder Horowitz focused on the possibility of the American company establishing an office in the Kingdom’s capital, Riyadh.

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