The Saudi Arabian government has outlined plans to establish a fund of approximately $40 billion dedicated to investing in artificial intelligence (AI) technologies. Citing insider sources, The New York Times reported that Saudi Arabia is in discussions for potential collaboration with venture capital firm Andreessen Horowitz, based in Silicon Valley and co-founded by Marc Andreessen and Ben Horowitz, along with other investors. Officials from the kingdom have reportedly informed partners that they are contemplating the creation of several technology startups within the country, including their own AI ventures.
According to the sources, the Saudi investment initiative is expected to commence in the latter half of this year. Additionally, discussions have taken place regarding the potential establishment of an Andreessen Horowitz office in Riyadh, with Saudi Sovereign Fund Governor Yasser al-Rumayyan and Marc Andreessen reportedly engaged in talks.
The New York Times highlighted that this fund has the potential to position Saudi Arabia as the world's largest investor in AI, underscoring the kingdom's commitment to diversifying its economy. These endeavors are implemented by the Sovereign Fund, which boasts assets exceeding $900 billion.
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Based on materials from TASS