{"id":4881,"date":"2024-03-21T07:00:50","date_gmt":"2024-03-21T05:00:50","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4881"},"modified":"2024-03-21T07:00:50","modified_gmt":"2024-03-21T05:00:50","slug":"saudi-arabia-plans-40-bln-push-into-artificial-intelligence","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4881","title":{"rendered":"Saudi Arabia plans $40 bln push into artificial intelligence"},"content":{"rendered":"
Saudi Arabia\u2019s government plans to create a fund of about $40 billion to invest in artificial intelligence, the New York Times reported on Tuesday, citing three people briefed on the plans.<\/p>\n
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Representatives of Saudi Arabia\u2019s Public Investment Fund (PIF) have discussed a potential partnership with US venture capital firm Andreessen Horowitz and other financiers in recent weeks, the newspaper reported.Andreessen Horowitz and PIF governor Yasir Al-Rumayyan have discussed the possibility of the US firm setting up an office in Riyadh, according to the report.PIF officials also discussed what role Andreessen Horowitz could play and how such a fund would work, the newspaper said, adding the plans could still change.Other venture capitalists may participate in kingdom\u2019s artificial intelligence fund, which is expected to commence in the second half of 2024, the newspaper said.Saudi representatives have indicated to potential partners that the country is interested in supporting a variety of tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers, the report added.PIF and Andreessen Horowitz did not immediately respond to requests for comment from Reuters.Last month, PIF\u2019s Al-Rumayyan pitched the kingdom as a prospective hub for artificial intelligence activity outside US, citing its energy resources and funding capacity.Al-Rumayyan had said the kingdom had the \u201cpolitical will\u201d to make artificial intelligence projects happen and ample funds it could deploy to nurture the technology\u2019s development.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia’s government plans to establish a billion fund dedicated to investments in artificial intelligence, as reported by the New York Times. This initiative involves discussions between representatives of Saudi Arabia\u2019s Public Investment Fund (PIF) and US venture capital firm Andreessen Horowitz, along with other financiers, about a potential partnership. The discussions have included the possibility of Andreessen Horowitz setting up an office in Riyadh and the roles it could play in the artificial intelligence fund. The fund is expected to start in the second half of 2024 and aims to support a variety of tech startups, including those focused on chip making and large-scale data centers. PIF\u2019s governor, Yasir Al-Rumayyan, has promoted Saudi Arabia as a future hub for artificial intelligence, highlighting the country’s energy resources, funding capacity, and political will to support the development of artificial intelligence.<\/p>\n","protected":false},"author":3,"featured_media":4882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[639,279,3,2369,358,304,2110,250,415,2753,1738,393,2447,949,2543,1358,1682,380],"class_list":["post-4881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-artificial-intelligence","tag-comment","tag-cyprus","tag-data","tag-energy","tag-funding","tag-funds","tag-google","tag-government","tag-investment","tag-investment-fund","tag-new-york","tag-partnership","tag-saudi-arabia","tag-startups","tag-support","tag-technology","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nSaudi Arabia plans $40 bln push into artificial intelligence<\/title>\n<meta name=\"description\" content=\"artificial intelligence fund. 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