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Saudi Arabia is reportedly considering establishing a $40 billion investment fund aimed at advancing artificial intelligence (AI) technologies, potentially making it the largest investor in this field. The fund, which may materialize in the second half of the year, could involve a partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z), according to sources familiar with the matter as reported by The New York Times on March 19.

 

 

 

The Public Investment Fund of Saudi Arabia is exploring the possibility of collaborating with a16z to oversee the AI investments, with discussions also involving other venture capitalists. As part of the potential partnership, a16z could establish an office in Riyadh, the capital city of Saudi Arabia. Notably, Ben Horowitz, one of a16z’s founders, is known to have a relationship with Yasir Al-Rumayyan, the governor of the fund. The establishment of the $40 billion AI investment fund would mark a significant move by Saudi Arabia into the AI sector. While two of the sources cited by The New York Times anticipate the fund’s launch in the latter half of 2024, these plans remain subject to change.

 

 

 

Funded through the Kingdom’s $900 billion sovereign wealth fund, Saudi Arabia aims to invest in various AI-related ventures, including chip makers and large data centers capable of supporting AI technologies. The country has even entertained the idea of establishing its own AI companies as part of its broader strategy in the AI space.

 

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