According to PANews, Saudi Arabia announced plans to set up a $40 billion fund focused on investments in the field of artificial intelligence. The fund will target AI-related startups, as well as chip manufacturers and expanding data centers. Saudi Arabia's strategic layout is expected to be implemented in the second half of 2024. If successfully established, this fund will make Saudi Arabia the world's largest AI investor.
In addition, Saudi Arabia's sovereign wealth fund PIF and well-known venture capital firm Andressen Horowitz are considering setting up offices in Silicon Valley, a major center of technological innovation, to better carry out investment operations.