Saudi Arabia's $40 Billion AI Fund: PIF and Andreessen Horowitz in Talks for Tech Start-ups
Saudi Arabia's government is planning to establish a $40 billion fund for investing in artificial intelligence (AI).
Representatives of the Public Investment Fund (PIF) have reportedly discussed potential partnerships with US venture capital firm Andreessen Horowitz and other financiers.
The firms could set up offices in Riyadh, and the AI fund is expected to begin in the second half of 2024.
Other venture capitalists may also join the initiative.
The plans are still subject to change.
Saudi Arabia is looking to back tech start-ups focused on Artificial Intelligence (AI), including chip manufacturers and large-scale data centers.
The Public Investment Fund (PIF) of Saudi Arabia, along with Andreessen Horowitz, have shown interest in this area.
In February, PIF's Yasir Al-Rumayyan promoted Saudi Arabia as a potential hub for AI development outside the US due to its energy resources and financial capabilities.
Al-Rumayyan expressed the country's commitment to making AI projects successful and its availability of substantial funds for their growth.
PIF and Andreessen Horowitz did not respond to Reuters' requests for comment.
The firms could set up offices in Riyadh, and the AI fund is expected to begin in the second half of 2024.
Other venture capitalists may also join the initiative.
The plans are still subject to change.
Saudi Arabia is looking to back tech start-ups focused on Artificial Intelligence (AI), including chip manufacturers and large-scale data centers.
The Public Investment Fund (PIF) of Saudi Arabia, along with Andreessen Horowitz, have shown interest in this area.
In February, PIF's Yasir Al-Rumayyan promoted Saudi Arabia as a potential hub for AI development outside the US due to its energy resources and financial capabilities.
Al-Rumayyan expressed the country's commitment to making AI projects successful and its availability of substantial funds for their growth.
PIF and Andreessen Horowitz did not respond to Reuters' requests for comment.
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