Saudi Aramco monitor $ 100 million for emerging artificial intelligence businesses via 'promising'

The “Da’a Vittshes” fund has assigned to invest $ 100 million in Bold Capital, fully owned by Saudi Aramco to invest in emerging international companies in the field of artificial intelligence. To help identify these strategic investments, the fund, which is $ 500 million, has appointed a consulting council that includes international experts and investors in the field of artificial intelligence, research, development and entrepreneurship, and some of them have held positions in companies such as “Mita” and “Amazon”, as well as invested in the next three years. The $ 135 billion sector Anas al -qahtani, CEO of the ‘Promise of Women’ fund, believes that the strategic decision to promote a percentage ‘promotes’ investments to artificial intelligence can accelerate the development of advanced technologies to contribute to stimulating economic growth in Saudi Arabia. In addition to the “motivation of local entrepreneurs and the localization of world competencies, which open the way for the tremendous potential for artificial intelligence” in the kingdom. Artificial intelligence technologies are expected to contribute to $ 135.2 billion to Saudi BBP annually by 2030, with about 12% of production, according to a recent report issued by PWC. Saudi Arabia was second in terms of financing fat capital at the emerging market level, after Singapore, during the first half of this year, according to Magnitt. Fahd al -eidi, the administrative director of the ‘Promise of Women’, said in a previous interview with ‘Al -Sharq’ that the fund’s compass is mainly focusing on semiconductor sectors, spacecraft, artificial intelligence, cyber security, sustainability and biotechnology. Added that about 40% of the total awards of the fund are directed to invest in world markets in the fields that are subject to localized localized locally. The “promotion of Ventures” fund has strengthened its investments in artificial intelligence since the beginning of this year, at a time when the kingdom among the 15 largest countries in the world is seeking artificial intelligence. Over the past few months, he has invested $ 15 million in the South Korean company “Ribelines” for the industrial industry of artificial intelligence, and also to connect financing rounds for the US “Aixplain” business that provides the basic infrastructure to accelerate the development of artificial intelligence solutions.