The New York Times: Saudi Arabia intends to invest $ 40 billion in artificial intelligence

The Kingdom of Saudi Arabia plans to introduce a fund worth approximately $ 40 billion to invest in artificial intelligence, in the latest sign of strengthening the Kingdom’s efforts to diversify its economy of oil, according to the New York Times. Saudi Arabia is considering starting an investment fund of $ 40 billion in the second half of this year, according to the newspaper, in a move that would make the kingdom the largest investor in the world in the field of artificial intelligence. ‘The New York Times’ reported by people who did not specify that the representatives of the Saudi public investment fund in recent weeks have discussed a possible partnership with Andresen Horowitz, one of the largest investment capital companies in Silicon Valley, and pointed out that the plans are still in the process of talks, as they can change. A great fund emphasizes the kingdom’s global pursuit as part of its efforts to diversify its economy and determine its position as a more influential player in political geography. Saudi Arabia seeks to achieve these goals through its sovereign fund, which has more than $ 900 billion. The Governor of the Saudi Sovereign Fund, Yasser Al -Ramyan, and the founder of “Andrink Horwat”, discussed the possibility of the US company to establish an office in the capital of the Kingdom, Riyadh, according to the newspaper. Technology giants are taking on Saudi Arabia as a local headquarters, and the fund targeted by $ 40 billion, the usual amounts collected by US investment capital companies would dwarf to the Japanese “Group Bank”, which has long been the largest investor in the world in the startups. The new Saudi Technology Fund, which will be established with the help of large US banks in Wall Street, will in turn be considered the latest potential expatriates for a field that is already enjoying great liquidity. The global race on artificial intelligence has increased the evaluation of private and public enterprises, as optimistic investors find or build an ‘invidia’ or ‘openai’ next.