Saudi Arabia is set to establish a fund to invest $40 billion in artificial intelligence technologies, according to The New York Times, citing sources.
The newspaper reports that representatives of the Public Investment Fund have discussed potential partnerships with Andreessen Horowitz, a leading venture firm in Silicon Valley.
According to the NYT, the agreement would highlight Saudi Arabia’s global ambitions and its efforts to diversify its economy and transform into a more influential geopolitical player.
To implement the initiative, the state plans to utilize its sovereign wealth fund, which exceeds $900 billion.
Sources indicate that Saudi representatives have informed potential partners of their willingness to support a range of AI-related tech startups, including chip manufacturers and data centers. The country also plans to create its own companies.
Andreessen Horowitz co-founder Ben Horowitz and Yasir Al-Rumayyan, head of Saudi Arabia’s Public Investment Fund, have discussed the possibility of opening a venture firm’s office in Riyadh.
The fund could be launched in the second half of 2024.
Earlier in March, journalists reported on OpenAI’s negotiations to attract investments from the UAE.