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Saudi Arabia sets its sights on creating $40 billion AI fund: Report

Saudi Arabia is trying to harness the power of AI by creating a new fund, the largest in the world.

The Government of Saudi Arabia is set to create a $40 billion fund for the development of Artificial Intelligence in the country, as per, a New York Times report. As part of this massive push, the kingdom is said to be in talks with US venture capital firm Andreessen Horowitz, with company Co-Founder Ben Horowitz reportedly having discussed with Yasir al-Rumayyan, the governor of the Public Investment Fund (PIF), the possibility of the firm opening up an office in Riyadh to coordinate its operations. The AI fund is expected to commence in the second half of 2024. Significantly, once realized, the fund would make Saudi Arabia the world's largest investor in AI. The country is pursuing this, as well as other goals, through the PIF, which has assets of more than $900 billion. Why it matters As per the report, Saudi representatives have indicated that the nation is interested in developing a number of tech startups harnessing AI, including chip production and the creation of large-scale data centres to make available next-generation computing. The fund could make both Saudi Arabia and Andreessen Horowitz powerhouses in the rapidly evolving AI industry. The cost of developing advanced AI systems is substantial, and requires huge datasets and expensive computing power. As per the report, other venture capitalists may also invest in the Saudi tech fund in the near future. In 2016, Saudi Arabia invested 3.5 billion into Uber and previously committed 45 billion in SoftBank's Vision Fund, though that investment has faced scrutiny…

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