The Saudi sovereign wealth fund, the Public Investment Fund (PIF), is making a bold move to position the Kingdom as a major player in the global artificial intelligence (AI) landscape. In a recent investment event, PIF Governor Yasir Al-Rumayyan declared Saudi Arabia "fairly well positioned to be an AI hub outside of the U.S.", citing the country's energy resources and financial muscle.
Al-Rumayyan highlighted Saudi Arabia's unique advantage in powering AI
development. As the world's largest oil producer, the Kingdom boasts vast
energy reserves, crucial for powering the massive data centres that fuel AI
training. Additionally, PIF's commitment to renewable energy projects positions
Saudi Arabia as a leader in sustainable AI development.
PIF is not just talking the talk; it's walking the walk. The fund has
earmarked significant resources for AI-related initiatives. The plan includes building
research and development centres to attract top AI talent and fostering
collaboration with universities and tech giants.
Priority is being accorded for investments in startups and establishment of
AI companies so as to create a vibrant ecosystem that caters to various
applications of AI.
The kingdom
further plans to build advanced data centres and communication networks
to support AI development and deployment.
