Saudi government plans $100 billion AI and data infrastructure group

#Saudi #investment - As global business, financial and technology leaders discussed the transformative power of artificial intelligence at last week’s FII8 (Future Investment Initiative), rumours swirled about the potential announcement of a new AI group to be formed by Saudi Arabia’s Public Investment Fund (PIF). With a scale comparable to Alat, the electronics giant formed earlier this year, industry watchers surmised that the new venture might take on a mandate similar to UAE AI powerhouse G42 and have access to $100 billion in funding. No such announcement has yet been made, but Bloomberg has now confirmed some early details for ‘ Project Transcendence’ provided by confidential sources.

SO WHAT? - Saudi Arabia’s investment in digital transformation, AI and other emerging technologies has already brought about massive change in the country, across government, business and the public sector. However, despite plenty of innovation, the Kingdom is not well known for building its own AI products and services. Project Transcendence could bring together the expertise, technology and investment required to galvanise the country’s AI resources, in order to become a leader in creating new AI products, solutions and services.

Bloomberg has reported that Saudi Arabia is planning a new government-backed AI group with funding of up to $100 billion, code-named ' Project Transcendence'.

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