Plan Saudi Arabia To launch a project Artificial intelligence New support with a cost of up to 100 billion dollars as part of its efforts to develop Technology center To compete The UAE Neighboring United Arab Emirates.
A report was quoted by “Plumper“Informed sources said that the state-backed entity will invest in data centers, startups and other infrastructure to develop artificial intelligence. The initiative, which is called the “Sublimation Project,” will also focus on recruiting new talent for the Kingdom, developing the local ecosystem and encouraging companies… Technology on resource investment in the country.
The sources said that this entity will be established with a structure similar to “Alat,” a fund focused on sustainable manufacturing and supported by a capital of $100 billion from the Kingdom’s Public Investment Fund.
The Alat Fund is headed by Crown Prince Mohammed bin Salman, and seeks joint investment with large international companies.
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The report added that the artificial intelligence center is being built by the Saudi Public Investment Fund and Google, a subsidiary of Alphabet Inc. It could serve as a starting point for a broader initiative, and the companies plan to invest between $5 billion and $10 billion in the partnership, which will include work on creating artificial intelligence models in Arabic.
The “Transcendence” project aims to collaborate with large, established technology companies, with the Saudis providing the initiative
To help with infrastructure and capital, and ultimately, the amount invested may be $50 billion to $100 billion.
The project includes multiple government bodies and will aim to finance artificial intelligence infrastructure and startup companies, in addition to bridging the gap between the Kingdom, the United States, and China in artificial intelligence expertise.
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Saudi Finance Minister Mohammed Al-Jadaan said at the Future Investment Initiative in Riyadh last month that the Kingdom is calibrating some Vision 2030 plans to help alleviate problems and prevent the economy from overheating.
