Saudi Arabia embarks on $100B drive to establish AI hub

Saudi Arabia is embarking on a $100 billion AI project named “Project Transcendence” as the Kingdom seeks to compete with the nearby United Arab Emirates in emerging technology. 

As initially reported by Bloomberg, the state-backed entity with pump significant funds into the establishment of essential AI infrastructure to include data centers and talent acquisition, with further support for startups. 

The initiative will aim to lure companies to set up base in Saudi Arabia, as part of the overall Vision 2020, to diversify the nation’s economy beyond finite fossil fuels. 

With $100 billion in funding from the Public Investment Fund, the headline project will build on existing efforts to solidify Saudi Arabia’s position in AI development, competing regionally with Abu Dhabi’s G42 venture and bridging the gap to global players such as the United States and China.

Parallels will be drawn to Alat, a similar fund backed by the PIF sovereign investment fund and chaired by Crown Prince Mohammed bin Salman that is focused on sustainable manufacturing, in partnership with large multinational firms. 

Bloomberg noted the involvement of Google in the development, working together with the PIF to deliver an AI hub to kickstart the wider project. It was reported both entities are set to invest between $5 and $10 billion into the collaboration, with a particular emphasis on developing Arabic language models. 

Vision 2030 – which includes the development of e-sports – will see Saudi Arabia strive to become one of the top 15 nations in the AI race over the next five years and into the new decade. By that time, the Kingdom wants to be in a position to export its AI technologies from a position of strength and leadership.

The country is serious and committed to its AI vision, which represents far more than a headline project. It is about a strategic shift to redefine Saudi Arabia’s influence on the global stage and its crucial journey beyond oil.

Image credit: Via Midjourney

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