Saudi Arabia Spends Major to Turn into an AI Superpower
On 18th March 2024, much more than 200,000 men and women converged at a mammoth conference in Saudi Arabia, including Adam Selipsky, chief executive of Amazon's cloud computing division, who announced a $5.three billion investment in Saudi Arabia for data centers and artificial intelligence technologies. Arvind Krishna, the chief executive of IBM, spoke of what a government minister called a “lifetime friendship” with the kingdom. Executives from Huawei and dozens of other firms made speeches. More than $10 billion in bargains have been completed there, according to Saudi Arabia's state press agency. “This is a good country,” Shou Chew, TikTok's chief executive, mentioned throughout the conference, heralding the video app's development in the kingdom. “We expect to invest even far more.” Everybody in tech seems to want to make close friends with Saudi Arabia suitable now as the kingdom has educated its sights on becoming a dominant player in AI — and is pumping in eye-popping sums to do so. Saudi Arabia produced a $one hundred billion fund this year to invest in AI and other technology. It is in talks with Andreessen Horowitz, the Silicon Valley venture capital firm, and other investors to place an extra $40 billion into AI firms. In March, the government mentioned it would invest $1 billion in a Silicon Valley-inspired start out-up accelerator to lure AI entrepreneurs to the kingdom. The initiatives very easily dwarf those of most big nation-state investments, like Britain's $100 million pledge for the Alan Turing Institute. The spending blitz stems from a generational effort outlined in 2016 by Crown Prince Mohammed bin Salman and recognized as “Vision 2030.” Saudi Arabia is racing to diversify its oil-rich economy in places like tech, tourism, culture and sports — investing a reported $200 million a year for the soccer superstar Cristiano Ronaldo and preparing a 100-mile-long mirrored skyscraper in the desert. For the tech sector, Saudi Arabia has lengthy been a funding spigot. But the kingdom is now redirecting its oil wealth into building a domestic tech business, requiring international firms to establish roots there if they want its funds. If Prince Mohammed succeeds, he will spot Saudi Arabia in the middle of an escalating worldwide competitors among China, the United States and other countries like France that have created breakthroughs in generative AI Combined with AI efforts by its neighbor, the United Arab Emirates, Saudi Arabia's plan has the potential to develop a new power center in the global tech industry. “I hereby invite all dreamers, innovators, investors and thinkers to join us, here in the kingdom, to achieve our ambitions together” Prince Mohammed mentioned in a 2020 speech about AI.
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