Saudi Public Investment Fund (PIF) to establish $40 billion AI investment fund

 

Public Investment Fund (PIF) to advance Saudi Arabia's AI capabilities 

Saudi Arabia's Public Investment Fund (PIF) is engaging in discussions with venture capitalists to establish a substantial $40 billion investment fund dedicated to advancing the country's leadership position in artificial intelligence (AI) by 2030. As the sovereign wealth fund manages nearly $1 trillion, it aims to steer growth in emerging sectors as part of the Vision 2030 initiative, designed to diversify the economy away from reliance on oil revenue.

Traditionally reliant on oil sales for the majority of its income, Saudi Arabia recognizes the imperative to diversify its revenue streams, especially as global trends signal a shift away from fossil fuels. The Vision 2030 plan, initiated in 2016, endeavors to catalyze innovation and development across various sectors, positioning Saudi Arabia as a global leader in respective fields by the target year of 2030.

 

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One key component of this strategy is the establishment of the Saudi Data and AI Authority (SDAIA) in 2019, which boasts a workforce of over twenty thousand specialists in AI and data. The SDAIA focuses on sectors such as education, healthcare, government, energy, and mobility, driving digital transformation across Saudi cities and public services. The authority has also implemented collaborative training programs, aiming to upskill more than 45,000 specialists. Accenture has played a pivotal role in supporting these efforts, assisting in the development of national cloud infrastructure and government data systems.

 

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With ambitious targets to achieve AI dominance, the PIF plans to allocate funds significantly surpassing those invested by major players like Microsoft in initiatives such as OpenAI. The proposed investment is also notably higher than commitments made by entities like the UK government and Microsoft UK combined. Reports suggest potential collaboration with venture capital firms like Andreessen Horowitz, indicating a strategic partnership in the making.

Furthermore, Saudi Arabia's efforts to bridge the gender gap in technology are commendable, with the SDAIA committed to training 25,000 women in AI-related fields by 2030. Notably, more than half of the technical workforce within the SDAIA comprises women.

Additionally, the country benefits from a less restrictive regulatory environment compared to countries like the United States, enabling expedited progress in AI development.

Source: https://www.notebookcheck.net/