Saudi sovereign wealth fund wants kingdom to be an AI hub
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The news: Saudi Arabia’s sovereign wealth fund wants the kingdom to have a slice of the AI boom, pitching the nation as a prospective hub outside of the US, according to Reuters.
The numbers: The kingdom’s sovereign wealth fund allocates more than 70% of the fund to projects and investments inside Saudi Arabia and has an international allocation target of 20% to 25%. About 40% of the fund’s international investments are in the US.
The context: Speaking at the Future Investment initiative Institute in Miami on Friday, the fund’s Governor Yasir Al-Rumayyan said Saudi Arabia was well positioned to be an AI hub outside the US.
Rumayyan noted that Saudi Arabia had the “political will” to make AI projects happen and had ample funds it could deploy to nurture the technology’s development.
What they said: “AI will consume a lot of energy and we are the global leader when it comes to fossil fuel energy and when it comes to renewable energy,” he said.
The source: Reuters
