Saudi Arabia moves to become global tech leader with $100 billion AI initiative

FILE PHOTO: Illustration shows AI (Artificial Intelligence) letters and robot hand miniature

FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Source: X02714

Saudi Arabia has kickstarted a massive plan to become a global tech leader.

With a $100 billion investment, it has introduced a program called Project Transcendence aimed at making the country a big name in artificial intelligence, data analytics, and advanced technology.

The initiative is part of Saudi Arabia’s Vision 2030 plan to reduce its dependence on oil.

Saudi Arabia aims to compete with leading tech hubs worldwide by improving its technology sector with this project.

The project will also invest funds into building a strong AI industry, such as data centres, tech startups, workforce training, and partnerships with major tech companies.

Under this initiative, top AI talent from around the world will be engaged. They will also invest in research, and encourage foreign companies to set up in the country.

A major partnership with Alphabet’s Google is part of the initiative. Alongside Saudi Arabia’s Public Investment Fund (PIF), Google plans to invest between $5 billion and $10 billion in AI projects in the Kingdom.

This includes developing AI models in Arabic, which will improve AI access in the region and support Saudi Arabia’s local needs.

Saudi Arabia hopes that Project Transcendence will make it one of the top 15 AI nations by 2030.

Wonder Hagan