Saudi Arabia plans $40 billion push into artificial intelligence, NYT reports

By Thomson Reuters Mar 19, 2024 | 3:23 PM

(Reuters) – Saudi Arabia’s government plans to create a fund of about $40 billion to invest in artificial intelligence, the New York Times reported on Tuesday, citing three people briefed on the plans.

Representatives of Saudi Arabia’s Public Investment Fund (PIF) have discussed a potential partnership with U.S. venture capital firm Andreessen Horowitz and other financiers in recent weeks, the newspaper reported.

Andreessen Horowitz and PIF governor Yasir Al-Rumayyan have discussed the possibility of the U.S. firm setting up an office in Riyadh, according to the report.

PIF officials also discussed what role Andreessen Horowitz could play and how such a fund would work, the newspaper said, adding the plans could still change.

PIF and Andreessen Horowitz did not immediately respond to requests for comment from Reuters.

(Reporting by Nilutpal Timsina in Bengaluru, Editing by William Maclean and Nia Williams)