Saudi Arabia is planning a new artificial intelligence project with backing of as much as $100 billion as it seeks to develop a technological hub to rival the neighboring United Arab Emirates, people familiar with the matter said. The state-backed entity will invest in data centers, startups and other infrastructure to develop artificial intelligence, the people said, asking not to be identified discussing plans that aren’t yet public. The initiative, called “Project Transcendence,” will also focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging tech companies to put resources in the country, they said. Such a company would build on the already massive efforts that Saudi Arabia has made to establish itself as a global force for AI development. It would be set up with a structure similar to Alat, a fund focused on sustainable manufacturing and backed by $100 billion in capital from the kingdom’s Public Investment Fund, the people said. Alat is chaired by Crown Prince Mohammed bin Salman and seeks to co-invest with large, international companies.The Saudi government did not immediately respond with a request for comment. An AI hub being built by Saudi Arabia’s PIF and Alphabet Inc.’s Google may serve as the starting point for a broader initiative, the people said. The companies are planning to invest between $5 billion and $10 billion in the partnership, which will include work on creating Arabic language AI models, one person said. Alphabet shares gained 4% on Wednesday to $176.51.
Source: oodaloop
Image: seattletimes
