Saudi Arabia plans $100 billion AI powerhouse to rival UAE tech hub

Quick Summary:

The PIF aimed to initially run the new fund and would be among investors contributing to it, the people said, asking not to be identified discussing private information.

Still, one of the Crown Prince’s other mega-projects, the trillion-dollar Neom development, is facing funding cutbacks as the kingdom projects years of budget deficits, Bloomberg News has reported.

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.

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Article Details

Category: BusinessFinance

Markets: IndiaChinaSaudi ArabiaUnited Arab Emirates

Topics: AI projects UAE AI powerhouse AI hub Saudi Arabia govt Tech hub

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 09:50:56 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 566 words

Reading Time: 4 minutes read

Sentences: 23 lines

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Copyright Owner: © Business Standard

News ID: 23456220

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