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

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

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.