RIYADH: The Saudi Company for Artificial Intelligence has announced an investment of $776 million in a joint venture with China’s Sense Time to develop the artificial intelligence ecosystem in the nation.
The announcement was made by Ayman Al-Rashed, CEO of SCAI, during the Global AI Summit in Riyadh on Sept.13.
SCAI — wholly owned by Saudi Arabia’s Public Investment Fund — works in line with the Kingdom’s goals outlined in Vision 2030, and it aims to position Saudi Arabia as a global AI leader by supporting local firms as they get to grips with the technology.
In January, SCAI launched operations in the Kingdom to grow and develop artificial intelligence and emerging technologies industries.
At the time, Al-Rashed said that AI is swiftly altering the way of living and the Kingdom should invest in the sector’s foundation to unveil long-term sustainable value for shareholders.
The launch of SCAI is a part of the Kingdom’s plan to diversify its economy by 2030, and also aligns with PIF’s strategy aimed at prioritizing 13 major sectors, one of which is technology.