Saudi Arabia has planned a $40 billion AI investment fund.

According to PANews, Saudi Arabia has announced plans to establish a $40 billion investment fund focused on the field of artificial intelligence (AI). The fund will target AI-related startups, chip manufacturers, and expanding data centers. Saudi Arabia's strategic plan is expected to be implemented in the second half of 2024. If successfully established, the fund will make Saudi Arabia one of the largest AI investors in the world.

In addition, Saudi Arabia's sovereign wealth fund, PIF, is considering setting up an office in Silicon Valley in collaboration with renowned venture capital firm Andressen Horowitz. The initiative aims to facilitate better operations by investing in technology innovation hubs.