Saudi Arabia has brought in 40 French AI startups through its National Industrial Development and Logistics Program (NIDLP), said Rachid Boulaouane, Investment Director at a French agency.
He spoke during the “Data & AI Summit 2024” in Riyadh, organized by the global data consultancy Artefact on Tuesday.
Saudi Arabia aims for AI to add over $135 billion to its economy by 2030, making up 12.4% of its GDP, according to Artefact data.
Boulaouane highlighted strong cooperation between Saudi Arabia and France to promote AI growth, focusing on developing talent and creating an ecosystem for AI startups.
He noted that France’s 2030 plan includes €56 billion in investments aimed at enhancing tech activities, eco-friendly innovation, and decarbonization.
He explained that France’s tech sector employs about 80,000 people and has a significant impact on GDP. The collaboration in technology has become a vital part of the growing relationship between the two countries.
Boulaouane outlined several key areas of their partnership:
Tech Exchange and R&D: Both countries are sharing knowledge in innovation and advanced technologies, with events like “VivaTech” aimed at attracting French startups to Saudi Arabia.
Joint Investments: Investment agencies from both nations are funding joint projects in tech and innovation, including AI and Fourth Industrial Revolution technologies.
Education and Capacity Building: Universities are collaborating to enhance student and researcher exchanges and develop joint training programs for tech skills.
Regulations and Infrastructure: Both nations are working to improve regulatory and legal frameworks to create a more appealing business environment for tech firms and startups.
Boulaouane emphasized that this collaboration supports Saudi Arabia’s “Vision 2030” strategy for economic diversification and aligns with France’s goals to expand into Gulf markets.
