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Saudi Arabia, Int’l Companies Prepare to Establish First AI Investment Fund

Saudi Arabia, Int’l Companies Prepare to Establish First AI Investment Fund

Friday, 22 January, 2021 - 11:00
A vehicle drives past the King Abdullah Financial District in Riyadh, Saudi Arabia, October 18, 2017. (Reuters)

A group of Saudi and international companies intends to establish an investment fund for industrial intelligence as part of its endeavor to keep pace with the mega Saudi projects that fall within Vision 2030.


The Saudi Excellence Company, specialized in the field of technology, cybersecurity and industrial intelligence, is planning in cooperation with a group of international companies to create the first investment fund in this field.


In remarks to Asharq Al-Awsat, Abdullah Al-Meleihi, president of the Saudi Excellence Company, said the entity was working to create “a conglomerate of a group of companies to establish an investment fund for industrial intelligence in the Kingdom, to support the vision led by Crown Prince Mohammed bin Salman to promote alternative economies.”


He continued: “We put forward the idea of establishing an investment fund to support and develop Saudi companies… and to train Saudi cadres to become specialists in innovation in the field of artificial intelligence.”


According to Al-Meleihi, the fund will be the first of its kind in the Middle East region, adding that its policy would focus on investing in the emerging technology company to buy shares and acquire technology for the Saudi and Middle Eastern markets.


Saudi businessman Dr. Khalil Khoja told Asharq Al-Awsat that such a step was in harmony with the Saudi policies that aim to strengthen economic diversification.


Khoja expected that the prospective fund would attract experts, establish laboratories for industrial intelligence, start introducing this technology to government systems and private sector institutions, and sign related agreements in all fields, in addition to contributing to the Saudi goals of making the Kingdom within the 15 largest economies in the world and one of the top 10 countries according to the Global Competitiveness Index.


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