Saudi Arabia announced Thursday plans to invest $20 billion in artificial intelligence projects by 2030.
The Kingdom launched an artificial intelligence strategy last month to attract investors as part of Crown Prince Mohammed bin Salman's Vision 2030.
"Saudi Arabia will invest $20 billion from now until 2030," said Abdullah al-Ghamdi, chairman of the Saudi Data and Artificial Intelligence Authority, which was established in 2019.
"We aspire to have artificial intelligence as a component of an alternative economy through startups and innovation companies... and view artificial intelligence as a source of savings and additional income," he said during a G20 media briefing.
Ghamdi added that shares will be open to both foreign and local investors, as the country seeks to establish more than 300 start-ups in artificial intelligence by 2030.
The G20 summit in Riyadh on Saturday and Sunday is set to bring together virtually the leaders of the world's 20 biggest economies.
Regarding the coronavirus pandemic, he said a COVID-19 initiative has been prepared to come up with recommendations over boosting the global economy and reducing its implications. Ghamdi also highlighted plans to support women's participation in business.
"We have been guided by key principles for B20. We have been inclusive and we looked at action-oriented policy recommendations," he stressed.
On the B20 principals, he said: "We have more than 670 members, more than 50 chairs and co-chairs from G20 countries, more than 30 global CEO and advocacy counsels. We also have the highest women participation at 33.7%."
"We are very proud of the fact that KSA B20 is the first B20 to have women in business-action counsel. We had B20 global dialogue with more than 15 national chambers of commerce and we have engaged with more 3,500 governments and business leaders globally."
