Saudi’s Public Investment Fund Subsidiary Launches $776M AI Joint Venture

Saudi’s Public Investment Fund subsidiary launches $776 million AI joint venture

At the Global AI Summit in Saudi Arabia, the Saudi Public Investment Fund subsidiary and the Saudi Company for Artificial Intelligence launched a $776 million joint venture with Chinese SenseTime. The joint venture will develop the AI ecosystem in the Kingdom.

Ayman AlRashed, CEO, SCAI, “Today’s agreement represents an important strategic step on SCAI’s journey to develop national capabilities and build a robust, innovation-driven AI ecosystem. We look forward to working closely to provide world-class AI solutions that will contribute to the success of the diverse smart city, business intelligence, health care, and education initiatives in the Kingdom and beyond.”

The SCAI will work closely with SenseTime and operate an AI lab that will serve as a dedicated research and development centre, allowing the next generation of data scientists to benefit from the transfer of technology.

Xu Li, executive chairman and CEO of SenseTime, said, “It’s exciting to see the rapid digital transformation that the Kingdom of Saudi Arabia is undertaking, especially in developing an AI ecosystem. The partnership will contribute to the goals outlined in Vision 2030 and will emerge as a driving engine of next-generation cities across the Kingdom.”

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 to prioritise 13 major sectors, one of which is technology.