Saudi Arabia and its enterprises are making significant strides in the technology and artificial intelligence sectors by channeling funds into some of the largest global institutions, including billionaire Elon Musk’s AI company, xAI.
The AI firm recently garnered around $6 billion in a new funding round, elevating its market valuation to $24 billion, with substantial backing from several companies, including Kingdom Holding Company and Al Moammar Information Systems Company (MIS).
In a move to capitalize on the burgeoning AI market, a Saudi company disclosed its board’s approval to allocate 40 million riyals for the creation of an investment portfolio through self-financing, targeting investments in global AI enterprises.
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Engineer Ahmed Tariq, an IT and security expert, notes that Saudi Arabia is a leader in the AI arena, investing vigorously both domestically and internationally. He reveals that 94% of Saudi companies are intensifying their utilization of technology and AI.
Tariq, in an exclusive conversation, indicated that the kingdom has invested over $40 billion in artificial intelligence since the launch of Vision 2030 in April 2016, with figures expected to rise sharply. Riyadh is experiencing significant digital shifts, aiming for a ‘zero paper transactions’ reality in institutions, companies, and even local shops in the near future.
According to the 2023 AI Index, Saudi Arabia ranked first in the Arab world and 22nd globally in the field of AI. This is attributed to substantial technology investments, leading to a digital boom in the country, supported by the establishment of a vast digital infrastructure and training of personnel in technology and AI utilization.
Tariq concluded by stating that Saudi Arabia is competing on a global level, persistently investing in AI and digital transformations. A prime example of this commitment is the development of smart cities built on comprehensive technological foundations and infrastructure.
