Saudi Arabia is investing heavily in artificial intelligence as it aims to diversify its oil-dependent economy and become a leading player in the AI field. Top tech executives recently gathered in the desert outside Riyadh for the massive Leap conference, where over $10 billion in deals were signed as the kingdom offered its deep pockets to attract international companies.
Hosting hundreds of thousands of attendees, the conference highlighted Saudi Arabia's determination to build a domestic tech sector. Amazon CEO Adam Selipsky announced a major new investment in cloud computing and AI, praising the “lifetime friendship” between his company and the country. Other industry leaders from firms like IBM, Huawei and TikTok also expressed enthusiasm for the kingdom's vision and investment potential.
This aggressive pursuit of AI is part of Saudi Arabia's national strategy to transition its economy, coined “Vision 2030.” Vast sums are being poured into initiatives like new universities focused on AI research, startup accelerators to attract entrepreneurs, and the development of high-tech economic zones. A $100 billion sovereign investment fund and another $40 billion venture fund are funneling money into AI ventures.
The strategy aims to diversify the oil-reliant economy and assert Saudi influence internationally. By establishing itself as a hub for AI talent and technology, the kingdom hopes to drive innovation and growth. Some challenges remain in attracting skilled workers and adapting to a knowledge-based economy. Still, with its enormous oil wealth and grand ambitions, Saudi Arabia appears intent on emerging as a global leader in artificial intelligence.
