In an effort to create a technological hub, Saudi Arabia is preparing a new artificial intelligence project with support of up to $100 billion. The state-backed organization will invest in data centers, companies, and other infrastructure to create artificial intelligence. The program, known as "Project Transcendence," will also concentrate on attracting fresh talent to the kingdom, fostering the growth of the local economy, and luring digital firms to invest in the nation.
It would be established with a framework akin to that of Alat, a fund dedicated to sustainable manufacturing and supported by $100 billion in funding from the kingdom's Public Investment Fund. Crown Prince Mohammed bin Salman chairs Alat, which aims to co-invest with major global corporations.
The project, which might eventually involve several government agencies, will finance AI companies and infrastructure while bridging the kingdom's AI knowledge gap with the US and China.
