Yet that’s not stopping Saudi Arabia’s ruler, Mohammed bin Salman, from going all in on AI with an impressive new company, Humain. This project has the powerful support of the country’s Public Investment Fund (PIF). This strategic move fits the kingdom’s longer-term aspirations to move beyond their reliance on oil revenues. High-profile tech figures are meeting next week for a U.S.-Saudi investment forum to ‘accelerate’ AI. Among those sitting at the table includes Elon Musk, Sam Altman, and Mark Zuckerberg.
The Public Investment Fund, which is the Kingdom’s sovereign wealth fund, currently manages assets totaling $940 billion. This fund is extremely important in driving innovations and new technology into that region. Humain aims to bolster Saudi Arabia’s position in the rapidly evolving AI sector, reflecting the kingdom’s commitment to innovation and modernization. The venture would draw on the PIF’s extensive experience in financing AI initiatives. It’ll work side by side with big American tech companies including Google and Salesforce.
As that U.S.-Saudi investment forum looms, AI is expected to feature prominently on the agenda. We all know Elon Musk for his innovative genius with Tesla and SpaceX. Retreat participants are eager to hear his visionary take on the future development of these AI technologies. Sam Altman, CEO of OpenAI, is likely to contribute to conversations surrounding the ethical implications and advancements in artificial intelligence. Meta co-founder and CEO Mark Zuckerberg will be on hand to discuss AI’s transformative potential. His keynote will focus on its effect across social media and beyond.
Since January 2023, the PIF has invested more than $1.1 billion in AI-related sectors. This amplifies its function as an important source of growth capital for American technology firms. During its short existence, the fund has built a bedrock of deep alliances. These partnerships fuel innovation and reciprocally increase its impact in technology investments around the world.