Official announcements from Saudi Arabia's Public Investment Fund or major financial news outlets

Saudi Arabia's $100 Billion 'Project Transcendence' Aims to Rival UAE's Tech Hub

Nov 6, 2024, 06:22 PM

Saudi Arabia is planning a new AI project with backing of as much as $100 billion as it seeks to develop a technological hub to rival the neighboring UAE. The initiative, named 'Project Transcendence,' aims to build a robust local AI ecosystem, fostering innovation and capability within the kingdom. The project is modeled after the UAE's ALAT framework and aligns with Saudi Arabia's broader ambitions to become a global hub for AI. Google is also opening an AI hub in Saudi Arabia, adding to the kingdom's efforts to leverage its oil wealth to fuel a digital transformation across various industries, including health and energy. Cash, land, and cheap renewable energy were key parts of Saudi Arabia's pitch to attract investments and talent during its annual 'Davos in the desert' summit. The Public Investment Fund (PIF) and a Google AI partnership may serve as models for the project, according to TechCrunch.