Sources indicate that Saudi Arabia is developing an ambitious initiative, named "Project Transcendence," aiming to establish a technology center on par with the UAE. This project focuses on advancing artificial intelligence (AI) and could potentially receive up to $100 billion in funding from the country's Public Investment Fund (PIF).
The plan seeks to create a government-backed entity that will invest in data centers, startups, and other infrastructures needed for AI development. The fund's structure will resemble the Alat Fund, which targets sustainable manufacturing. The Crown Prince of Saudi Arabia, Mohammed bin Salman, chairs Alat, which collaborates with large international companies for investments.
Project Transcendence is also set to attract new talent to Saudi Arabia, nurture the local ecosystem, and incentivize tech companies to invest resources in the country. Currently, Saudi's PIF and Google, a subsidiary of Alphabet Inc., are collaborating to establish an AI center, with a joint investment ranging from $5 billion to $10 billion. Their collaboration includes developing an Arabic AI model.
The initiative aspires to partner with established tech giants, with Saudi Arabia providing infrastructure and capital support. Total investments could range between $50 billion and $100 billion. The project may eventually encompass various government agencies, providing funds for AI infrastructure and startups, aiming to bridge the gap with AI expertise in leading countries like the USA and China.
Saudi officials envision creating a national AI entity on the scale of Abu Dhabi's G42 tech group. This development aligns with Saudi Arabia's "Vision 2030" strategy, which aims to diversify revenue sources away from fossil fuels. The country plans to adopt AI technology domestically in the remainder of this decade and begin exporting it by 2030, striving to rank among the top 15 global AI nations. Saudi Arabia has already established key research centers and departments focused on AI, producing large language models similar to OpenAI's ChatGPT.
