DUBAI KNOWLEDGE VILLAGE, UAE -
Oct. 16, 2024 -
PRLog -- The Middle East is rapidly emerging as a major player in the global AI landscape, driven by sovereign wealth funds from oil-rich nations such as Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Qatar. Here's a breakdown of the key developments and facts:
Economic Diversification: Shifting from Oil to AI - Oil-rich nations like Saudi Arabia, UAE, Qatar, and Kuwait are looking to diversify their economies as they reduce reliance on fossil fuels.
- AI investments have become a key part of this diversification strategy, with sovereign funds channelling billions into AI startups.
- Pitchbook data: AI funding from Middle Eastern sovereign wealth funds increased fivefold in the past year.
Major Players in the Middle Eastern AI Investment Scene - Saudi Public Investment Fund (PIF): Manages over $925 billion, investing heavily in AI through various funds.
- Example: PIF is in talks with U.S. VC firm Andreessen Horowitz to create a $40 billion AI fund.
- UAE's Mubadala: With $302 billion under management, it's one of the most active AI investors, completing eight AI deals in the last four years.
- Example: Invested in OpenAI competitor Anthropic.
- Abu Dhabi Investment Authority (ADIA): Manages $1 trillion and partners on AI infrastructure projects.
- Example: ADIA-backed MGX fund launched in 2024 to focus on AI infrastructure, aiming to raise $100 billion for data centers.
Read Complete Article – AI in Middle East (
https://medium.com/@hanasatohp/middle-eastern-funds-inves...)
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