The soon-to-be BRICS member Saudi Arabia is investing massively in Artificial Intelligence (AI) technology. The Kingdom is creating a gigantic fund and could become the largest player in the emerging AI sector. The AI industry is experiencing a ‘gold rush’ with countries advancing to capitalize on the growth. While the US is currently commanding the AI sector, Saudi Arabia looks to overtake America to become the go-to country for AI.
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BRICS: Saudi Arabia Creates a $40 Billion Fund For Artificial Intelligence (AI)
Saudi Arabia announced that it will create a $40 billion fund pool to advance the growth of Artificial Intelligence. If Saudi Arabia joins BRICS, the alliance could not only control the global oil sector but might dominate the AI sector too. The country’s Public Investment Fund revealed that they’re in talks for a potential partnership with Andreessen Horowitz, who is among Silicon Valley’s top venture capital firms.
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The Kingdom also revealed that they’re in talks with other financiers, but did not mention their names. The development could make Saudi Arabia a direct competitor to the US and the West in the AI sector. It is also aiming to diversify its economy and move away from the oil sector. On the heels of these developments, Saudi Arabia has also provided an update about its prospects of joining BRICS.
The Kingdom of Saudi Arabia confirmed recently that they are evaluating the BRICS invitation. They are going through the pros and cons and could conclude their decision about joining or rejecting the BRICS alliance.
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BRICS needs Saudi Arabia more than the Kingdom needs them. The BRICS alliance invited Saudi Arabia as it could receive fresh funding to further the de-dollarization agenda. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.