Saudi Arabia Plans To Invest $20 billion in AI by 2030

Saudi Arabia
Saudi Arabia

According to the “Vision 2030” plan by Prince Mohammed Bin Salman, The United Kingdom used an artificial intelligence strategy last month to attract investors. 

Riyadh: Saudi Arabia declared on Thursday that it will invest $ 20 billion in artificial intelligence projects by 2030 because the oil-rich country strives to modify its economy amidst the slipping prices of crude oil. 

Saudi Arabia

Head of the Data and Artificial Intelligence Authority, Abdullah Al- Ghamdi, said Saudi Arabia will invest $20 billion until 2030.

During a G20 media briefing, he added, ” We aspire to have artificial intelligence as an element of an alternative economy through startups and innovation companies. We also view artificial intelligence as a source of savings and additional income. 

Ghamdi added that shares will be open to foreign and local investors as the country strives to establish more than 300 startups in artificial intelligence by 2030. 

Like most countries in the energy-rich region, Saudi Arabia has also been trying to Modify its economy, which the sudden push of low oil prices and the coronavirus pandemic has smashed. 

Besides, Riyadh is still struggling to fund the ambitious diversification project of Prince Mohammed as it strives to repair its image after the murder of Journalist Jamal Khashoggi in 2018 inside the Saudi consulate in Istanbul.

The G-20 summit held at the weekend in Riyadh is set to bring leaders of the world’s wealthiest nations but has been overpowered by the human rights group calls for the kingdom to release jailed activists. 

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