Japanese Softbank $100 Billion fund for Tech vs Saudi Arabian Vision 2030 $40 Billion fund for AI

Japanese Softbank $100 Billion fund for Tech vs Saudi Arabian Vision 2030 $40 Billion fund for AI

Can an Oil producing country create an AI fund which will be to AI what the Japanese fund of Softbank is to Technology? Middle Eastern Oil Giant Saudi Arabia plans a $40 Billion fund for AI. The oil rich Kingdom of Saudi Arabia has a sovereign wealth fund of $900 Billion. Officials of the fund are in talks with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms, which is already an active investor in AI to create a $40 Billion fund to invest in AI.

This can become a vital element of the Saudi Arabia’s Vision 2030 plan, the project which is the brainchild of Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman, also known as MBS. The Saudi Vision 2030 or Project 2030 is a project of the MBS focus on shifting the Saudi Arabia’s oil based economy to other industries like technology and travel tourism.

This $40 billion fund will be next only to the $100 Billion fund managed by Masayoshi Son lead Softbank, the Japanese conglomerate that has long been the world’s largest investor in start-ups. This AI bet aligns with the kingdom’s ambitious vision 2030 – a shift from oil to other industries like travel tourism and technology. The fund aims at making Saudi Arabia the global hub in the field of AI.

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