Yassir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF) said the kingdom is poised to be an Artificial Intelligence (AI) hub, at the Miami FII event on Thursday. He added while the world today is talking and looking closely at AI, the core source that ensures the development of this technology- energy is in abundance in Saudi.
He added AI would consume a lot of energy and the kingdom is already the leader in fossil fuel and renewable energy, making it a natural hub for developing AI.
This comes as no surprise as, Saudi Arabia is already making significant strides to establish itself as a technology hub. Recently, the PIF company Alat announced four partnerships with global technology giants – Softbank Group, Dahua Technology, Tahakoum, and Carrier Corporation. Alat will be investing $100 billion by 2030 to enhance the capabilities in the technological sector in the region.
The region is also focussing on delivering sustainable manufacturing to help these companies reduce their emissions and move towards carbon zero manufacturing.
The PIF company’s Alat’s partnership with Softbank aims to establish a fully automated manufacturing and engineering hub. This partnership will pump in $150 million towards building this hub. Carrier Corp and Alat, on the other hand will work towards the development of a manufacturing and R&D centre, which is expected to create over 5000 local jobs.
Alat and Dahua will invest $200 million towards the establishment of Alat AlVisio Technology Co Ltd, a secure and complaint global business for vision-centric products.
The Saudi Technology and Security Comprehensive Control Company (Tahakom), already develops Intelligent Transport Systems (ITS), Artificial Intelligence (AI), and cutting edge safety solutions. Now in partnership with Alat will combine their capabilities and resources towards smart mobility and intelligent city solutions.
