The Saudi Company for Artificial Intelligence (SCAI) is set to begin operations and support local companies in the development of Artificial Intelligence (AI) solutions and emerging technologies within the Kingdom. SCAI is wholly owned by Saudi Arabia’s Public Investment Fund (PIF).
PIF’s AI and emerging technologies arm
SCAI’s chairman, Dr. Abdullah bin Sharaf Alghamdi, said, “As PIF’s arm in the AI and emerging technologies sector, the company will develop local capability, cutting edge technology, and strategic partnerships to support creating Saudi-owned solutions in the AI ecosystem.” Alghamdi went on to say that the company will focus on delivering end-to-end cutting-edge solutions across various disciplines in AI. These will include solutions for both business and consumers in prioritised sectors such as energy and healthcare. SCAI will also aim to be the trusted AI provider for smart city practical solutions.
Ayman AlRashid, CEO of SCAI, stated that AI is rapidly altering the way individuals live their lives and that Saudi Arabia should invest in creating a solid foundation in AI in order to unlock sustainable, long term value for all involved.
AI enabler
“SCAI will be a key enabler to promote the national AI objectives and accelerate technological adoption across various sectors in the Kingdom. The world is embracing the era of data and information, and AI is rapidly changing the way we live. It is critical for Saudi Arabia to invest in the foundations of the sector to unlock long term sustainable value for all stakeholders in the Kingdom and beyond,” said AlRashid.
SCAI’s launch is in line with Saudi Arabia’s Vision 2030 that seeks to create a more diversified economy and also dovetails with PIF’s investment strategy across 13 sectors of the economy, of which one is technology.
Sources close to PIF recently announced that the Fund intends to make USD 10 billion in investments in 2022 across a wide range of sectors, including emergent technology.
