TECH - Saudi Wealth Fund Pitches Mohammed Bin Salman's Kingdom As AI Hub Outside US: 'We Are Fairly Well Positioned' | Benzinga
In a recent development, Yasir Al-Rumayyan, the head of Saudi Arabia’s Public Investment Fund (PIF), is positioning Mohammed bin Salman‘s kingdom as a potential hub for artificial intelligence (AI) activities outside the U.S.
What Happened: Al-Rumayyan made this announcement at an investment event in Miami, sponsored by the sovereign wealth fund, reported Reuters on Thursday. He highlighted the kingdom’s energy resources and funding capabilities as key factors contributing to this potential.
“We are fairly well positioned to be an AI hub outside of the U.S.,” he said.
“AI will consume a lot of energy and we are the global leader when it comes to fossil fuel energy and when it comes to renewable energy.”
He also emphasized that Saudi Arabia, being the world’s largest oil producer, has the “political will” and financial resources to drive AI projects.
Al-Rumayyan’s remarks suggest that data centers could be a crucial element of Riyadh’s strategy to leverage the surging demand for generative AI technology, which demands substantial processing power.
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