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Saudi Arabia is eyeing a $40 billion fund that will invest in artificial intelligence (AI) startups, the New York Times reported.

According to the publication, the Saudi Arabian government, through its sovereign wealth fund the Public Investment Fund (PIF), is in talks with potential partners for the AI fund.

Among financial firms the Saudi government seeks a potential relationship with is Andreessen Horowitz (a16z).

Wall Street banks and other financial firms are also part of the discussions, sources told the NYT.

While people familiar with the plans revealed plans could change, it is reported that Saudi Arabia is keen on establishing the world’s largest AI tech fund.

Accordingly, Andreessen Horowitz and PIF governor Yasir Al-Rumayyan have already held discussions over this possibility. Part of the plan is for the Silicon Valley-based venture capital firm to set up an office in Riyadh.

PIF officials have also deliberated on a16z’ role in the fund and how the venture would work, the NYT report stated.

The AI fund is expected to launch in the second half of 2024.

Today’s news comes less than a month after Al-Rumayyan hinted at Saudi Arabia as a potential global AI hub. The PIF governor made the comments during an investment event in Miami, USA in February.

“We are fairly well positioned to be an AI hub outside of the US,” he noted. The kingdom’s major advantages over other markets include its vast energy resources and unmatched funding capacity.

AI is huge trend today, with major tech companies and venture firms splashing cash on projects and funds. Companies such as Microsoft and Google are at the forefront of this, with OpenAI, Anthropic and other exploding onto the scene.

Nvidia is also seeing unprecedented growth amid its revolution of AI chips. The GTC 2024 conference is a big event in the AI space.

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