Riyadh to invest $20bn in AI

Saudi Arabia announced on Thursday Nov 19, 2020, It will invest $20 billion in artificial intelligence projects by 2030, as the oil-rich country seeks to diversify its economy amid slumping crude prices.

“Saudi Arabia will invest $20 billion from now until 2030,” said Abdullah al-Ghamdi, head of the Data and Artificial Intelligence Authority, which was established in 2019. “We aspire to have artificial intelligence as a component of an alternative economy through startups and innovation companies. and view artificial intelligence as a source of savings and additional income,” he said during a G20 media briefing.