Saudi Arabia eyes SAR 75 bln investment in AI by 2030: SDAIA president

Based on Saudi Arabia’s national strategy for data and artificial intelligence (AI), the country will invest $20 billion (SAR 75 billion) till 2030 in the industry, President of Saudi Authority for Data and Artificial Intelligence (SDAIA), Abdullah Alghamdi, said in his speech during the G20 meeting today, Nov. 19.

The amount will include a share for foreign and domestic investment.

SDAIA aspires to make artificial intelligence an alternative investment option, through investment in innovative and emerging companies, Alghamdi said, adding that the authority aims to establish 300 AI start-ups by 2030.

He noted that SDAIA views AI as a source of savings and additional income.

In the past year, the authority was able to develop a platform, which helped achieve savings and revenues estimated at SAR 43 billion.

Alghamdi pointed out that the authority has completed all logistical and procedural preparations for the establishment of a firm, deemed to be a national arm for investment in the AI sector.