Foreign investment in Saudi Arabia’s Artificial Intelligence (AI) field is expected to rise and for new smart partnerships to be formed in 2021. Crown Prince Mohammed bin Salman had unveiled the kingdom’s strategy for expanding investment in AI, renewable energy, entertainment and many other sectors.
Improving the investment environment in Saudi Arabia has been part and parcel of achieving a national plan for economic transformation, dubbed “Kingdom Vision 2030.”
Recording tangible progress in realizing mega projects launched under the scope of Vision 2030, Saudi Arabia is expected to witness growth of foreign investments in AI and technology.
This projection is underpinned by the government’s dedication to achieving digital transformation as a major milestone in fulfilling the requirements of having a knowledge economy and generating quality opportunities for investment in AI and smart cities.
“AI has become a target for investors, because of its great importance in the economic transformation of knowledge and the ability to analyze and understand data on large scales that surpasses human capabilities,” Shura Council member Fadel bin Saad Al-Buainain told Asharq Al-Awsat.
“Investing in the future is one of the most important pillars of Vision 2030… so we find that there are more qualitative opportunities to attract investors to the field of technology, especially AI,” Al-Buainain added.
“If we combine this with the Public Investment Fund’s approach to investing in technology, establishing companies that promote digital development locally and growing global partnerships, it becomes clear that this sector will expand significantly over the next decade,” he asserted.
The Shura Council member also explained that the globally growing AI trend confirms that financiers are focused on a future that guarantees the sustainability of their investment.
“What we see globally can apply to the local market...I stress the importance of directing investments locally according to a strategic vision that guarantees the quality of output and that enhances economic development through stimulation, participation and support,” Al-Buainain advised.
