AI tech talk dominates discussions at Saudi gathering
Government finance leaders say dipping oil revenue and regional conflict have not diminished investor interest in Middle East’s biggest economy
Public Investment Fund Governor Yasir Al Rumayyan speaks at conference in Riyadh (Photo: FII)
From multibillion-dollar investments in car manufacturing and home construction to underwriting new frontiers in artificial intelligence, Saudi Arabia is sketching out its growing global ambitions at this year’s Future Investment Initiative conference.
The event’s first two days at Riyadh’s King Abdul Aziz International Conference Center offered more than a dozen sessions on the prospects for AI technology transforming world commerce.
Among those weighing in were Alex Clavel, Co-CEO of Softbank Vision Funds; Hani Enaya, Chief Investment officer of Saudi Arabia’s Sanabil Investments; Julie Sweet, Chair and CEO of Accenture; former Google chief Eric Schmidt and Tesla founder Elon Musk (by remote video feed).
Amid reports that the kingdom’s Public Investment Fund is in talks to team up with Silicon Valley’s Andreessen Horowitz on a $40 billion fund focused on AI, PIF Governor Yasser Al Rumayyan said he expects Saudi Arabia to turn into a regional hub for the technology.
“Artificial general intelligence marks the next frontier, promising machines capable of problem solving and driving productivities that will impact every sector from health care to energy,” he told the conference.
As in the previous seven years, FII’s 2024 edition has brought some of the world’s most prominent financiers to Riyadh, including former U.S. Treasury Secretary Steven Mnuchin, who founded Liberty Strategic Capital after leaving office with funds from Saudi Arabia, Qatar and the UAE.
In the main conference halls, mammoth AI-generated avatars questioned some of the panels and aN hologram doctor discussed fielded intimate medical questions at one of the many booths sponsored by technology companies. Among the many freebies offered FII participants, on the other hand, were decidedly low-tech baskets of dates, body scrubs and hair oil handed out by Saudi Arabia’s National Center for Palms and Dates.
Saudi Finance Minister Mohammed Al-Jadaan said dipping oil revenue and concern about regional conflicts have not diminished interest in the Middle East’s biggest economy.
“Investors are investing in Saudi Arabia despite all the geopolitical tensions because Saudi plays a very important role as the anchor of stability,” Al-Jadaan said. “What the investors want is to be a part of the national transformation that is taking place.”