Oil-rich nations in the Middle East are diversifying their economies by heavily investing in technology, particularly artificial intelligence (AI). Government-backed funds from countries like Saudi Arabia, the UAE, Kuwait, and Qatar have seen a fivefold increase in AI investments over the past year. Sources reveal that MGX, a UAE-based fund, participated in OpenAI's recent funding round.
Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to technology investments as a hedge.
MGX, a fund out of The United Arab Emirates, was among the investors looking to get a slice of OpenAI's latest funding round this week, sources tell CNBC.Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to tech investments as a hedge. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook.
Still, the kingdom's human rights record remains an issue for some Western partners and start-ups. The most notable case in recent years was the alleged killing of Washington Post journalist Jamal Khashoggi in 2018, an event that triggered international backlash in the business community.
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