Oil-rich nations in the Middle East are diversifying their economies by heavily investing in artificial intelligence (AI). Government-backed funds from countries like Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar have significantly increased their investment in AI companies over the past year. This trend is evident in their participation in recent funding rounds for prominent Silicon Valley AI firms, such as OpenAI.
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.Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley's artificial intelligence darlings. MGX, a new AI fund out of The United Arab Emirates, was among investors looking to get a slice of OpenAI's latest fundraise this week, two sources told CNBC. The round is set to value OpenAI at $150 billion, said the people, who asked not to be named because the discussions are confidential.. But these sovereign funds have no problem coming up with cash for AI deals. They invest on behalf of their governments, which have been helped by rising energy prices in recent years.
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.
Aidinvestment Sovereign Wealth Funds Middle East Openai Technology Diversification
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