Saudi Arabia to Launch $10B Venture Fund
Humain, a company owned by the Saudi Public Investment Fund, has launched a global venture capital fund exceeding $10 billion to bolster its investments in artificial intelligence. The fund aims to accelerate sector development and establish the Kingdom as a global hub for AI, with offices in the United States, France, and the United Kingdom. This comes after the company's successful $3 billion investment in Elon Musk's AI company xAI, and the Public Investment Fund's $26 billion stake in SpaceX. Additionally, Humain has launched the "HUMAIN Limitless" initiative to support local AI startups, and plans to establish data centers with a capacity of up to 6 gigawatts by 2034, supported by the Saudi Ministry of Energy.
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