YEREVAN, MARCH 20, ARMENPRESS. The government of Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence, the New York Times reported on Tuesday, citing three people briefed on the plans.

In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms, and other financiers, said the people, who were not authorized to speak publicly.

The planned tech fund would make Saudi Arabia the world’s largest investor in artificial intelligence.

Other venture capitalists may participate in the kingdom's artificial intelligence fund, which is expected to commence in the second half of 2024, the newspaper said.

Saudi representatives have indicated to potential partners that the country is interested in supporting a variety of tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers, the report added.