The Kingdom of Saudi Arabia is evolving rapidly, particularly in the field of technology. Riding this wave, the Saudi Company for Artificial Intelligence (SCAI) will team up with China’s SenseTime to build the country’s artificial intelligence ecosystem.

With a $776 million investment in a joint venture with SenseTime, SCAI will be running an AI lab that will operate as a specialized research and development facility, enabling the next generation of data scientists to benefit from the transfer of technology.

Aimed at establishing Saudi Arabia as a leader in AI by assisting local businesses, SCAI is wholly owned by Saudi Arabia’s Public Investment Fund (PIF) and operates per the Kingdom’s goals established in Vision 2030. 

“Today’s agreement represents an important strategic step on SCAI’s journey to develop national capabilities and build a robust, innovation-driven AI ecosystem. We look forward to working closely to provide world-class AI solutions that will contribute to the success of a diverse smart city, business intelligence, health care, and education initiatives in the Kingdom and beyond,” said Ayman AlRashed, CEO of SCAI, at the Global AI Summit in Riyadh on September 13.

DIVERSIFIED INVESTMENTS

As tourism takes flight in the Middle East, logic dictates that Saudi Arabia’s sovereign wealth fund is looking to acquire a $412 million interest in a regional travel and tourist company as part of efforts to diversify its investments.

With a $412 million investment, the PIF agreed to acquire a 30% stake in Almosafer Travel & Tourism Co., a division of Seera Group Holding, listed in Riyadh.

According to the agreement with PIF, Seera’s destination management company, Discover Saudi, and its Hajj and Umrah travel operator, Mawasim, will fall under Almosafer. Almosafer intends to use this investment to fuel its expansion goals, which include buying tourism-related goods and assets and boosting visitor and customer experiences.

Most Innovative Companies comes to the Middle East this October! Click here to know more.