As Saudi Arabia accelerates its digital transformation under Vision 2030, a new agreement is set to boost AI-driven innovation and enhance data capabilities within the private sector. The Saudi Data and Artificial Intelligence Authority (SDAIA) has signed a memorandum of understanding (MoU) with the Private Sector Partnership Reinforcement Program, known as Shareek, to drive technological advancement across key industries.

According to an official statement, the MoU outlines plans to conduct in-depth market studies, coordinate with relevant authorities, and support the development of AI-aligned business models. It also includes provisions for providing technical consultation services to private sector entities affiliated with Shareek.

This collaboration supports Vision 2030’s goal of generating $135.2 billion in economic value from AI by the end of the decade and increasing the private sector’s contribution to GDP to 65%. It highlights Saudi Arabia’s broader strategy to diversify its economy and reduce its reliance on oil through innovation-led growth.

In a post on X, SDAIA said the agreement also aims to “develop investment opportunities in cooperation with relevant authorities” and “develop business models for both parties, in accordance with established procedures.” The partnership will focus on “identifying and prioritizing investment opportunities,” offering specialized technical consultations, and sharing those opportunities with relevant stakeholders to encourage participation in the Shareek program.

Launched in 2021, Shareek is a flagship public-private initiative designed to unlock SR5 trillion ($1.33 trillion) in investments by 2030. Its collaboration with SDAIA marks a significant step toward accelerating Saudi Arabia’s digital and technological ambitions.

The agreement follows SDAIA’s recent memorandum of understanding with Advanced Micro Devices (AMD), signed in May to develop AI data centers using AMD’s technology. These developments come as Saudi Arabia cements its position on the global AI map, ranking third in the OECD AI Policy Observatory in December, behind only the US and UK.