Saudi Arabia in talks with Andreessen Horowitz to create AI fund

[Pelican Press 0]

Saudi Arabia in talks with Andreessen Horowitz to create AI fund

PIF Managing Director Yasir bin Othman Al-Rumayyan attends the Russian-Saudi Investment Forum held at the Ritz-Carlton Moscow Hotel.

Sergei Bobylev | TASS via Getty Images

DUBAI, ******* ***** Emirates — Saudi Arabia’s sovereign wealth fund is in talks with ********* venture capital firm Andreessen Horowitz and potentially others to create a $40 billion fund to invest in artificial intelligence, according to

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, which was later confirmed by CNBC sources.

The move, which two people with knowledge of the matter told CNBC has been under discussion for months, would see a partnership formed between Saudi Arabia’s $925 billion Public Investment Fund and Andreessen Horowitz, one of Silicon Valley’s largest venture capital firms.

The people stressed that talks have not yet been finalized, and declined to be named due to restrictions on speaking to the press. They also said they were not aware of other potential parties to the talks besides Andreessen Horowitz and the PIF.

The PIF and Andreessen Horowitz did not immediately reply to CNBC’s request for comment.

Saudi Arabia’s PIF has been on a buying spree as it seeks to diversify the kingdom’s revenues away from oil, a key pillar of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 initiative. It has poured billions of dollars of investment into stake purchases and ****** funds with major international companies like Uber, Bank of America, Citi, SoftBank and Blackstone.

Andreessen Horowitz, with

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has backed successful companies including Airbnb, Coinbase,

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and Slack, and has nearly 100 AI-related startups in its portfolio.

Co-founder Marc Andreessen wrote in a blog post on the firm’s website in June 2023 that “The threat of not aggressively pursuing global AI dominance … is considerable.” 

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Breaking News: Technology,Marc Andreessen,Saudi Arabia,******* ***** Emirates,Dubai,Technology,business news
#Saudi #Arabia #talks #Andreessen #Horowitz #create #fund

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