Saudi Arabia Hosts Major Global Investment Conference Focusing on AI Expansion

Saudi Arabia has launched its Future Investment Initiative (FII) conference in Riyadh to attract global investment and support its economic diversification away from oil dependency. The kingdom's Public Investment Fund Governor, Yasir Al-Rumayyan, highlighted widespread concerns about artificial intelligence (AI) exacerbating educational inequalities and emphasized the need for technology to benefit all. Saudi officials, including Investment Minister Khalid Al Falih, noted that over half of the Saudi economy now operates independently of oil, and AI is a central focus for future growth, with plans for large-scale data centers and investments. The country has seen a 24% increase in foreign investment in 2024, reaching $31.7 billion, and has closed $250 billion in deals over the eight years of the conference. Despite regional tensions and global uncertainties, Saudi Arabia remains committed to its Vision 2030 goals, aiming to leverage its energy resources and AI initiatives to drive economic transformation. Experts project AI could add over $135 billion to the Saudi economy by 2030, underscoring the kingdom's strategic push into tech-driven industries.