Middle Eastern Funds Boost AI Investments

Middle Eastern sovereign wealth funds are increasingly investing in artificial intelligence (AI) as oil-rich nations like Saudi Arabia, UAE, Kuwait, and Qatar seek to diversify their economies. Funding for AI companies from these nations has surged fivefold in the past year, with significant contributions from the Saudi Public Investment Fund (PIF), which has over $925 billion in assets. The UAE's MGX fund is actively participating in OpenAI's latest fundraising round, which is expected to value the company at $150 billion. The Gulf Cooperation Council's total wealth is projected to rise from $2.7 trillion to $3.5 trillion by 2026, bolstered by rising energy prices. Additionally, initiatives like MGX's partnership with BlackRock and Microsoft aim to raise $100 billion for AI infrastructure. These developments position Middle Eastern funds as crucial players in the global AI landscape, rivaling traditional venture capital sources.