Google partners with Saudi PIF to open AI hub
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- Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is partnering with Saudi Arabia’s Public Investment Fund to open up an artificial intelligence hub in the country, the investment firm said on Tuesday.
- The new hub will work on creating Arab language AI models and “Saudi-specific AI applications,” a statement from the PIF said.
- “This strategic partnership will accelerate adoption of AI in the local language and across industries — including healthcare, retail, financial services and more — for enterprises and startups in Saudi Arabia, across the Middle East, Africa and around the world,” Ruth Porat, President and Chief Investment Officer of Alphabet and Google, said in a statement. “As part of Saudi Arabia’s rich technology ecosystem, we aim to create highly-skilled jobs for Saudis and opportunities for global businesses to fuel growth through cloud adoption.”
- The PIF is one of the world’s largest sovereign wealth funds, estimated to have more than $930B in assets under management.
- Google shares rose fractionally in midday trading on Tuesday.