The Saudi AI company announced a $776 million investment in a joint venture with China's SenseTime to develop the country's artificial intelligence ecosystem. SCAI CEO Ayman Al Rashed made the announcement at the Global Artificial Intelligence Summit in Riyadh on September 13. SCAI - wholly owned by the Saudi Arabian Public Investment Fund - is in line with the goals outlined by the kingdom in Vision 2030, which aims to position Saudi Arabia as a global AI leader by supporting local companies to master the technology.

SCAI will work closely with SenseTime and will operate an artificial intelligence laboratory as a dedicated R&D center to allow the next generation of data scientists to benefit from technology transfer. Al Rashed said today's agreement represents an important strategic step for SCAI to develop national capabilities and build a robust, innovation-driven AI ecosystem. We look forward to working closely together to deliver world-class AI solutions.

Xu Li, Executive Chairman and CEO of SenseTime, said: "It is exciting to see the rapid digital transformation underway in the Kingdom of Saudi Arabia, especially in the development of the artificial intelligence ecosystem. The new partnership will help achieve the goals outlined in Vision 2030 and will be the driving engine for the Kingdom's next generation of cities. Saudi Arabia is undergoing rapid digital transformation, especially in the field of artificial intelligence. In January, SCAI launched operations in Saudi Arabia to develop and develop artificial intelligence and emerging technology industries. Keywords: engineering news, overseas news

At the time, Al-Rashed said artificial intelligence was rapidly changing lifestyles and the kingdom should invest in the foundations of the industry to deliver long-term sustainable value to shareholders. The launch of SCAI is part of the Kingdom’s plan to diversify its economy by 2030 and is also in line with PIF’s strategy to prioritise 13 key sectors, one of which is technology.Editor/XingWentao