CNBC September 22, 2024
Key Points
– Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to technology investments as a hedge.
– In the past year, the level of AI investing from government-backed Middle Eastern funds has increased fivefold, according to data from Pitchbook.
– MGX, a fund out of The United Arab Emirates, was among the investors looking to get a slice of OpenAI’s latest funding round this week, sources tell CNBC.
Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley’s artificial intelligence darlings.
Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and...
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