Saudi Arabia has announced plans for an artificial intelligence (AI) initiative, potentially backed by up to $100bn (SR376bn), to establish a technological hub within the country, Bloomberg reported citing people familiar with the matter.

The proposed project, named “Project Transcendence,” aims to invest in data centres, startups, and other infrastructure crucial for AI development.

The initiative will not only focus on infrastructure but also on attracting new talent and encouraging tech companies to invest in the country.

This move is set to enhance the country’s efforts to position itself as a leading force in global AI development, with a structure akin to the sustainable manufacturing fund Alat, which is supported by $100bn in capital from Saudi Arabia’s Public Investment Fund (PIF).