Middle Eastern oil-rich nations increase AI start-up investments fivefold to diversify economies.

Oil-rich nations in the Middle East, including Saudi Arabia, the UAE, Kuwait, and Qatar, are significantly increasing their investments in artificial intelligence (AI) start-ups, with funding rising fivefold in the past year. This trend, driven by sovereign wealth funds, aims to diversify economies reliant on energy revenues. Major players like the Saudi Public Investment Fund and UAE's Mubadala are backing numerous tech ventures, raising concerns of potential overvaluation in Silicon Valley.

September 22, 2024
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