Saudi Arabia has agreed a $10 billion stake in the AI firm OpenAI.

Saudi Arabia has agreed a $10 billion stake in the AI firm OpenAI, the first major investment as part of Riyadh’s broader efforts to tap the vast potential of the technology.<br><br>The Public Investment Fund has committed to investing $10 billion and could raise that amount if OpenAI gains a new funding round, says Bloomberg.<br><br>The partnership aims to “develop new AI-based industries”, diversify the Saudi economy and increase investment in “promising technology”, according to the finance ministry.<br><br>Since the end of 2023, PIF has been deploying billions of dollars of Saudi state funds into new and established companies, as well as buying shares in publicly traded companies.<br><br>There are hopes that artificial intelligence can help Riyadh’s Vision 2030 plans and kickstart industries such as healthcare, education and finance.<br><br>Prince Mohammed bin Salman, the de facto ruler, has also vowed to bolster the government’s role in the technology sector.