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Today: July 22, 2024
June 9, 2024
1 min read

Middle East’s Position in Global AI Funding Race


TLDR:

  • Global venture capital funds are investing in AI in the Middle East, showing solid interest in the region’s technology industry and potential.
  • The UAE and Saudi Arabia are leading the AI funding race in the Middle East, attracting investments from global players.

Middle East investment funds are making strides in the artificial intelligence space, with experts suggesting that they have the potential to become global players. International investors are taking notice of the region’s focus on advanced technology, as governments clarify policies and integrate AI into various sectors. Consultancy PwC estimated the region’s future share of the AI market at $320 billion by 2030. The UAE and Saudi Arabia are at the forefront of attracting global venture capital funds, aiming to become hubs for tech innovation. While the Middle East’s AI funds are still growing, they offer deep regional integration with private and public sectors. The top 50 VC funds investing in AI in the Middle East have a combined 502 investments, with Israel dominating the list and Saudi Arabia and the UAE following. The region has 1,843 AI start-ups with 1,773 funding rounds attracting $12.9 billion, signaling significant growth in the sector. The UAE and Saudi Arabia have made key investments in AI, with initiatives like Adnoc, G42, and Microsoft’s partnerships in the region. Saudi Arabia is planning a $40 billion fund to invest in AI, positioning itself as a global AI-driven economy. Qatar is also ramping up its AI strategy, attracting partnerships for an AI research center.


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