PIF Managing Director Yasir bin Othman Al-Rumayyan attended the Russia-Saudi Arabia Investment Forum held at the Ritz-Carlton Hotel in Moscow.
Sergei Bobilev | TASS via Getty Images
DUBAI, United Arab Emirates — Saudi Arabia’s sovereign wealth fund is reportedly in talks with U.S. venture capital firm Andreessen Horowitz and other potential firms to create a $40 billion fund to invest in artificial intelligence. New York Times report Later, CNBC sources confirmed the news.
Two people familiar with the matter told CNBC that the move, which would involve Saudi Arabia’s $925 billion Public Investment Fund (PIF) and Andreessen Horowitz, one of Silicon Valley’s largest venture capital firms, has been under discussion for months. Build partnerships.
The people familiar with the matter emphasized that the negotiations have not yet been finalized and declined to be named due to restrictions on interviewing the media. They also said they were unaware of any other potential negotiators besides Andreessen Horowitz and PIF.
PIF and Andreessen Horowitz did not immediately respond to CNBC’s request for comment.
Saudi Arabia’s PIF has been on an acquisition spree in an attempt to diversify the country’s revenue away from oil, a key pillar of Crown Prince Mohammed bin Salman’s Vision 2030 initiative. The company has invested billions of dollars, buying stakes and establishing joint funds with major international companies such as Uber, Bank of America, Citigroup, SoftBank and Blackstone.
Andreessen Horowitz, with Assets under management of US$35 billion, He has invested in successful companies such as Airbnb, Coinbase, Facebook and Slack, and has invested in nearly 100 artificial intelligence-related startups.
Co-founder Marc Andreessen wrote in a June 2023 blog post on the company’s website, “ Aggressively pursuing global artificial intelligence dominance…is huge. ”
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