RIYADH: The Saudi Company for Artificial Intelligence is launching operations to grow and develop artificial intelligence and emerging technologies industries in the Kingdom.

SCAI — wholly owned by Saudi Arabia’s Public Investment Fund — will support local firms as they develop AI solutions, according to the company’s chairman, Dr. Abdullah bin Sharaf Alghamdi.

He said: “As PIF’s arm in the AI and emerging technologies sector, the company will develop local capability, cutting edge technology, and strategic partnerships to support  creating  Saudi-owned solutions in the AI ecosystem.”

Ayman AlRashid, CEO of SCAI, added that AI is swiftly altering the way of living and the Kingdom should invest in the sector’s foundation in an attempt to unveil long term sustainable value for all stakeholders.

The launch of SCAI is in line with the Kingdom’s Vision 2030 of diversifying the economy, and also it meets the PIF’s strategy which prioritizes 13 major sectors, one of which is technology.