Saudi Arabia has announced plans to launch a $40B fund dedicated to artificial intelligence (AI), aiming to become the world's largest investor in the burgeoning sector. This initiative, reported by The New York Times, is part of the oil-rich nation's broader strategy to diversify its economy and enhance its global business presence. The fund is expected to kick off in H2 2024, with a focus on investing in AI technology and related startups. Discussions about potential partnerships with major investment firms like a16z have been highlighted, indicating a significant interest in backing tech startups tied to AI. This move is seen as a major step in Saudi Arabia's efforts to position itself as a key player in the global AI market.