Saudi Arabia is making a massive investment in the NEOM project to establish itself as a major player in the field of artificial intelligence. The country has signed an agreement with DataVolt to develop a 1.5-gigawatt AI data center with zero carbon emissions in the Oxagon industrial zone. The first phase of this project involves a $5 billion investment and is expected to be operational by 2028.
Additionally, the Saudi government has announced the establishment of a $40 billion fund for AI investment in collaboration with foreign partners. These initiatives are part of Vision 2030, aimed at reducing reliance on oil and expanding a technology-driven economy.
However, some sources report that rising costs have led Saudi Arabia to scale back certain development goals, shifting its focus more toward hosting global sports events in the coming decade.