Middle Eastern funds are plowing billions of dollars into hottest AI start-ups
Summary
Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to tech investments as a hedge. MGX, a new AI fund out of The United Arab Emirates, was among investors looking to get a slice of OpenAIs latest fundraise this week, two sources told CNBC. The most notable case in recent years was the alleged killing of Washington Post journalist Jamal Khashoggi in 2018, an event that triggered international backlash in the business community. French sovereign fund Bpifrance has inked 161 AI and machine learning deals in the past four years, while Temasek out of Singapore has completed 47, according to Pitchbook. Jared Cohen of Goldman Sachs Global Institute said theres a disproportionate amount of capital coming from nations like Saudi Arabia and UAE, and a willingness to deploy it around the world.