Saudi state oil giant Aramco Saudi Aramco has signed an agreement valued at $250 million with United States-based company Beyond Limits.
Together with the California-based artificial intelligence technology company Beyond Limits, Saudi Aramco will build a global AI corridor. Beyond Limits is known for specializing in industrial AI technology software
The deal was announced last week at an industry event in Riyadh and signed today. The massive deal is valued at $250 million and will aim at linking Riyadh to the U.S. state of California.
The “Global AI Corridor” is meant to create an ecosystem in the Kingdom of Saudi Arabia by commercializing complex AI solutions, training Saudi talent, and supporting Saudi startups.
The project is designed to have an academy that will focus on training Saudi youth, as well as a residency that will help AI startups in Saudi Arabia to work with seasoned professionals. There will also be a new R&D Program that will support the creation of IPs.
Amjad Abdullat, CEO of Beyond Limits, said that the agreement will help build the project with relationships between the Kingdom of Saudi Arabia and the United States.
“In California, we have the greatest number of Nobel Prize laureates, a lot of intellectual property in AI, and the largest number of venture capitalists investing in the AI ecosystem. So, we want to bring all that to the Kingdom to help build a strong network of AI entrepreneurs and unicorns,” Abdullat said about the newly penned project.
“There is also an investment component that will attract foreign venture capital investments to the Kingdom, in addition to the domestic investment,” he said.
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