[Saudi Arabia plans to spend US$100 billion to build an artificial intelligence powerhouse to rival the technology center of the United Arab Emirates] Financial News Agency, November 7, according to people familiar with the matter, Saudi Arabia is planning to launch a new artificial intelligence project costing up to US$100 billion, aiming to It is building a technology hub to rival neighboring United Arab Emirates. The state-backed entity will invest in data centers, startups and other infrastructure to develop artificial intelligence. The initiative, called Project Transcendence, will also reportedly focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging technology companies to invest resources in the country. It will follow the structure of Alat, a fund focused on sustainable manufacturing backed by $100 billion in capital from Saudi Arabia's Public Investment Fund, according to people familiar with the matter. Alat is chaired by Crown Prince Mohammed bin Salman and seeks to co-invest with major international companies.