Asia Tech Wire (Nov 7) -- Saudi Arabia plans to build $100 billion AI hub to challenge UAE, according to Bloomberg.

Citing people familiar with the matter, the report said Saudi Arabia plans to build a new artificial intelligence (AI) project of up to $100 billion, with the goal of creating a technology hub that can rival neighboring UAE.

The Saudi-backed entity will invest in data centers, startups, and other infrastructure to develop AI, the people said.

The initiative, called Project Transcendence, will also focus on recruiting talent for Saudi Arabia and developing a local ecosystem, while encouraging tech companies to invest resources in the country.

And the new project will be similar in structure to Alat, a fund dedicated to investing in sustainable manufacturing, the report said.