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The CEO of Saudi Arabia’s $100 billion investment firm Alat, a Public Investment Fund (PIF) entity that deals in semiconductors and next generation infrastructure, will partner with two US technology firms by the end of June.
Alat CEO Alat Midha told Bloomberg, the company will also co-invest alongside a US investment firm, but declined to comment on which firms are involved or the sectors they specialise in.
“We are seeking trusted, secure partnerships in the US,” Midha told Bloomberg on the sidelines of the Milken Institute Global Conference in California. “The US is the number one partner for us and the number one market for AI, chips and semiconductor industry.”
The move by Alat comes less than a month after the UAE forged its own partnership with American tech giant Microsoft, which saw the latter invest $1.5 billion in the Abu Dhabi-based Artificial Intelligence firm G42 for a minority stake, along with joining its board of directors.
G42 also partnered with Microsoft to support the establishment of a $1 billion fund for developers to boost AI skills in the UAE and the broader region.
(Writing by Bindu Rai, editing by Seban Scaria)
