The Saudi Arabia AI and Blockchain Centre (SAAIBC) was launched to enhance the adoption of AI and blockchain technologies in the MENA region. COTI, a blockchain company from Israel, has become a founding member, indicating a shift toward strengthening institutional blockchain frameworks in regions like Saudi Arabia, which seeks to diversify its economy as part of Vision 2030. The initiative was unveiled during the RWA Summit and showcases investment strategies involving a significant $40 billion AI fund to bolster AI and blockchain infrastructures across the region and beyond.
The launch of the Saudi Arabia AI and Blockchain Centre signifies a strategic initiative to lead in AI and blockchain across the Middle East and Africa.
COTI's involvement highlights the Kingdom's aim to institutionalize blockchain in regions traditionally underserved by technology, enhancing economic diversification.
With a $40 billion AI fund and a $100 billion strategic plan, Saudi Arabia pushes forward with its Vision 2030 to reduce oil dependency.
The collaboration of diverse stakeholders at SAAIBC positions it as a crucial player in fostering blockchain and AI technologies in the region.
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