Riyadh – Mubasher: The Russian Direct Investment Fund (RDIF), the Moscow Institute of Physics (MIPT), and Technology and the National Centre for Big Data and Artificial Intelligence (AIBD) at King Abdulaziz City for Science and Technology (KASCT) have agreed to work on developing artificial intelligence (AI) technologies.
The announcement took place on the sidelines of President Vladimir Putin’s visit to the Kingdom on Monday, according to RDIF’s statement on Monday.
“We expect to find new opportunities to support the development of AI in our countries, strengthening mutual technological exchange and the competitiveness of the economies of the Russian Federation and the Kingdom of Saudi Arabia,” Kirill Dmitriev, CEO of RDIF, commented.
The first deal was signed between RDIF and a foreign partner for joint development of AI technologies, which aimed at finding attractive investment opportunities and projects in one of the most advanced high-tech sectors.
“RDIF will invest in Russian companies that create IT infrastructure and develop the AI sector, including supporting advances in cloud technology, data storage and processing centres. A key aim of the agreement is to attract the investments and expertise of international partners as well as to bring Russian AI companies to the global market,” the statement highlighted.
In September, King Salman issued a decree to establish an AI centre under the name of “National Center for Artificial Intelligence”.
Establishing the AI centre comes in line with the Saudi Vision 2030, and it will develop the country’s performance efficiency through the applications of AI and big data.
