Saudi invests SAR 776 mn with SenseTime to build AI lab

To place Kingdom at the forefront of AI tech in the region
Saudi invests SAR 776 mn with SenseTime to build AI lab
On the sidelines of the 2nd Global AI Summit (Image Credit: WAS)

PIF-owned Saudi Company for Artificial Intelligence (SCAI), has announced its investment with a value of 776 million riyals ($206.54 million) with AI-software company SenseTime Group through a joint venture to build a sophisticated AI lab.

The agreement between the two companies was signed on the sidelines of the first day of the Second Global AI Summit, held in Riyadh, Saudi Press Agency (SPA) reported.

Additionally, SCAI will work closely with SenseTime to create highly skilled jobs for talented Saudis and contribute to positioning Saudi Arabia as the region’s leading AI-tech hub. 

Moreover, the two parties will collaborate on developing solutions across diverse areas, including but not limited to the smart city, business intelligence, healthcare, and education domains, as well as localize the company’s cutting-edge computer vision and deep learning platform to enable the creation of intellectual properties which will be of immense benefit to the Kingdom and the region.