Saudi Aramco has signed an agreement valued at $250 million with Beyond Limits, a California-based artificial intelligence technology company, to build a global AI corridor, the oil behemoth announced at an industry event in Riyadh last week.
The global AI corridor would create an ecosystem in the Kingdom by commercializing complex AI solutions, training Saudi talent and supporting Saudi startups.
Amjad Abdullat, CEO of Beyond Limits, told Arab News during the event that the agreement will help build the project with relationships between the Kingdom and the US.
“In California, we have the greatest number of Nobel Prize laureates, a lot of intellectual property in AI and the largest number of venture capitalists investing in the AI ecosystem. So, we want to bring all that to the Kingdom to help build a strong network of AI entrepreneurs and unicorns,” Abdullat told Arab News.
Abdullat explained that the project would have an academy that will focus on training Saudi youth, a residency that will help AI startups in the Kingdom to work with seasoned professionals and an R&D Program that will support the creation of IPs.
“There is also an investment component that will attract foreign venture capital investments to the Kingdom, in addition to the domestic investment,” he added.
Established in 2014, Beyond Limits specializes in industrial AI technology software and was recognized as Global Company of the Year by Frost & Sullivan and one of America’s Best Startup Employers by Forbes in 2021.
In March, the company acquired Altec Products, Inc., a leading integrated document management and workflow solutions provider.Amjad Abdullat, CEO of Beyond Limits, told Arab News during the event that the agreement will help build the project with relationships between the Kingdom and the US.—AN