Arab News, Monday, Sep 19, 2022 | Safar 23, 1444
Saudi Aramco inks $250m deal with US-based Beyond Limits to build global AI corridor
Saudi Arabia:
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.