Saudi Arabia plans $100bn AI and data entity
7 November 2024
Saudi Arabia is planning a new artificial intelligence (AI) project with the backing of as much as $100bn, according to a Bloomberg report.
Known as Project Transcendence, the state-backed entity is envisaged to invest in data centres, startups and other related infrastructure to develop AI.
It will also focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging tech companies to invest in the Gulf state.
Related read: Riyadh AI goals require colossal mindset and capital shift
The entity is expected to set up with a structure similar to Alat, backed by $100bn in capital from the Saudi sovereign vehicle, the Public Investment Fund (PIF), and which aims to transform the kingdom into a global manufacturing hub for electronics and advanced industries.
Project Transcendence is expected to partner with large, established tech companies, with the Saudis offering help with infrastructure and capital.
According to the report, the amount invested could be between $50bn and $100bn.
An AI fund with a significantly smaller backing of up to $40bn was rumoured to be launched by the Saudi government earlier this year. However, no such launch or announcement was made during the three-day Global AI (Gain) summit held in Riyadh in September.
According to the Bloomberg report, Project Transcendence may ultimately include multiple government bodies and will aim to fund AI infrastructure and startups, as well as "bridge the kingdom’s gap with the US and China on AI expertise".
Saudi officials are also understood to be discussing an AI entity that will turn into a national champion, at least as big as Abu Dhabi’s AI vehicle, G42.
The planned launch of Project Transcendence comes a few months after Abu Dhabi-based AI-focused investment company MGX partnered with US-headquartered BlackRock, Global Infrastructure Partners (GIP) and Microsoft to establish the Global AI Infrastructure Investment Partnership (GAIIP).
GAIIP aims to mobilse up to $100bn to meet growing demand for computing power as well as infrastructure to create new sources of power for such facilities.
AI is part of Saudi Arabia’s Vision 2030 strategy, which aims to identify new revenue sources as it diversifies away from fossil fuels.
In 2019, the government formed the Saudi Data and AI Authority (SDAIA) as the competent authority to help oversee the execution of the kingdom's AI strategy.
Since then, the Saudi government's spending on AI registered a compound annual growth rate of 59%.
The kingdom also attracted $1.7bn in AI funding in 2023 alone, with more expected over the coming years as the likes of US tech giants Google, Amazon Web Services, Microsoft and Oracle have pledged multi-year, mutlibillion-dollar investments to build regional AI hubs in Saudi Arabia.
Exclusive from Meed
-
EtihadWE tenders $150m Ajman substation project21 July 2026
-
-
-
-
Dubai Municipality awards Tasreef drainage contract21 July 2026
All of this is only 1% of what MEED.com has to offer
Subscribe now and unlock all the 153,671 articles on MEED.com
- All the latest news, data, and market intelligence across MENA at your fingerprints
- First-hand updates and inside information on projects, clients and competitors that matter to you
- 20 years' archive of information, data, and news for you to access at your convenience
- Strategize to succeed and minimise risks with timely analysis of current and future market trends
Related Articles
-
EtihadWE tenders $150m Ajman substation project21 July 2026
The UAE’s Etihad Water & Electricity (EtihadWE) has tendered a contract to build three new substations in Ajman.
Estimated to cost $150m, the project involves the construction of three new 132/11kV substations in the Bahya, Rumaila and Liwara districts. It also includes associated 132kV underground cabling works to connect the substations to the existing transmission network.
The bid submission deadline is 10 August.
According to tender documents, the project will add distribution capacity to support load growth and improve the security of electricity supply in the emirate.
The scope of work includes site preparation, construction of three substation buildings and foundations, installation of 132kV GIS/AIS switchgear, 132/11kV power transformers and 11kV switchgear, as well as protection, control, Scada and telecommunications systems.
Etihad WE is responsible for electricity and water services in Ajman, Umm Al-Quwain, Ras Al-Khaimah, Fujairah and parts of Sharjah. The utility has been investing in new substations and transmission infrastructure as electricity demand continues to increase across the Northern Emirates.
This includes a 132/33/11kV substation project on Al-Marjan Island in Ras Al-Khaimah. Construction work is ongoing on the project, with Maetal Dubai serving as the main contractor.
EtihadWE is also finalising a new masterplan that will cover network capacity requirements and expansion priorities for the next 10 to 15 years.
In June, Abdulla Al-Khemeiri, chief operations officer, told MEED: “We are currently reviewing it, and we need to obtain shareholder approval first. Once it is approved, it will be released, hopefully by the end of the year.”
https://image.digitalinsightresearch.in/uploads/NewsArticle/17710661/main.jpg -
Seven seeks contractors for Dammam water park and hotel21 July 2026

Saudi Entertainment Ventures (Seven), a wholly owned subsidiary of the Public Investment Fund, is preparing to shortlist general contractors for the main construction package of its Dammam Water Park & Hotel project in the Al-Hamra district.
The waterfront development sits on a 324,300-square-metre (sq m) plot.
A notice was issued to contractors in July, and the client is expected to finalise the shortlist by the end of this month.
Seven is seeking firms capable of delivering a lump-sum, turnkey solution for both the water park and a 321-key lifestyle hotel. Construction is expected to take 24 months from contract award.
The water park is designed around five themed zones and will feature what is billed as the world’s first double-tornado/triple-wave waterslide.
The park will include 21 major rides and attractions, 21 food and beverage outlets, 66 cabanas, parking for 1,100 vehicles and a daily peak capacity of 4,500 guests.
Slide procurement has already been completed directly by Seven. The selected contractor will be responsible for locally sourcing slide towers, integrating them with rockwork and secondary steel, and installing the units.
Detailed design and issued-for-construction packages are complete.
Marine works, piling, dewatering and site utilities are being progressed separately by the existing early works contractor.
The hotel component covers roughly 31,700 sq m of gross floor area and will offer 321 guest rooms, four F&B outlets, spa and wellness facilities, a family pool, and meeting, incentive, conference and exhibition space.
The new contractor’s scope includes superstructure concrete works, façade and roof works, mechanical, electrical and plumbing, interior fit-out and landscaping.
Seven will consider only contractors with demonstrated experience delivering water parks with complex aquatics, theming and rockwork – either directly or through clearly defined subcontractor partnerships – along with a track record in high-end turnkey hotel fit-outs.
Construction of Seven’s Dammam entertainment complex is currently under way. In October 2023, Saudi Binladin Group won contracts worth around SR5bn ($1.3bn) from Seven to build two entertainment destinations in the Dammam and Al-Khobar areas of the Kingdom’s Eastern Province.
The Al-Khobar entertainment complex is being built on reclaimed waterfront land. The complex spans around 300,000 sq m and is also known as ‘The Waves’.
The Dammam entertainment complex spans 360,000 sq m and is being built on reclaimed land on the Dammam waterfront.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17710096/main.jpg -
Al-Ula appoints equestrian village early works contractor21 July 2026

Saudi Arabia’s Royal Commission for Al-Ula (RCU) has awarded a contract for early construction works at the Al-Muatadil Equestrian Village.
The contract was awarded to Al-Khobar-based Al-Shalawi International Company.
Canadian engineering firm AtkinsRealis is the project management consultant. UK-headquartered Baker Wilkins & Smith and local firm Al-Hoty Company are the cost consultants.
Dubai-based SSH is the supervision consultant, and UK-based Hopkins Architects is the lead design consultant.
RCU announced the project plans in March 2023, including the development of an equestrian hub with two arenas that can accommodate 5,000 and 1,400 spectators, respectively.
The venue will also include grass polo, sand polo and endurance facilities, with capacities of 600, 400 and 600 seats, respectively.
These facilities will be complemented by visitor amenities, two stable compounds with capacity for 740 horses, and accommodation and retail outlets for event participants and workers.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17710170/main.jpeg -
Contractors await decision on Riyadh airport sewage plant21 July 2026

Seven contractors are awaiting a decision on a contract to build a sewage treatment plant at the King Salman International airport (KSIA) development in Riyadh, according to sources.
It is understood that bids were submitted to King Salman International Airport Development Company (KSIADC) in March, following the tender’s release earlier this year.
The plant will treat wastewater generated by the airport and surrounding developments, including passenger terminals, runways, residential districts, commercial facilities and logistics areas.
The facility will have a treatment capacity of 92,000 cubic metres a day. The contract is estimated to be worth SR700m ($187m).
The bidders (all local) are:
- Al-Rawaf Trading & Contracting
- Almajal Alarabi
- Nesma Water & Energy
- Safari Company
- Saudi Services for Electro-Mechanic Works
- Washnah Contracting
- Water & Environment Technologies (Wetico)
The project scope includes the construction of the treatment plant, the installation of preliminary, secondary and tertiary treatment systems, sewage collection and conveyance pipelines, pumping stations, and electrical and control systems.
US-headquartered Jacobs is acting as the main project consultant. Commercial operations for the plant are scheduled for 2029.
The sewage treatment plant is one of several water infrastructure packages planned for the airport. KSIADC is also evaluating bids for a separate $30m engineering, procurement and construction contract covering potable water and fire water tanks and an associated pumping station. The same seven companies have submitted bids for that package.
Earlier in July, MEED exclusively reported that a joint venture of Beijing-headquartered China Civil Engineering Construction Corporation and Dammam-based Mofarreh AlHarbi & Partners had won a deal to undertake the enabling and substructure works for Terminal 6 at KSIA.
The latest development followed KSIADC’s receipt of prequalification statements from contractors on 1 July for two new packages at KSIA.
These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17709281/main.jpg -
Dubai Municipality awards Tasreef drainage contract21 July 2026

Dubai Municipality has awarded local firm Detech Contracting the engineering, procurement and construction (EPC) contract for the TF-15-C1 package of its Tasreef Rainwater Drainage Network programme.
It is understood the municipality issued the letter of award for the contract earlier this month, covering the construction of a stormwater drainage system along Al-Wasl Road and communities west of the Dubai Canal.
The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.
It was tendered in February through the government’s Sewerage and Recycled Water Projects Department, with bids submitted in April.
The package forms part of the wider Tasreef initiative, which is intended to improve Dubai’s flood resilience.
The TF-15-C2 package was recently awarded to China State Construction Engineering Corporation for a stormwater drainage network project located along Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.
The project is estimated to cost $162m and includes the construction of about 20 kilometres of new stormwater pipelines. Similar to the C1 package, it is located west of the Dubai Canal and will connect the Al-Quoz 3 and Al-Quoz 4 industrial areas with Al-Quoz 1.
Separately, Al-Kharafi has won a drainage EPC contract (Ds207) to upgrade an existing pumping station for the municipality, a source said. The package focuses mainly on mechanical works and is valued at about $39m.
In May, MEED reported that local firm Nael Construction & Contracting had signed a contract with Dubai Municipality to build a sewage and stormwater drainage system in Dubailand.
The project (DS-204-C1) involves the construction of a drainage system with sewage gravity pipelines of up to 2,200mm in diameter.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17707980/main.jpg