The fund will target investments in AI startups based in Saudi Arabia.
Red Sea Global, a developer of regenerative tourism destinations, has formed an AI investment fund in partnership with VC Bunat Ventures.
The fund will invest in 25 early- and growth-stage AI startups in the Kingdom of Saudi Arabia over three years. Investee companies will have access to Red Sea Global’s resorts, airports and infrastructure to test and validate their technologies.
Red Sea Global operates 10 tourism resorts in the Middle East, as well as the Red Sea International Airport in Saudi Arabia. The company is backed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.
The Kingdom of Saudi Arabia is positioning itself as a hub for AI startups. Wa’ed Ventures, an investment fund that is part of Saudi Arabia’s oil and gas producer Saudi Aramco, launched a $500m Wa’ed Ventures fund in 2024, which has $100m reserved for investments in artificial intelligence technology.
