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Saudi Arabia Launches $200 Million High-Tech Investment Fund
The spending is part of King Abdullah University of Science and Technology’s strategy to promote economic diversification and create new technical jobs.
Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of a $200 million fund to invest in domestic and international tech firms as part of the Kingdom’s economic diversification plan.
The investment fund is part of a strategy devised by the King Abdullah University of Science and Technology (KAUST) and focuses on “increasing the likelihood of turning research into economically beneficial innovations”.
Plans include launching the National Transformation Institute for Applied Research (NTI) to improve technology development and commercialization, restructuring research centers, and creating a new fund to “enhance economic diversification and contribute to the creation of high-quality technical jobs”.
HRH the Crown Prince launches KAUST's new strategy, which aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation.https://t.co/yvZ8UnnFcR#SPAGOV pic.twitter.com/yEqS7Zia05
— SPAENG (@Spa_Eng) August 20, 2023
“The new strategy builds on Kaust’s scientific and academic achievements and represents a new era for the university to become a beacon of knowledge and a source of inspiration and innovation in line with Vision 2030 aspirations,” Prince Mohammed explained in a recent press release.
Technology is an essential pillar of Saudi Arabia’s economy as the country transitions away from oil production. The Kingdom is projected to invest $34.6 billion on information and communications technology by the end of 2023, making it the top-spending nation in the Middle East, Turkey, and Africa.
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In February, Saudi Arabia announced plans to invest $9 billion in its technology sector, which includes a $2.1 billion commitment from Microsoft. In addition, Oracle has announced plans to invest $1.5 billion in Saudi cloud computing, and Huawei has earmarked $400 million to enhance the country’s cloud infrastructure.
Meanwhile, King Abdullah University of Science and Technology will continue collaborating with several international tech companies, including IBM and Boeing, and has partnered with academic and commercial institutes in Shenzhen on aerospace, robotics, and microelectronics projects.
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At I/O 2026, Sundar Pichai Concedes AI Must Deliver Real Value
Gemini 3.5, a personal agent called Spark, agentic shopping, and Android XR eyewear are all aimed at making AI feel useful, not just impressive.
Google’s annual I/O developer conference (I/O 2026) has recently become a status update on the same question: can the company turn its AI spending into products people use every day? This year, chief executive Sundar Pichai described Google as being in a phase of hyper progress, while conceding this is the part of the cycle where people want to see real value in the products they use on a day-to-day basis.
The strategy on display was to push agents — AI systems that act on a user’s behalf — into nearly every Google product at once. Search now has an “intelligent search box” that returns generated explainer videos alongside links. Gmail, Docs, YouTube and Maps are gaining their own agent layers, including a Docs Live feature that turns spoken instructions into drafted text with citations.
Two new models, Gemini 3.5 and a cheaper Gemini 3.5 Flash, arrived the same day. Google says 900 million people now use Gemini, and that more than 50 billion images have been generated with it. The pricing tier names are likely to confuse buyers: a new AI Ultra plan launches at $100 a month, while the older Gemini AI Ultra drops from $250 to $200.
The flashier announcements were Gemini Omni, a video generator pitched as a more realistic answer to OpenAI’s discontinued Sora 2, and Gemini Spark, a personal agent that handles recurring tasks across a user’s Google account. A new universal shopping cart lets agents complete purchases across multiple retailers from inside Google itself, placing the company between the merchant and the buyer, and also owning the checkout.
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Google also confirmed its Android XR eyewear, built with Samsung and frames from Warby Parker and Gentle Monster. Audio-only glasses ship this autumn; a display-equipped version, which would superimpose live translations into the wearer’s field of view, is still in development. Both sets translate, however only the display version shows you the result.
What Pichai did not resolve is the bargain underneath all this. An agent is only useful to the degree it knows your calendar, your inbox, your shopping history and your physical surroundings. Google has now confirmed that, in time, the same context may carry advertising.
