Saudi Arabia plans to muscle in on AI

AI (Artificial Intelligence) concept.

This one of the world’s most generous AI investment plans, dwarfing the current lead spender, the USA. The country invested round $68m in 2023 and $328.5m from 2019-2023, according to AIPR.

China invested $15m in 2023, which is a third less than the 2019 spend, said AIPR. The country spent $132.6m between 2019-2023.

The research firm rated the UK as the third largest investor at $25.5m between 2019-2023.  In February this year, the UK government announced it would spend over $125m (£100m) on nine new AI research hubs.

The EU’s AI innovation Strategy came into operation in February. The fund is valued at around $4bn and made up of private and public funding.

Ranked fourth, is India, which spent $16m on AI in the last five years. The country with the most significant growth in AI investment in the last five years is Sweden, according to AIPR, with a 2310% increase, spending $8.2m in the last five years.

Another significant growth in investment was seen in South Korea, which saw a 238% increase and an investment in AI valued at $10.3m in the last five years.