Summary
Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar are turning to tech investments as a hedge. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold.
Abu Dhabi-based MGX joined a partnership on AI infrastructure with BlackRock, Microsoft and Global Infrastructure Partners. Qatar Investment Authority has $475 billion, while Kuwait's fund has topped $800 billion.
For the U.S., having sovereign wealth funds invest in American companies has been a geopolitical priority. SoftBank notably backed Uber and WeWork, pushing the companies to sky-high, valuations before going public.
