The Saudi Public Investment Fund plans to make major investments in the semiconductor and aerospace sectors this year, Minister of communications and Information Technology Abdullah Al-Sawaha said in Davos.

Al-Sawaha, who is also the chairman of the board of Directors of the Saudi space agency, confirmed that the fund is looking forward to establishing a national space company to invest and acquire assets in this sector.

This comes in a step to accelerate the kingdom's efforts to diversify its economy away from oil in line with Vision 2030.

The minister of communications and Information Technology stressed that taking the lead is a key pillar of leadership in generative artificial intelligence, indicating "we in the kingdom are proud of the Crown Prince's leadership and his optimism in the future of generative artificial intelligence".

This came during the minister's participation in a dialogue session held, as part of the work of the annual meeting of the World Economic Forum in Davos, Switzerland, under the title "greater equivalent artificial intelligence".

He praised the qualitative development provided by the Saudi company NanoPalm in innovation using generative artificial intelligence to develop a biological robot to contribute to the treatment of anemia.

He pointed out the kingdom's determination to make a qualitative leap in innovation, stressing the importance of uniting joint efforts in adopting innovative models based on sustainable solutions, and taking advantage of the latest innovations using artificial intelligence and its technologies.