Newspaper: Aramco's fund that supports a Chinese artificial intelligence business that competes with 'Open Ai'

The Saudi Prosperity7 fund has supported the ‘Zhipu AI’ finance round, the most prominent emerging artificial intelligence technologies in China, and thus became the only foreign investor in the company, according to the Financial Times. ‘Prosperiti 7’, an investment arm launched in 2022 by ‘Aramco’ Saudi Arabia with a billion dollar capital, participated in a financing round of about $ 400 million in favor of the emerging company ‘Chipo Ai’, according to the newspaper. The agreement estimates the value of the Chinese company at around $ 3 billion. Saudi Arabia’s support for technology companies said that the emerging gynecological intelligence sector in China was forced to finance only local resources during the last period, due to the restrictions imposed on the United States, which make the investment of ‘Prosperiti 7’ the first prominent support for one of the four leading businesses in the field of an obstetical intelligence. These companies include: “Chipo”, the closest competition for it “Moonshot ai”, “minimax” and “01 dot ai” (01.ai) and the four depended on the government’s support and financing for their big Chinese cloud service providers for them. More collaboration between the Kingdom and China This investment is part of a broader collaboration between Saudi government investors and Chinese technology companies that seek to attract new groups of capital and clients. Two days after the Chinese company “Lenovo” for the manufacture of computers, he said it plans to sell two billion dollars transfer bonds for the company “IT”, which is attached to the Saudi public investment fund. Read more: “Lenovo” plans to sell convertible bonds at two billion to the Saudi Sovereign Fund. In contrast, the company will establish a local headquarters in Riyadh and build a factory in the kingdom, which is the latest example of applying Saudi investors for strict conditions to their technology investments. Senestime, Tincent Cloud and Meituan also expand in the kingdom.