The government of Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence (AI), according to three people briefed on the plans, The New York Times reported.

According to them, representatives of Saudi Arabia’s Public Investment Fund (PIF) have discussed a potential partnership in this regard with United States venture capital firm Andreessen Horowitz—in Silicon Valley, which was created by Marc Andreessen and Ben Horowitz, as well as with other investors. The representatives of the kingdom told their partners that they are considering the possibility of creating several technological startups in the country, including their own companies in the AI sector, sources inform.

According to them, the investment program of Saudi Arabia will most likely start to be implemented in the second half of this year. They added that Yasir al-Rumayyan, the governor of the PIF, and Marc Andreessen have discussed the possibility of the Silicon Valley firm setting up an office in the country’s capital, Riyadh.

The planned tech fund would make Saudi Arabia the world’s largest investor in artificial intelligence. It would also showcase the oil-rich nation’s global business ambitions as well as its efforts to diversify its economy and establish itself as a more influential player in geopolitics. The Middle Eastern nation is pursuing those goals through its sovereign wealth fund, which has assets of more than $900 billion.