RIYADH - The Ministry of Investment of Saudi Arabia (MISA) has announced a partnership with London-based Rezolve AI Limited, aiming to set up an AI Centre of Excellence in the Kingdom. This initiative is part of Saudi Arabia's Vision 2030 plan to foster innovation and economic diversification.
The collaboration will focus on creating at least five AI ventures across various market sectors, with the intention for each to achieve global market leadership. These ventures will incorporate Rezolve's AI Large Language Model, known as brainpowa, to drive innovation while avoiding the pitfalls of AI hallucinations.
Saudi Arabia's AI Centre of Excellence is envisioned as a hub for innovation, designed to produce reliable and ethical AI solutions. The Ministry of Investment will support Rezolve’s upcoming listing on NASDAQ, demonstrating the Kingdom's openness to international business and its ambition to be a cornerstone for global AI-driven companies.
Deputy Minister of Investment Transactions for Saudi Arabia, Saleh Al-Khabti, and Rezolve AI's CEO Dan Wagner, both emphasized the transformative potential of the partnership at the signing ceremony in Riyadh last week. This move marks a significant step in Saudi Arabia's ambition to become a global technology leader.
Rezolve AI, established in 2016, develops mobile engagement platforms for retailers, offering a suite of commerce and engagement capabilities to mobile application vendors without the need for additional coding or security management.
This partnership is also set against the backdrop of Rezolve AI's anticipated business combination with Armada Acquisition Corp. I (NASDAQ: AACI), a special purpose acquisition company. The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including approval by Armada’s shareholders and the effectiveness of the Registration Statement by the SEC.
The announcement is based on a press release statement from the involved parties.
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