Saudi Arabia approves two new AI companies

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The Saudi Ministry of Finance announced on Monday that it had approved two more artificial intelligence businesses to operate in the kingdom. The ministry tweeted that Faceki and QVALON now hold entrepreneurial licenses in Saudi Arabia.

Faceki, which has offices in Bahrain and the United States, sells facial recognition software used to verify identities. The company announced in August that it had raised an undisclosed amount of seed funding in a round led by Riyadh-based Nama Ventures. Seed funding is for start-up startups.

QVALON is based in New York and uses artificial intelligence to provide customer service related services.

Why is this important: Saudi Arabia is keen to attract more AI companies as part of its Vision 2030 economic diversification initiative. In September, the Saudi government announced plans to establish a new AI center in the kingdom. A month later, the Saudi Minister of Industry visited Silicon Valley to discuss AI with companies.

The Saudi state-owned oil company, Aramco, is among the Saudi entities investing in AI.

Know more: The UAE is also making great efforts to become an AI hub. Israeli investment platform OurCrowd recently announced a $60 million AI center in Abu Dhabi.

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