Middle Eastern funds are plowing billions of dollars into hottest AI start-ups

Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley’s artificial intelligence darlings.

Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to tech investments as a hedge. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook.

MGX, a new AI fund…