According to New York, the kingdom's Public Investment Fund (PIF) bigwigs have been chatting with none other than the Silicon Valley heavyweights at Andreessen Horowitz.

The idea is to form a potential partnership that could see the American venture capital firm planting its flag in Riyadh.

PIF's head honcho, Yasir Al-Rumayyan, wants to roll out the red carpet for the US tech titans, with talks of an office set-up and a slice of the AI action.

It's not a done deal yet. The plans are still as fluid as an oasis mirage, with other moneybags in the venture capital world possibly throwing their hats into the ring.

The kingdom's AI fund is looking to kick off in the latter half of 2024, and it's not just about the cash. Saudi Arabia is gunning to become a global AI powerhouse, wooing tech start-ups left, right, and centre–think chip wizards and data centre giants.

Last month, Al-Rumayyan was singing the kingdom's praises as the next big thing in AI outside the States. With energy to burn and pockets deeper than the Arabian desert, he's convinced that Saudi has the political muscle and the wallet to make the AI dream a reality.

The next Silicon Valley could be among the desert sands.