Power Markets
Saudi Neom, DataVolt sign agreement for $5 billion AI project
Saudi Arabia's NEOM (a Red Sea industrial and urban development) has signed a contract with DataVolt for the development of a net zero artificial intelligence 1.5 gigawatt project in its Oxagon Industrial Zone, according to the Saudi state media agency. SPA reported that the project will be operational by 2028. It is expected to cost $5 billion for the first phase. The announcement comes at a time when the Kingdom is racing to become a hub for artificial intelligence, despite regional competition from the UAE, Qatar and other countries. This includes capitalising on the booming demand of generative AI technologies,...