Gulf investors shape US-China tech competition, from Silicon Valley to Shenzen

Al-Monitor Pro Members

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

June 30, 2023

As elite drivers clashed during Formula One’s Saudi Arabian Grand Prix in Jeddah in March 2023, another race was underway among the luminaries in attendance: a group of Silicon Valley executives looked on, reportedly there by personal invitation from Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF). Facing a funding drought, big name US venture capitalists have been descending on the Gulf in search of fresh funds. Crucially, this comes as Chinese tech players are also keen to tap Gulf wealth amid growing ties, with the PIF potentially set to back a new $1 billion venture fund alongside Alibaba Group. This has all made the Gulf a hotbed of tech competition between the United States and China, with billion-dollar implications for the future of AI, crypto and more.