OpenAI has discussed raising money from Saudi Arabia, Indian investors, The Information reports
ChatGPT maker OpenAI has talked to Saudi's PIF, India's Reliance Industries and existing shareholder United Arab Emirates' MGX about its $40 billion financing, The Information reported on Wednesday.
The investors could put in at least hundreds of millions of dollars each, the report said, citing people familiar with the fundraise.
OpenAI is looking to raise more funds to fuel its model development and ambitious infrastructure plan Stargate, with the financing led by SoftBank.
Earlier this year, OpenAI CEO Sam Altman met with India's IT Minister and discussed India's plan of creating a low-cost AI ecosystem, after which Altman also had plans to visit UAE to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter told Reuters.
The Microsoft-backed startup has also discussed raising at least $100 million each from Coatue and Founders Fund as part of the fundraise, The Information report said, adding that the company also expects to raise an additional $17 billion in 2027.
Reuters could not immediately confirm the report.
OpenAI, PIF, Reliance Industries, MGX and SoftBank did not immediately respond to Reuters requests for comment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Abu Dhabi hospitality sector posts robust growth; revenue hits $166mln
Abu Dhabi's hospitality sector continues to show robust growth, with hotel establishments across the emirate generating revenues of AED611 million ($166.34 million) in March 2025, according to preliminary data released by the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi), in coordination with the Statistics Centre - Abu Dhabi (SCAD). The total revenue breakdown comprises AED345 million from room bookings, AED228 million from food and beverage services, and AED38 million from other sources. The emirate welcomed approximately 417,000 hotel guests during March, highlighting Abu Dhabi's growing appeal as a global tourist destination. The surge is attributed to the emirate's diverse accommodation offerings and high-quality hospitality services. A total of 171 hotel establishments, comprising 34,341 rooms, operated across Abu Dhabi in March. These properties recorded over 1.2 million guest nights, achieving an average occupancy rate of 69%. The average revenue per available room (RevPAR) stood at AED486. Non-Arab Asian nationals topped the list of international visitors, accounting for 152,000 hotel guests. European travellers followed with 123,000 guests, while UAE nationals accounted for 58,000 stays. These figures underline Abu Dhabi's sustained tourism growth and its strengthening position as a preferred destination for a wide range of global markets. According to DCT Abu Dhabi, five-star hotels hosted the highest number of guests, totalling 205,000 in March. European visitors made up the largest segment within this category, with 78,000 guests. Four-star hotels received 119,000 guests, followed by three-star and below hotels with 54,000 guests. Additionally, serviced apartments accommodated 38,000 visitors. The strong performance aligns with Abu Dhabi's Tourism Strategy 2030, which aims to attract 39.3 million visitors annually, generate 178,000 new jobs in the tourism sector, expand hotel capacity to 50,000 rooms, and increase the sector's contribution to the emirate's GDP to AED90 billion by the end of the decade.
Zawya
an hour ago
- Zawya
Saudia launches direct flights between Riyadh, Vienna to boost global connectivity
Riyadh: Saudia has inaugurated its first direct and scheduled flights from Riyadh to Vienna, the capital of Austria, according to a press release. Launched in collaboration with the Air Connectivity Program (ACP), the strategic route aligns with Saudia's successful seasonal operations from Jeddah and supports the airline's international expansion efforts. This move also backs the Saudi national carrier's commitment to fostering global connectivity and enhancing access to key international destinations. The new route operates four times weekly from King Khalid International Airport in Riyadh to Vienna International Airport. Flights depart Riyadh under flight number SV153, with return flights from Vienna under SV152, scheduled on Monday, Wednesday, Friday, and Sunday. In line with the Saudi Vision 2030, Saudia continues to invest in its fleet and services to meet the growing demand for air travel. Its network spans more than 100 destinations across four continents.
Zawya
an hour ago
- Zawya
Asas Makeen to float shares on Nomu next week
Riyadh: Asas Makeen Real Estate Development and Investment Company is scheduled to commence listing its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) on Monday, 16 June 2025. Asas Makeen will float 1 million shares, accounting for 10% of its share capital, under the symbol 9640, according to a bourse disclosure. Tadawul pointed out that the stock will be trading at daily and static price fluctuation limits of +/- 30% and +/- 10%, respectively. The Capital Market Authority (CMA) greenlighted the company's Nomu listing in January.
