France is set to unveil €109 billion in private sector investments for its AI industry at the Paris AI summit. President Emmanuel Macron highlighted major contributions, including €20 billion from Canadian investment firm Brookfield and potential future funding of up to €50 billion from the United Arab Emirates.
The UAE's investment will include a 1-gigawatt data centre, while most of Brookfield’s funding is also expected to support further development.
AI requires significant energy, and Europe faces challenges in meeting future demand.
The announcement follows the US revealing a $500 billion AI investment plan last month, aimed at maintaining its lead over global competitors like China.
Leaders, senior government officials, business executives, and scientists from nearly 100 nations are gathering for a two-day global summit beginning Monday.
Notable attendees include US Vice President JD Vance, making his first international visit since assuming office, and Chinese Vice Premier Zhang Guoqing and OpenAI's Sam Altman.