During the Paris Artificial Intelligence summit starting on Monday, France will announce that the private sector will invest a total of 109 billion euros (112.5 billion dollars) in the artificial intelligence sector. This announcement was made by French President Emmanuel Macron. Among this funding is a plan by Canadian investment firm Brookfield to invest 20 billion euros in artificial intelligence projects in France, as well as potential investments from the United Arab Emirates (UAE) that could reach up to 50 billion euros in the coming years. The Elysée Palace stated that the UAE’s investment will also include financing support for a 1 gigawatt data center. The newspaper La Tribune de Dimanche reported that a major portion of Brookfield’s investment will go towards a data center. Artificial intelligence requires massive amounts of energy to power huge data centers, and Europe is believed to struggle in meeting this demand in the future. Last month, U.S. President Donald Trump announced that OpenAI, SoftBank Group, and Oracle will invest 500 billion dollars in artificial intelligence infrastructure over the next four years to help America stay ahead of China and other competitors.