Aramco Agrees to Invest in Minority Stake of PIF-Backed Artificial Intelligence Firm Humain
Saudi Aramco and Public Investment Fund to combine AI assets to scale operations and accelerate investment opportunities.
Energy giant Saudi Aramco has signed a non-binding term sheet to acquire a significant minority stake in Humain, an artificial intelligence company backed by the Public Investment Fund (PIF).
The agreement aims to combine both Aramco's and PIF's AI assets, capabilities, and talent to enhance the development of Humain.
While financial details were not disclosed, PIF will retain majority ownership, maintaining strategic control and support for the venture.
This collaboration aligns with Saudi Arabia's strategy to become a leading regional technology hub by 2030.
The partnership is designed to fuel AI innovation, intellectual property, and future investment opportunities in the rapidly expanding data and artificial intelligence sector.
Yazeed A.
Al-Humied, deputy governor and head of Middle East and North Africa Investments at PIF, emphasized that this move strengthens Saudi Arabia's competitive position as a global AI hub.
Upon completion of the transaction, Aramco plans to leverage Humain's AI infrastructure to enhance industrial applications and digital solutions, improving operational efficiency and reducing emissions.
Amin H.
Nasser, president and CEO of Aramco, expressed that this investment positions them well to capitalize on opportunities from rising energy demand tied to AI growth.
Humain, launched in May, provides a range of AI products and services including next-generation data centers, cloud capabilities, and advanced AI models.
The company aims for a dual listing on the Saudi and New York stock exchanges within four years.
Currently, its AI-powered assistant, Humain Chat, has reached 300,000 active users in the Kingdom.
The agreement aims to combine both Aramco's and PIF's AI assets, capabilities, and talent to enhance the development of Humain.
While financial details were not disclosed, PIF will retain majority ownership, maintaining strategic control and support for the venture.
This collaboration aligns with Saudi Arabia's strategy to become a leading regional technology hub by 2030.
The partnership is designed to fuel AI innovation, intellectual property, and future investment opportunities in the rapidly expanding data and artificial intelligence sector.
Yazeed A.
Al-Humied, deputy governor and head of Middle East and North Africa Investments at PIF, emphasized that this move strengthens Saudi Arabia's competitive position as a global AI hub.
Upon completion of the transaction, Aramco plans to leverage Humain's AI infrastructure to enhance industrial applications and digital solutions, improving operational efficiency and reducing emissions.
Amin H.
Nasser, president and CEO of Aramco, expressed that this investment positions them well to capitalize on opportunities from rising energy demand tied to AI growth.
Humain, launched in May, provides a range of AI products and services including next-generation data centers, cloud capabilities, and advanced AI models.
The company aims for a dual listing on the Saudi and New York stock exchanges within four years.
Currently, its AI-powered assistant, Humain Chat, has reached 300,000 active users in the Kingdom.
