Humain, the state-owned AI company from Saudi Arabia, plans to launch a $10 billion venture fund, Humain Ventures, to invest in startups in the U.S., Europe, and Asia.
Why it matters: This strategic initiative highlights Saudi Arabia’s aspirations to become a significant player in the global tech and AI industry, as the kingdom seeks to diversify its economy away from oil dependency.
The details:
- Humain is in talks with major U.S. firms such as Andreessen Horowitz, OpenAI, and Elon Musk’s xAI about its investment plans.
- The company is also exploring a deal with U.S. companies to sell an equity stake in its data center business.
- Humain has already struck deals with Qualcomm, Nvidia, and AMD.
- The company plans to have 1.9 gigawatts of data center capacity by 2030, with the entire endeavor expected to cost about $77 billion.
Crown Prince Mohammed bin Salman has been actively promoting AI as a critical component of Saudi Arabia’s Vision 2030 plan, which aims to transform various sectors of the economy by introducing cutting-edge technology and fostering innovation within the country.
What they’re saying:
- “We are in discussions with all of them,” stated Tareq Amin, Humain’s CEO, while declining to specify which companies might be interested. “Some of them, which you will hear about very soon, are massive names in the data centre segment.”
Experts believe that Saudi Arabia’s substantial financial investments could significantly accelerate its progress in AI. However, they also caution that the kingdom will need to invest in educating its workforce and developing the necessary infrastructure to sustain long-term growth in this field.
What’s next: As Saudi Arabia continues to invest heavily in AI and related technologies, the success of these initiatives could not only transform the Saudi economy but also position the kingdom as a global leader in artificial intelligence.
