Saudi AI firm HUMAIN to launch giant global VC fund this year

Saudi AI firm HUMAIN plans to launch a significant venture capital fund this year. CEO Tareq Amin revealed that the fund could potentially surpass a $10 billion target, as HUMAIN seeks to establish Saudi Arabia as a leader in AI technology. The company's investment in xAI, an AI startup backed by Elon Musk, yielded impressive results, leading to the expansion of HUMAIN's ambitions.

HUMAIN will have offices in multiple countries, including the US, Saudi Arabia, France, and the UK, with the goal of accelerating investment and innovation. The firm has made substantial investments in AI companies, including securing a $26 billion stake in SpaceX through its Saudi sovereign wealth fund. HUMAIN will prioritize companies that utilize Saudi data centers and will also introduce HUMAIN Limitless, a subsidiary dedicated to investing in and supporting AI companies within the kingdom.

As part of its strategic plan, HUMAIN aims to build six gigawatts of AI data centers in the country by 2034, backed by a 16 gigawatt power commitment from the Saudi Ministry of Energy. The company has also secured agreements with US tech giants for AI semiconductors and has made investments in AI startups such as Luma AI. In response to concerns related to the US-Iran war, HUMAIN is reinforcing security measures around its data centers, treating them as critical national infrastructure.

Despite potential challenges in meeting the growing demand for AI compute capacity, HUMAIN remains committed to its expansion plans, preparing contingencies to accelerate growth if necessary. The firm has also established a partnership with Blackstone to fund its data center projects. HUMAIN's relationship with the US government, facilitated by a strategic AI partnership, ensures access to essential semiconductors for its operations.