Oil giant Aramco takes 49% stake in Saudi AI company

Saudi Aramco, a key player in Saudi Arabia's oil-driven economy, has announced its intention to take a 49% stake in state-owned AI firm Humain. This investment, made through the Public Investment Fund (PIF), which manages the Saudi economy's diversification efforts, will be matched by Aramco's own 49%, ensuring equal ownership. The Public Investment Fund and Aramco will jointly contribute AI assets, expertise, and human resources to Humain, accelerating its expansion and global reach.

The move is part of Aramco's strategic plan to inject SAR9.9 billion (approximately US$2.6 billion) into Humain this year, along with AI, computing, and digital resources. The collaboration aims to bolster Humain's capacity to meet escalating regional and global demand for AI compute. By 2030, Humain plans to operate 3GWs of AI data centers, representing a significant expansion of its infrastructure.

In addition to data centers, Humain is developing cloud platforms and has created an Arabic-language large language model (LLM), showcasing its commitment to AI development.

Amin H Nasser, Aramco's president and CEO, emphasized the transformative impact of AI, stating that the company has realized US$11.3 billion in tech-related value since 2023, highlighting the growing significance of AI in the oil industry.