Oil giant Aramco takes 49% stake in Saudi tech company
<p>Riyadh: Oil major Saudi Aramco said it was taking a 49 percent stake in state-backed AI company Humain on Sunday, injecting cash and assets as the tech firm tries to scale up to meet rising demand.</p> <p>The Public Investment Fund, the Saudi sovereign wealth fund driving economic diversification efforts, will retain the other 51 percent, they said in a joint statement.</p> <p>Aramco,…
Saudi Aramco, the oil giant of Saudi Arabia, has announced it is acquiring a 49% stake in the state-backed AI company Humain, according to a joint statement released on Sunday. The Public Investment Fund (PIF), the Saudi sovereign wealth fund, will maintain the remaining 51% stake in the company.
Aramco, which is the cornerstone of Saudi Arabia's oil-dependent economy, has been contemplating a minority investment in Humain for at least a year. The transaction, via a wholly owned subsidiary, aims to accelerate Humain's growth and expand its AI capabilities worldwide, with both Aramco and PIF contributing AI assets, talent, and capabilities.
The Aramco stake is designed to support Humain's rapid scaling efforts to meet the increasing regional and global demand for AI compute. The tech firm plans to deploy three gigawatts of AI data centre capacity by 2030 and is working on infrastructure and cloud platforms. Additionally, Humain has developed an Arabic-language large language model (LLM).
Aramco, one of the world's largest companies by market capitalization, will inject approximately 9.9 billion Saudi riyals ($2.6 billion) into Humain this year, along with AI, compute, and digital assets.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Houthis repeat threats against Saudi oil giant, aviation malaymail.com
- Houthis repeat threats against Saudi oil giant, aviation brecorder.com
- Houthis repeat threats against Saudi oil giant, aviation middleeasteye.net
