National Infrastructure Fund, Humane sign $667m AI and energy deals

Saudi Arabia's National Infrastructure Fund and Humane, an AI company with ties to the Public Investment Fund, have jointly secured two financing deals worth 2.5 billion Saudi riyals, or approximately $667 million, to bolster artificial intelligence and energy infrastructure. The agreements, signed in Riyadh, involve the Public Investment Fund's Governor Yasir Al-Rumayyan, Economy and Planning Minister Faisal Al-Ibrahim, and National Development Fund Governor Abdulaziz Al-Arifi.

These financing arrangements mark the inaugural initiatives under the National Infrastructure Fund's "AI Data Center Financing Program," a framework announced at the 2026 World Economic Forum in Davos. The framework initially proposed non-binding financing limits of up to 4.5 billion riyals to support AI and digital infrastructure ventures in Saudi Arabia.

The first financing facility, valued at 1.1 billion riyals, is earmarked for purchasing and providing graphics processing units (GPUs) capable of generating around 25 megawatts of computing power. The second facility, valued at 1.4 billion riyals, focuses on constructing the essential energy infrastructure necessary for Humane's data centers. This includes substations, power transmission systems, and grid connections, designed to accommodate future data center expansions with IT loads of up to 1 gigawatt.

National Infrastructure Fund CEO Ismail Al-Salloum highlighted the agreements' intent to catalyze investments surpassing the fund's own financing. He emphasized that by supporting computing capabilities and developing energy infrastructure, the fund aims to prepare data center projects for investment, highlighting the fund's role in bolstering the commercial viability and economic value of these ventures.

Humane's CEO, Tareq Amin, underscored the growing importance of AI infrastructure as a foundation for next-generation computing technologies. He noted that the financing agreements will expedite the deployment of advanced computing resources and the establishment of requisite energy infrastructure. This aligns with Humane's commitment to designing and operating expansive AI infrastructure, catering to global institutions and clients.