Saudi Arabia's HUMAIN Unveils $10 Billion Venture Fund for AI Ecosystem
HUMAIN, a Saudi Arabian AI company owned by the Public Investment Fund (PIF), is preparing to launch a large venture capital fund that could reach $10 billion in size. This move is part of HUMAIN's efforts to establish Saudi Arabia as a hub for global artificial intelligence compute.
The CEO of HUMAIN, Tareq Amin, stated in an interview that the company will not engage in passive investments and will only back companies that agree to run some compute on Saudi data centers or move staff into the kingdom. This approach is aimed at boosting the local AI ecosystem and creating jobs.
HUMAIN has already made significant progress in this area, with a $3 billion investment in Elon Musk's xAI resulting in a 'home run' for the company. The PIF, which controls HUMAIN along with Aramco, has also disclosed a $26 billion holding in SpaceX.
The new venture capital fund will be accompanied by a separate arm called HUMAIN Limitless, which will focus on supporting AI companies within Saudi Arabia.