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RIYADH: Energy giant Saudi Aramco has signed a non-binding term sheet to acquire a significant minority stake in Humain, the artificial intelligence company backed by the Public Investment Fund. 

The proposed deal will see both Aramco and PIF contribute AI-related assets, capabilities, and talent to help scale Humain’s operations and capture new value in the rapidly expanding data and AI sector, according to a joint statement from the companies. 

While financial details were not disclosed, PIF will retain majority ownership of Humain, ensuring continued strategic control and support. 

The transaction aligns with ��������’s broader goal of strengthening its AI capabilities as the Kingdom positions itself as a regional technology hub by the end of the decade. 

Yazeed A. Al-Humied, deputy governor and head of Middle East and North Africa Investments at PIF, said: “By combining PIF and Aramco’s AI assets under Humain, we are fueling AI talent, innovation and intellectual property, while aligning and accelerating future investment opportunities.”   

He added: “This development is aligned with PIF’s strategy by further strengthening ��������’s position as a globally competitive AI hub and places the country at the heart of reshaping the future of global AI.”  

Upon completion of the transaction, Aramco is expected to leverage Humain’s AI infrastructure to translate advanced capabilities into industrial applications, enhancing its global ecosystem and operations. 

“Aramco’s planned investment in Humain is expected to further strengthen our leadership in industrial AI applications and digital solutions, while accelerating the development of ��������’s AI infrastructure and driving national transformation,” said Amin H. Nasser, Aramco president and CEO.  

He added: “Aramco is well-positioned to capture opportunities from rising energy demand linked to AI growth, using advanced technologies to improve efficiency, reduce emissions, and sustain our competitive edge as one of the world’s leading integrated energy and chemicals companies.”  

Launched in May, Humain offers a range of AI products and services, including next-generation data centers, cloud capabilities, and advanced AI models and solutions. 

On Oct. 28, Humain CEO Tareq Amin told Asharq on the sidelines of the Future Investment Initiative conference that the company plans a dual listing on both the Saudi and New York stock exchanges within four years. 

He also revealed that Humain Chat, the company’s AI-powered assistant, has reached 300,000 active users in the Kingdom. 

RIYADH: One of the world’s leading asset management companies has played down fears the artificial intelligence sector is a bubble akin to the early days of the internet.

Speaking to Asharq Bloomberg on the sidelines of the Future Investment Initiative in Riyadh, Yie-Hsin Hung, president and CEO of State Street Investment Management, also flagged up infrastructure and real estate as areas set to deliver returns as reflected on the current business landscape.

When asked about concerns that AI may not be a sustainable investment, she replied: “If you compare today’s big tech, compared to say the era of the internet bubble, you have companies today that are generating enormous amount of cash flow and able to deliver tremendous returns and I think the promise is there.”

Reflecting on the upcoming meeting of the US Federal Reserve to discuss whether to cut interest rates, Hung struck a postive tone, saying: “We’re calling for 75 basis points of cuts which I think is pretty much the view for the full year, so another 25 after this one. We’d like to see another 75 basis points next year because we’re more worried about the labour market but if in fact the Fed doesn’t cut it would suggest the economy is pretty strong so on balance pretty optimistic.”