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RIYADH: UAE-based conglomerate Al-Futtaim has committed SR10 billion ($2.6 billion) in new investments over the next three years in ��������, reinforcing its long-term partnership with the Kingdom. 

The announcement, made at the Future Investment Initiative conference in Riyadh, highlights the group’s focus on localization, talent development, and diversified economic growth, the company said in a press release. 

The new commitment builds on Al-Futtaim’s existing SR5 billion investments in �������� and is projected to create more than 1,000 jobs. 

The conglomerate’s commitment is part of the broader wave of strategic investments being unveiled at the FII, a platform that has facilitated more than $250 billion in deals since its inception less than a decade ago. 

Marwan Shehahdeh, group director, corporate development at Al-Futtaim, said: “��������’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within.” 

He added: “Our SR10 billion pledge is a tangible expression of our confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”  

In September, Al-Futtaim acquired a 49.95 percent stake in ��������’s Cenomi Retail in a $689 million deal. 

The partnership aims to develop omnichannel, AI-driven, and customer-centric retail experiences, expanding access to international brands and elevating the consumer landscape in ��������. 

Through its insurance arm, Orient Insurance, the group is supporting financial sector resilience and economic inclusion by offering customer-focused insurance and financing solutions. 

Al-Futtaim is also expanding its real estate portfolio to contribute to ��������’s urban transformation, creating integrated developments that foster community connectivity and enhance quality of life. 

“Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and ��������’s Vision 2030 is realized through collaborative effort,” Shehahdeh added. 

RIYADH: Artificial intelligence company Humain has reached an agreement with AirTrunk that will see a $3 billion investment for a data center campus in ��������.

The Public Investment Fund-owned firm will work with the Asia-Pacific company, which is backed by the world’s largest alternative asset manager Blackstone and Canada Pension Plan Investment Board.

Under the deal, Humain will lead ��������’s efforts to deliver large-scale AI-ready infrastructure, while Blackstone and AirTrunk will bring global expertise, operational excellence and investment capacity. 

The deal aligns with Humain’s mandate to position the Kingdom as a global leader in artificial intelligence and reinforces its commitment to building best-in-class digital and AI infrastructure.

“Together with AirTrunk and Blackstone, Humain is strengthening the technological infrastructure that underpins the Kingdom’s digital economy,” said Tareq Amin, CEO of Humain. 

Amin further said that this partnership also marks a pivotal moment in creating scalable, secure, and sustainable data center capacity to support the rapid growth of AI and cloud computing in ��������. 

“This initiative not only accelerates ��������’s technological advancement but also establishes a platform for long-term economic diversification and global competitiveness,” added Amin. 

Under the scope of the partnership, both Humain and AirTrunk will cooperate across several key areas, including data center design, construction, and operation; financing through equity and debt; and go-to-market initiatives to attract hyperscalers and enterprise clients.

The partnership will also focus on developing local talent and capabilities, supporting ��������’s ambition to build a globally competitive and sustainable digital ecosystem.

“Our strategic partnership with Humain, a key player in the region, will support �������� to realize its vision of being a data- and AI-driven economy,” said Robin Khuda, founder and CEO at AirTrunk. 

He added: “This announcement strengthens the AirTrunk data center platform as we deliver world-class digital infrastructure for the cloud and AI across the Asia Pacific and now the Middle East, which is one of the fastest growing regions in the world.” 

Stephen Schwarzman, chairman, CEO and co-founder of Blackstone, said that the company continues to bring scale and expertise across the AI ecosystem as the largest provider of data centers globally and a significant investor in related services and infrastructure.

Schwarzman added: “This initiative reinforces Blackstone’s position as one of the world’s leading investors in digital infrastructure and marks a commitment to deepening our presence in the Middle East.”