Saudi Arabia’s National Infrastructure Fund and Humain, the kingdom’s artificial intelligence company, announced a financing agreement of up to $1.2 billion on Wednesday to support the expansion of AI and digital infrastructure in the country.
The agreement outlines non-binding financing terms for the development of up to 250 megawatts of AI data centre capacity to support Humain’s customers, and was announced in Davos, Switzerland, according to a statement.
The world’s top oil exporter is seeking to accelerate its AI development to capitalise on massive demand for computing power, as part of a broader effort to diversify income sources and economic activity away from hydrocarbons.
Humain, established last year and fully owned by the Public Investment Fund, is expected to lead national efforts to this end. It has secured several agreements including deals with Elon Musk’s xAI and Blackstone-backed AirTrunk for data centre projects in the country, and is targeting a capacity of about 6 gigawatts by 2034.
Infra, part of Saudi Arabia’s National Development Fund, and Humain also agreed to explore a potential AI data centre investment platform, which they will jointly anchor, designed to help global and local institutional investors support the growth of Humain’s AI strategy.
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