Aramco and PIF Propel Saudi Arabia's AI Ambitions with HUMAIN Stake

Saudi Arabia's Public Investment Fund and Aramco have signed a non-binding term sheet for Aramco to acquire a minority stake in HUMAIN, an AI company. The partnership aims to boost HUMAIN's global growth and solidify Saudi Arabia's status as a leading AI hub.

Saudi Arabia's Public Investment Fund (PIF) and Aramco have taken a significant step in the AI sector by agreeing for Aramco to acquire a minority stake in HUMAIN, an artificial intelligence firm predominantly owned by the PIF.

The deal, outlined in a non-binding term sheet, is set to merge the AI assets and expertise of the two powerful entities under HUMAIN's umbrella. This strategic move is aimed at enhancing the company's global expansion and reinforcing Saudi Arabia's role as a frontrunner in AI development.

According to a statement by Aramco, this partnership is not just about investment but is also a critical drive to position the kingdom as a leader in innovation within the AI landscape.

(With inputs from agencies.)