Saudi's Humain secures up to $1.2 billion to expand AI infrastructure 

ABU DHABI, Jan ⁠21 (Reuters) - 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.

(Reporting by Rachna Uppal and Hadeel Al Sayegh; Editing by Philippa Fletcher)

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