Saudi Arabia’s Humain AI Venture: A Tech Powerhouse in the Making
Saudi Arabia is strategically positioning itself in the rapidly evolving artificial intelligence (AI) sector through its burgeoning company, Humain. This initiative, backed by the nation’s sovereign wealth fund, which boasts assets nearing a trillion dollars, underscores Saudi Arabia’s commitment to diversify its economic portfolio and lessen its reliance on oil, as reported by Annahar.
Humain’s Strategic Foundation
Launched in May, Humain benefits from the backing of the Public Investment Fund (PIF). The PIF is a key financier of the Kingdom’s ambitious projects aimed at diversifying income sources and reducing the dependence of the Middle East’s largest economy on the oil industry. The AI sector was a focal point at the Future Investment Initiative forum held in Saudi Arabia this week. Business leaders lauded AI’s vast potential while acknowledging the associated risks, with tech companies attracting billions in investments recently.
Ambitious Goals and Partnerships
Humain’s ambition is to become a global AI leader. The company aims to be listed on financial markets, potentially including the Saudi stock market and the Nasdaq technology index in New York, according to CEO Tareq Amin. The company aspires to be the third-largest infrastructure provider for AI, following the United States and China. Humain has pledged to provide a suite of AI services and products, including advanced Arabic language models.
Key Developments and Alliances
Humain is central to Saudi Arabia’s vision of becoming a global AI hub, with its pavilion attracting significant attention at the investment forum in Riyadh. Furthermore, Saudi Aramco announced plans to acquire a substantial minority stake in Humain to accelerate its growth in the AI field. Aramco’s CEO, Amin H. Nasser, has highlighted AI’s potential, noting its ability to increase oil well productivity. Additionally, Humain has inked a multi-billion dollar deal with Eirtech to construct data centers within the Kingdom.
Industry Perspective
Robert Mogielnicki from the Arab Gulf States Institute in Washington observes that while some technology companies in Saudi Arabia are still emerging, they are keen to reassure investors that the Kingdom’s technological ambitions are both achievable and compelling. These strategic moves highlight Saudi Arabia’s dedication to innovation and its proactive approach to integrating AI into its economic framework.
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