RIYADH: HUMAIN, Saudi Arabia’s artificial intelligence startup backed by the Public Investment Fund, is set to launch a $10 billion venture capital fund this summer as part of the Kingdom’s ambitious push to become a global AI hub, the company’s CEO has revealed.

In an interview with the Financial Times, CEO Tareq Amin said the new fund—HUMAIN Ventures—will target startups across the US, Europe, and parts of Asia, leveraging Saudi Arabia’s financial strength to assert influence in the rapidly evolving AI industry.

The initiative aligns with projections from the Saudi Data and Artificial Intelligence Authority, which estimate that AI will contribute $15.6 trillion to the global economy by 2030 and create 98 million jobs by 2025.

HUMAIN’s expansion strategy includes establishing 1.9 gigawatts of data center capacity by 2030, with plans to scale up to 6.6GW within four years.

“HUMAIN is seeking to use Saudi Arabia’s financial might to gain a central role in almost every aspect of the burgeoning AI industry — from investing, infrastructure, and chip design. That sprawling strategy is unmatched outside a handful of US and Chinese Big Tech companies, which have had years, if not decades, to build their businesses and technical expertise,” the company said in a statement.

“US tech firms increasingly view Gulf states and their powerful sovereign wealth funds as critical sources of investment, with American tech executives in talks with regional officials about investments and raising capital,” it added.

Amin confirmed ongoing discussions with prominent US tech players, including OpenAI, Elon Musk’s xAI, and venture capital firm Andreessen Horowitz, regarding potential equity partnerships.

HUMAIN was launched in early May, just before US President Donald Trump’s visit to Riyadh, an event attended by major tech leaders such as Musk, OpenAI CEO Sam Altman, and Nvidia’s Jensen Huang.

Since its launch, HUMAIN has signed deals worth $23 billion with US tech giants, including Nvidia, AMD, Amazon Web Services, and Qualcomm. Based on current market rates, the cost of the overall project is estimated at $77 billion, according to Amin.

The company aims to handle 7 percent of global AI model training by 2030, focusing on both model development and inferencing capabilities.

“There are two paths you could take: you take it slow, and we are definitely not taking it slow, or you go fast. Whoever reaches the end line first, I think, is going to secure a good chunk of the market share,” Amin said.

Saudi Arabia, like the UAE, is prioritizing collaboration with US tech companies to address American concerns over potential technology transfers to China — despite China being the region’s largest trading partner.

Amin stressed the strategic value of US partnerships, noting, “If you go and look at our suppliers, you’ll discover that we were deliberate on the partnerships and the choices that we have picked . . . we did not want to make mistakes.”

The initial phase of HUMAIN’s data center park will include a 50-megawatt facility powered by 18,000 Nvidia chips, expected to be operational by next year. Future expansions aim to scale capacity up to 500MW, ultimately requiring 180,000 chips.

In a $10 billion joint venture with AMD, the company plans to deliver 500MW of capacity over five years. HUMAIN is also investing $2 billion with Qualcomm to build data centers and strengthen chip design capabilities in the Kingdom. As part of the agreement, Qualcomm will establish a chipset design center in Riyadh, employing 500 engineers, although the firm has no plans to manufacture chips.

Amin stated that chip procurement from US suppliers will begin within the next 30 days and expressed confidence that the initiative will gain support from the Trump administration.

This development follows Washington’s recent announcement to revoke a Biden-era regulation restricting AI chip sales to countries such as Saudi Arabia. A replacement rule is expected to be introduced.

Addressing data privacy and security concerns, Amin said HUMAIN will provide real-time inventory access for clients to audit data usage instantly. He added that new legislation in Riyadh is expected to ensure data centers comply with the legal framework of the client’s home country.

HUMAIN’s launch supports Vision 2030, Saudi Arabia’s sweeping economic diversification plan. The company is expected to foster local innovation, drive intellectual property development, and attract leading global AI talent and investment.

SINGAPORE: Oil prices inched up on Wednesday as investors considered supply risks after the US barred Chevron from exporting crude from Venezuela under a new asset authorization, though expectations of more output from OPEC+ continued to limit gains.
Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel by 08:40 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel.
The Trump administration has issued a new authorization for US-major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities, Reuters reported on Tuesday, citing sources.
“The loss of Chevron’s Venezuazelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,” Westpac’s head of commodity and carbon strategy Robert Rennie wrote in a note.
US President Donald Trump had revoked the previous license on February 26.
In recent years, the licenses to Chevron and other foreign companies supported a slight recovery in sanction-hit Venezuelan oil output to about 1 million barrels per day.
However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week.
A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though market watchers expect no change to their policy of increasing output.
A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources.
“Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Sachdeva added that OPEC members’ failure to comply with production quotas and Trump’s trade policies negatively impact global oil demand.
The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia.
“This increases the risk of further sanctions against Russia, putting Russian energy flows at risk,” said ING commodities strategists on Wednesday.