PIF and Aramco agree for Aramco to acquire a significant minority stake in HUMAIN, with PIF retaining majority ownership
- PIF and Aramco to combine their artificial intelligence (AI) programs and work jointly through HUMAIN
- Plan would accelerate the growth of HUMAIN and unify key AI assets in the drive to make Saudi Arabia a global AI hub
- HUMAIN provides a range of AI products and services, including next-generation data centers, cloud capabilities, and advanced AI models and solutions
PIF and Aramco today announced the signing of a non-binding term sheet outlining the key terms for Aramco to acquire a significant minority stake in HUMAIN, a PIF company, advancing a full range of AI capabilities globally.
PIF and Aramco would contribute AI assets, capabilities and talent into HUMAIN, with PIF and Aramco as its shareholders. PIF would continue to own the majority of HUMAIN. The intention is to enable the rapid scaling up of HUMAIN’s operations to capture value and accelerate its growth in the AI sector.
The proposed transaction is expected to further establish Saudi Arabia as a global leader in enabling the most advanced data and AI technologies and in attracting talents and investment opportunities.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “By combining PIF and Aramco’s AI assets under HUMAIN, we are fueling AI talent, innovation and intellectual property, while aligning and accelerating future investment opportunities. This development is aligned with PIF’s strategy by further strengthening Saudi Arabia’s position as a globally competitive AI hub and places the country at the heart of reshaping the future of global AI.”
Amin H. Nasser, Aramco President & CEO, said: “Aramco’s planned investment in HUMAIN is expected to further strengthen our leadership in industrial AI applications and digital solutions, while accelerating the development of Saudi Arabia’s AI infrastructure and driving national transformation. Aramco is well positioned to capture opportunities from rising energy demand linked to AI growth, using advanced technologies to improve efficiency, reduce emissions, and sustain our competitive edge as one of the world’s leading integrated energy and chemicals companies.”
PIF is actively investing in AI partnerships and infrastructure as part of its mandate to develop key strategic sectors in Saudi Arabia and further localize modern technologies, driving the development and diversification of the domestic economy. PIF's strategy for the AI and the digital economy benefits from Saudi Arabia’s position as a globally competitive market through innovation and capacity building.
Aramco’s extensive domain expertise supports delivery of transformative solutions, and upon completion of the transaction Aramco is expected to leverage HUMAIN’s AI infrastructure to translate advanced AI capabilities into industrial applications, further enhancing its global ecosystem and operations.
The term sheet is subject to the signing of definitive agreements, applicable regulatory approvals and/or other customary conditions.
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