Saudi Arabia's Public Investment Fund (PIF) and Aramco signed a non-binding term sheet on Tuesday for the oil company to acquire a minority stake in the artificial intelligence company Humain, of which PIF is a majority owner.
The companies said in a statement that, under the deal, they would combine AI assets and expertise into Humain to accelerate the tech company's global growth. PIF will continue to own the majority of the company. They said the deal is expected to further establish Saudi Arabia as a leader in AI and attracting investment opportunities.
"By combining PIF and Aramco’s AI assets under Humain, we are fuelling AI talent, innovation and intellectual property, while aligning and accelerating future investment opportunities," Yazeed Al Humied, deputy governor and head of Middle East and North Africa investments at the PIF, said in a statement.
"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."
Aramco chief executive Amin Nasser added: "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."
Humain on Tuesday announced the launch of Humain One, an agentic AI operating system designed to automate enterprise operations and redefine how organisations manage workflows. The announcement was unveiled at the Future Investment Initiative in Riyadh.
