Aramco To Take Minority Stake In PIF-Backed AI Firm HUMAIN

Riyadh: Saudi Arabia's Public Investment Fund (PIF) and Aramco announced on Tuesday that they have signed a non-binding term sheet for the oil giant to acquire a minority stake in HUMAIN, an artificial intelligence company majority-owned by PIF.

The deal seeks to merge the AI assets and expertise of both entities under the HUMAIN umbrella, with the goal of accelerating the company’s global expansion and solidifying Saudi Arabia’s emergence as a leading hub for artificial intelligence, Aramco stated in a release.

The agreement marks a deepening collaboration between two of the Kingdom’s most powerful economic engines, blending Aramco’s vast resources and technical capabilities with PIF’s strategic investments in next-generation technology. No financial details or timeline for a binding agreement were disclosed.