Aramco closes $2.6 billion deal for 49% stake in Saudi AI company HUMAIN

Saudi Arabia's Public Investment Fund (PIF) and Saudi Aramco on November 1 announced the closing of a transaction in which Aramco, through a wholly owned subsidiary, acquires a 49% stake in HUMAIN, the kingdom's national artificial intelligence company. PIF retains 51% ownership.

Under the deal, Aramco will contribute approximately SAR 9.9 billion ($2.6 billion) in cash to HUMAIN in 2026, in addition to transferring AI, compute and digital assets. The closing formalises a non-binding term sheet that the two signed on October 28, 2025, Arab News reported.

Launched in May 2025, HUMAIN is building full-stack AI capabilities across four areas: next-generation data centers; high-performance infrastructure and cloud platforms; advanced AI models including ALLaM, which the companies describe as one of the world's most powerful multimodal Arabic large language models; and industry solutions. It plans to deploy 3 gigawatts of AI data center capacity by 2030, with the aim of becoming one of the leading exporters of AI globally.

According to the joint statement, Aramco expects to use HUMAIN's AI infrastructure to translate advanced AI capabilities into industrial applications across its business and global operations, and as a shareholder and strategic partner it and its subsidiaries will benefit from HUMAIN's infrastructure, solutions and services. Argaam reported that PIF frames the partnership as part of its 2026–2030 strategy, which aims to deepen integration across economic ecosystems and grow national companies into globally competitive leaders.

The deal adds to heavy AI infrastructure spending across the Gulf as producers seek to diversify beyond oil, and underlines Saudi Arabia's ambition to become a major player in the sector by pairing the world's largest energy company with its state AI champion.

Sources: Aramco, Saudi Press Agency, Arab News, Argaam. Image: Saudi Press Agency (SPA)