Humain, an artificial intelligence company backed by Saudi Arabia’s Public Investment Fund, plans to establish a $2.5 billion fund to finance data center projects in the kingdom. The capital will be raised from a mix of debt and equity investors, according to people familiar with the matter cited by Bloomberg.
The initial phase aims to build 250 megawatts of data center capacity, with the potential to expand to 1 gigawatt in the future. Humain’s CEO, Tareq Amin, announced plans for the fund earlier this week, though the size was not disclosed at the time. The company is partnering with Al Moammar Information Systems Co. to develop the infrastructure.
Saudi investment bank BSF Capital will manage the fund and target global and domestic investors. The firm has estimated it could take two to three months to secure approval from the Capital Market Authority, the regulatory body overseeing the offering.
The initiative aligns with Saudi Arabia’s broader push to expand its digital and AI capabilities, leveraging the kingdom’s growing data center ecosystem to support high-performance computing needs.
