Saudi's Humain secures up to $1.2 billion to expand AI infrastructure

Core Insights - Saudi Arabia's National Infrastructure Fund and Humain announced a financing agreement of up to $1.2 billion to expand AI and digital infrastructure in the country [1][2] - The agreement includes non-binding financing terms for developing up to 250 megawatts of AI data center capacity [1] - Humain aims to lead national AI development efforts and has secured partnerships with notable companies like Elon Musk's xAI and Blackstone-backed AirTrunk [3] Group 1 - The financing agreement was announced in Davos, Switzerland, highlighting Saudi Arabia's commitment to AI development [1] - The initiative is part of a broader strategy to diversify the economy away from hydrocarbons and meet the growing demand for computing power [2] - Humain, established last year and fully owned by the Public Investment Fund, is targeting a data center capacity of about 6 gigawatts by 2034 [3] Group 2 - The National Infrastructure Fund and Humain are exploring a potential AI data center investment platform to attract global and local institutional investors [4] - This platform aims to support the growth of Humain's AI strategy, indicating a collaborative approach to investment in the sector [4]