Saudi Arabia is actively promoting its shift towards artificial intelligence to Wall Street, highlighting the kingdom's commitment to diversifying its economy. This strategic move involves redirecting investments from large construction projects, such as the Neom project, towards the rapidly expanding AI sector. The Saudi Public Investment Fund (PIF) is backing HUMAIN, a company established to spearhead the nation's AI initiatives, with plans to allocate $10 billion to invest in AI startups across the U.S., Europe and Asia.
This pivot includes significant investments in building advanced digital infrastructure. Agreements worth $23 billion have been signed with major U.S. tech firms like Nvidia, AMD, Amazon and Qualcomm to develop data centres with a 6.6 gigawatt capacity by 2034. HUMAIN also intends to construct approximately 6 gigawatts of data centre capacity and is launching Humain 1, its AI operating system. These investments aim to establish Saudi Arabia as a global AI hub, fostering innovation in AI-powered technologies for finance, healthcare, and smart cities.
The Kingdom's Vision 2030 plan aims to reduce reliance on oil and establish a digital economy powered by AI. This initiative is expected to create numerous high-tech jobs, attract leading tech companies to establish regional headquarters in Saudi Arabia and boost the country's GDP. The focus on AI reflects a broader realignment within the Public Investment Fund, prioritising technology, digital infrastructure and advanced manufacturing to achieve faster growth and global relevance.
