Riyadh - Mubasher: Saudi Arabian Oil Company (Aramco) signed a non-binding term sheet with the Saudi Public Investment Fund (PIF) to acquire a minority stake in HUMAIN, according to a press release.

The oil giant aims to advance a full range of AI capabilities globally, positioning Saudi Arabia as a global leader in enabling the most advanced data and AI technologies and in attracting talent and investment opportunities.

PIF will still hold the majority of HUMAIN, teaming up with Aramco to enable the rapid scaling up of the joint venture (JV) operations to capture value and accelerate its growth in the AI sector.

 Yazeed  Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “By combining PIF and Aramco’s AI assets under HUMAIN, we are fueling AI talent, innovation and intellectual property, while aligning and accelerating future investment opportunities.”

Amin H. Nasser, Aramco’s President and CEO, commented: “Aramco is well-positioned to capture opportunities from rising energy demand linked to AI growth, using advanced technologies to improve efficiency, reduce emissions, and sustain our competitive edge as one of the world’s leading integrated energy and chemicals companies.”

On 28 October, the Saudi fund and UK Export Finance (UKEF) signed a memorandum of understanding (MoU) to boost UK-based companies’ investments in the Kingdom.

Meanwhile, Aramco completed its $11 billion deal for its Jafurah gas processing facilities.