Business 4 min read By Bethany Hadley
Saudi AI champion Humain plans IPO and $2.5bn data centre fund
Saudi Arabia's state-backed AI company Humain is preparing for an initial public offering and raising a $2.5 billion fund to expand data centre capacity across the kingdom, as the Public Investment Fund reins in spending on giga projects.
Saudi Arabia’s state-backed artificial intelligence champion Humain is preparing for an initial public offering and plans to raise a $2.5 billion fund to finance a new wave of data centre expansion across the kingdom. The moves follow a prominent appearance at LEAP, the country’s flagship technology event, where more than $15 billion in planned tech investments were announced.
Humain’s chief executive Tareq Amin signalled the IPO preparations in a LinkedIn post, saying he was looking for individuals with top-tier management consulting experience, strong financial and strategic depth, and expertise in investor-facing strategy and IPO preparation. Amin first floated the listing plan last October, saying he hoped to pursue a dual listing in both Saudi Arabia and New York by 2029.
Alongside the listing plans, Amin announced that the company is seeking commitments from global and local investors for a $2.5 billion fund, according to Bloomberg. The capital will help finance 250 megawatts of data centre capacity that Humain is developing in partnership with Al Moammar Information Systems, one of the largest IT companies in Saudi Arabia. The project could eventually be expanded to up to one gigawatt.
The expansion push comes amid an ongoing drive by the $900 billion Public Investment Fund (PIF) to rein in capital spending among its portfolio companies and scale back its giga projects. In August last year, PIF disclosed an $8 billion writedown on its flagship giga projects, reducing their share of the fund’s total assets from 8% to 6%.
Humain’s IPO plans arrive at a delicate moment for Saudi listings. Several companies have pulled planned offerings amid concerns over market volatility and expectations of weak demand due to the ongoing US-Iran war. In June, Mutlaq Al Ghowairi Contracting announced it was postponing its offering of a 30% stake, a deal that could have raised up to $800 million and made it among the largest IPOs in the region this year.
The road to listing may also prove challenging for Humain given that companies pursuing dual listings historically face higher compliance costs and more demanding reporting obligations. However, the wave of deals signed at LEAP last week showed growing confidence among investors that Riyadh will become the region’s AI capital.
The company’s expansion plans are part of a broader Saudi push to position itself as a leader in artificial intelligence, with significant state investment flowing into the sector. The PIF’s portfolio companies have been central to this strategy, though the recent writedowns suggest a more cautious approach to capital allocation is taking hold.
For Humain, the dual-track strategy of pursuing an IPO while raising a dedicated infrastructure fund reflects the scale of ambition behind Saudi Arabia’s AI programme. The company’s ability to attract top-tier talent and secure investor commitments will be closely watched as it moves towards a potential listing.
