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The anticipated boost in the tech sector — on the back of The Donald’s visit today — is already starting to take shape, with the launch of a new PIF company dedicated to AI infrastructure and investments, and a planned USD 50 mn fund from Wyld VC to support startups in the region and abroad.
#1- The Public Investment Fund launched HUMAIN, a “global AI powerhouse”, according to a statement. The newly-launched company will operate and invest across the entire AI value chain, in a bid to boost local and global AI capabilities.
What we know: HUMAIN’s offerings include “next-generation data centers, AI infrastructure and cloud capabilities,” in addition to multimodal Arabic large language models, the statement read. The company will also streamline data center initiatives and procure hardware. No further operational or investment details were disclosed.
REMEMBER- The Kingdom has been ramping up its data center capacity: The Kingdom is planning a USD 100 bn AI project to rival the UAE as a technological hub, although details are scant. Leap 25 recently saw a flurry of investments in data centers, including USD 1.4 bn investment from Alfanar for four data centers, as well as a USD 5 bn agreement between DataVolt and Neom to set up a fully sustainable AI data center with an initial capacity of 300 MW capacity, eventually ramped up to 1.5 GW.
#2- Saudi-based Wyld VC plans to launch a USD 50 mn fund to invest in AI startups across the Middle East and the San Francisco Bay Area, according to a press release (pdf). The venture capital firm will focus on early-stage companies, aiming to connect startups in countries such as Saudi Arabia with US talent and resources, Bloomberg reports, citing founder Tala Hasan Al Jabri. The fund is backed by several investors from New York and Silicon Valley.
The fund's first investments are expected to close shortly after US President Trump’s visit to theMiddle East, which is anticipated to boost momentum in the sector. The visit is expected to include discussions on AI infrastructure, with the current administration reportedly preparing to ease the previous administration’s restrictions on exports of advanced AI chips.
Wyld VC is backed by the family office of Lawrence Golub, the b'naire CEO of GolubCapital. The firm is headquartered in Saudi Arabia, with plans to expand into the UAE and Silicon Valley.
