National Infrastructure Fund, Humane sign $667m AI and energy deals

The National Infrastructure Fund and Humane, an artificial intelligence company owned by the Public Investment Fund, have signed two financing agreements totaling 2.5 billion Saudi riyals ($667 million) to support the provision of AI computing capabilities and the development of critical energy infrastructure in the Kingdom.

The agreements were signed in Riyadh in the presence of Public Investment Fund Governor Yasir Al-Rumayyan, Minister of Economy and Planning and Chairman of the National Infrastructure Fund Faisal Al-Ibrahim, and National Development Fund Governor Abdulaziz Al-Arifi.

These agreements mark the first deals under the National Infrastructure Fund’s “AI Data Center Financing Program,” and represent the initial phase of a framework agreement announced by the fund and Humane at Davos in January 2026. That framework included non-binding financing terms of up to 4.5 billion riyals to support AI and digital infrastructure projects in Saudi Arabia.

The first financing facility, valued at 1.1 billion riyals, will fund the purchase and provision of graphics processing units (GPUs) with a capacity of around 25 megawatts. The second facility, worth 1.4 billion riyals, will support the development of critical energy infrastructure for Humane’s data centers, including substations, power transmission infrastructure, and grid connections.

This infrastructure is designed to support future expansion of data centers with IT loads of up to 1 gigawatt, creating an attractive environment for data center developers and institutional investors.

National Infrastructure Fund CEO Ismail Al-Salloum said the agreements aim to stimulate investments exceeding the fund’s own financing. He explained that supporting computing capabilities and developing energy infrastructure will help prepare data center projects for investment, emphasizing the fund’s role in enhancing the readiness and bankability of these projects based on commercial viability and economic value.

Humane CEO Tareq Amin said that AI infrastructure has become a cornerstone for the next generation of computing technologies, requiring significant investment and advanced infrastructure. He noted that the agreements will accelerate the provision of advanced computing capabilities and the development of the necessary energy infrastructure, reaffirming Humane’s focus on developing and operating large-scale AI infrastructure to serve institutions and clients worldwide.