HUMAIN's CEO: We Will Launch $10 Billion Venture Capital Fund
HUMAIN, Saudi Arabia's new AI start-up backed by the Public Investment Fund (PIF), will launch a $10 billion venture capital fund as part of the kingdom's efforts to become a global AI leader, the company's CEO, Tareq Amin, told the Financial Times (FT) on Wednesday.
Amin said HUMAIN will launch its fund this summer and will focus on investing in start-ups in the US, Europe and Asia.
HUMAIN is now looking for a US tech company to become an equity partner in its data center business, he said, adding that the company was in talks with OpenAI, venture capital firm Andreesen Horowitz and Elon Musk's xAI.
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, launched HUMAIN one day prior to US President Donald Trump's recent state visit to Riyadh. The President was accompanied by top executives including Elon Musk, OpenAI CEO Sam Altmer and Nvidia chief executive Jensen Huang.
HUMAIN has already struck deals with Nvidia, AMD, Amazon Web Services and Qualcomm worth $23 billion, according to Amin.
He said the company aims to have 1.9GW of data center capacity by 2030, increasing to 6.6GW by 2034. The project's cost is estimated at $77 billion.
'The plan is to process 7% of global AI training and inferencing by 2030,' the FT quoted Amin as saying.
Initial plans include a 50MW data center using 18,000 Nvidia GPUs, with expansion to 500MW requiring approximately 180,000 chips.
HUMAIN has also partnered with AMD on a $10 billion joint venture to provide 500MW of capacity over five years.
It is investing $2 billion with Qualcomm to co-develop chip design and data center capabilities. Under the deal, Qualcomm will establish a chip design center in Riyadh employing 500 engineers.
Amin said that within 30 days, HUMAIN will begin the procurement process for chips from US companies.
The CEO is hopeful that the sales will be supported by the Trump administration.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
12 minutes ago
- Arab News
Syrian minister says lifting of economic sanctions offers hope for recovery
DAMASCUS: The lifting of economic sanctions on the Syrian Arab Republic will allow the government to begin work on daunting tasks that include fighting corruption and bringing millions of refugees home, Hind Kabawat, the minister of social affairs and labor, told The Associated Press on Friday. Kabawat is the only woman and the only Christian in the 23-member cabinet formed in March to steer the country during a transitional period after the ouster of former President Bashar Assad in December. Her portfolio will be one of the most important as the country begins rebuilding after nearly 14 years of civil war. She said moves by the US and the EU in the past week to at least temporarily lift most of the sanctions that had been imposed on Syria over the decades will allow that work to get started. Before, she said, 'we would talk, we would make plans, but nothing could happen on the ground because sanctions were holding everything up and restricting our work.' With the lifting of sanctions, they can move to 'implementation.' One of the first programs the new government is planning to launch is 'temporary schools' for the children of refugees and internally displaced people returning to their home areas. Kabawat said that it will take time for the easing of sanctions to show effects on the ground, particularly since unwinding some of the financial restrictions will involve complicated bureaucracy. 'We are going step by step,' she said. 'We are not saying that anything is easy — we have many challenges — but we can't be pessimistic. We need to be optimistic.' The new government's vision is 'that we don't want either food baskets or tents after five years,' Kabawat said, referring to the country's dependence on humanitarian aid and many displacement camps. That may be an ambitious target, given that 90 percent of the country's population currently lives below the poverty line, according to the UN. The civil war that began in 2011 also displaced half the country's pre-war population of 23 million people. The UN's refugee agency, UNHCR, estimates that about half a million have returned to Syria since Assad was ousted. But the dire economic situation and battered infrastructure have also dissuaded many refugees from coming back. The widespread poverty also fed into a culture of public corruption that developed in the Assad era, including solicitation of bribes by public employees and shakedowns by security forces at checkpoints. Syria's new leaders have pledged to end corruption, but they face an uphill battle. Public employees make salaries far below the cost of living, and the new government has so far been unable to make good on a promise to hike public sector wages by 400 percent. 'How can I fight corruption if the monthly salary is $40 and that is not enough to buy food for 10 days?' Kabawat asked. Syria's new rulers, led by President Ahmad Al-Sharaa, have been under scrutiny by Western countries over the treatment of Syrian women and religious minorities. In March, clashes between government security forces and pro-Assad armed groups spiraled into sectarian revenge attacks on members of the Alawite sect to which Assad belongs. Hundreds of civilians were killed. The government formed a committee to investigate the attacks, which has not yet reported its findings. Many also criticized the transitional government as giving only token representation to women and minorities. Apart from Kabawat, the Cabinet includes only one member each from the Druze and Alawite sects and one Kurd. 'Everywhere I travel … the first and last question is, 'What is the situation of the minorities?'' Kabawat said. 'I can understand the worries of the West about the minorities, but they should also be worried about Syrian men and women as a whole.' She said the international community's priority should be to help Syria build its economy and avoid the country falling into 'chaos.' Despite being the only woman in the Cabinet, Kabawat said 'now there is a greater opportunity for women' than under Assad and that 'today there is no committee being formed that does not have women in it.' 'Syrian women have suffered a lot in these 14 years and worked in all areas,' she said. 'All Syrian men and women need to have a role in rebuilding our institutions.' She called for those wary of President Al-Sharaa to give him a chance. The West has warmed to the new president — particularly after his recent high-profile meeting with US President Donald Trump.
Al Arabiya
24 minutes ago
- Al Arabiya
Trump gives Elon Musk an Oval Office sendoff, crediting him with ‘colossal change'
President Donald Trump bid farewell to Elon Musk in the Oval Office on Friday, providing a cordial conclusion to a tumultuous tenure for the billionaire entrepreneur. Musk is leaving his position spearheading the Department of Government Efficiency, and he'll be rededicating himself to running his businesses, including electric automaker Tesla, rocket company SpaceX and social media platform X. Trump credited Musk with 'a colossal change in the old ways of doing business in Washington" and said some of his staff would remain in the administration. Musk, who wore all black including a T-shirt that said 'The Dogefather,' nodded along as the president listed contracts that had been cut under his watch. 'I think the DOGE team is doing an incredible job," Musk said after accepting a ceremonial key from the president. "They're going to continue to be doing an incredible job.' He left a searing mark on the federal bureaucracy, including thousands of employees who were fired or pushed out. Some government functions were eviscerated, such as the US Agency for International Development, which had provided a lifeline for impoverished people around the world. Boston University researchers estimate that hundreds of thousands of people have already died as a result of the USAID cuts. Despite the upheaval, Musk also fell far short of his goals. After promising to cut $1 trillion or even $2 trillion in federal spending, he lowered expectations to only $150 billion in the current fiscal year. It's unclear whether that target has been hit. The DOGE website tallies $175 billion in savings, but its information has been riddled with errors and embellishments. Trump said Musk had led the 'most sweeping and consequential government reform effort in generations." He suggested that Musk is 'really not leaving' and 'he's going to be back and forth' to keep tabs on what's happening in the administration. Musk had a bruise next to his right eye in the Oval Office, which he explained by saying he had been "horsing around" with his young son. 'I said, go ahead punch me in the face," he said. "And he did.' Musk, the world's richest person, recently said he would reduce his political donations. He was Trump's top donor in last year's presidential campaign. Trump appeared eager to end Musk's service on a high note. 'This will be his last day, but not really, because he will, always, be with us, helping all the way," Trump wrote on social media on Thursday evening. "Elon is terrific!" As a special government employee, Musk's position was designed to be temporary. However, he had speculated about staying 'indefinitely,' working part time for the administration, if Trump still wanted his help. Musk has brushed off questions about how DOGE would continue without him, even suggesting it could 'gain momentum' in the future. 'DOGE is a way of life,' he told reporters recently. 'Like Buddhism.'
Arab News
42 minutes ago
- Arab News
Arab Group at UN urges recognition of Palestine as ‘step toward lasting peace' ahead of conference on two-state solution
NEW YORK: Arab representatives at the UN on Friday praised countries that have recognized the state of Palestine, and urged other nations to follow suit. 'Recognition is not just symbolic, it is a step toward lasting peace,' said Mohamed Abushahab, the UAE's permanent representative to the UN and chair of the Arab Group for May, a forum for Arab nations to outline their positions on various issues. The comments came as Saudi Arabia and France prepare to co-chair a global conference later this month that will seek to hasten implementation of a two-state solution and end decades of conflict between Israel and Palestinians. The effort gained further support this month as the devastating toll of Israel's resumed assault on Gaza sparked international anger. Arab representatives say the upcoming conference, which will take place in New York, must go beyond diplomacy and deliver tangible steps toward peace. Speaking at a UN General Assembly meeting earlier this month in preparation for the forum, Saudi Arabia said that recognizing the state of Palestine is a 'strategic necessity' that is 'the cornerstone of a new regional order based on mutual recognition and coexistence.' 'Regional peace begins with recognizing the state of Palestine, not as a symbolic gesture, but as a strategic necessity,' the Kingdom said. The high-level conference is scheduled to begin on June 17 at the UN headquarters and aims to urgently adopt concrete measures toward the implementation of the two-state solution. Palestine is officially recognized by 147 of the UN's 193 member states and has observer status at the UN, but is not a full member. More than 53,000 Palestinians have been killed since Israel unleashed its military operation in Gaza after a Hamas-led attack killed 1,200 people in October 2023. As the death toll and suffering in Gaza has increased, more nations have moved to recognize Palestine, including Ireland, Norway, and Spain last year. The Arab Group also issued an urgent call for immediate action from the UN Security Council to end the 'catastrophic war' and deepening humanitarian crisis in the enclave. Abushahab emphasized the group's collective condemnation of Israel's military campaign and blockade on Gaza. 'The Arab Group stands united in our determination to mobilize and put an end to the catastrophic war on Gaza,' he said. 'We demand the lifting of all restrictions on humanitarian aid and its distribution based on humanitarian principles. Starvation must not be used as a weapon of war.' Abushahab criticized Israel's proposed aid distribution mechanism, calling it a violation of international humanitarian law. He reiterated the Arab Group's demand for an immediate, unconditional, and permanent ceasefire, alongside the release of all hostages and detainees. The UN representative urged the Security Council to adopt the draft resolution on Gaza advanced by the elected members of the council, and called on member states to take 'concrete actions' to advance the two-state solution. Majed Bamya, Palestine's deputy permanent representative to the UN, said: 'It is enough for anybody to understand the human tragedy unfolding before our eyes.' Referring to the relentless bombardments, mass displacement, starvation, and the killing of children, he added: 'Outrage is not enough. We need action.' Bamya stressed the need for full implementation of UN Security Council Resolution 2735, which calls for a ceasefire, the release of hostages and prisoners, and the massive delivery of humanitarian aid. He praised Egypt and Qatar for their mediation efforts, and acknowledged US involvement in attempts to secure a ceasefire. 'The Palestinian people are being subjected to an attempt to liquidate their cause by force,' Bamya said, accusing Israel of using starvation and aid obstruction to displace the population and seize land. He firmly rejected any new aid distribution mechanism proposed by Israel, insisting on the UN plan that ensures equitable aid access throughout Gaza. 'We cannot expect people to survive this alone,' he said. 'Israel wants to convince them that if they want life, they can only find it away from their land. Our collective responsibility is to help our people find life and liberty in their homeland.' As the humanitarian toll mounts, the Arab Group's call to the Security Council reflects increasing pressure for global powers to take a firmer stance on the crisis. 'The time of half-measures has passed,' said Bamya. 'Palestinian lives are not less valuable than any other lives. The council must act accordingly.'
