Saudi Arabia’s state-backed artificial intelligence powerhouse, HUMAIN, has announced ambitious plans to launch an initial public offering (IPO) within the next three to four years, targeting a dual listing on both the Saudi Exchange and the US Nasdaq. The announcement was made by CEO Tareq Amin at the Future Investment Initiative (FII) conference in Riyadh, signaling a major milestone for the burgeoning Saudi tech ecosystem.
IPO Ambitions and a New AI Operating System
Speaking at a press conference during FII, CEO Tareq Amin revealed the company’s public market aspirations, stating, “I hope it will be listed here and on the Nasdaq as well.” The announcement coincided with the launch of HUMAIN One, the company’s new AI-based computer operating system designed to allow users to interact with their computers through natural language, much “like you speak to a human being.” This strategic move underscores Humain’s commitment to developing proprietary technology and scaling its operations for a global audience.
Strategic Partnerships and PIF’s Backing
As a subsidiary of the Kingdom’s $930 billion Public Investment Fund (PIF), Humain is well-capitalized to pursue its goals. Amin noted that PIF had provided the company with “everything we ask for” in terms of funding. This robust financial backing is being channeled into developing its own personal computer and establishing its first data center, which is expected to open next year. To bolster its technological capabilities, Humain is forging key alliances with global tech leaders. The company is already in talks with OpenAI, the creator of ChatGPT, and has partnered with California-based AI firm Groq on multiple projects, including HUMAIN One. Amin also teased a significant upcoming collaboration, telling reporters, “You will hear something big with AWS,” referring to Amazon Web Services.
Aligning with a Commercial Mandate
HUMAIN’s push towards an IPO aligns with the broader strategic shift for PIF-backed companies, which are facing increased pressure to operate as commercial entities, generate profits, and pave the way for private sector investment. Amin affirmed this commercial focus, stating, “We are a commercial entity at the end of the day. We have to generate the right return for our investors.” This sentiment echoes recent comments from Saudi Finance Minister Khalid Al-Falih, who suggested that the government and PIF would gradually scale back their economic footprint to encourage greater participation from the private sector.
About HUMAIN
HUMAIN is a Saudi Arabian artificial intelligence and data center company operating as a subsidiary of the Public Investment Fund (PIF). The company is focused on developing advanced AI technologies, including its own operating system and personal computers, while also building out data center infrastructure within the Kingdom.
Source: AGBI
