Saudi Arabia's Public Investment Fund (PIF) and Aramco signed a non-binding term sheet on Tuesday for the oil company to acquire a minority stake in the artificial intelligence company Humain, of which PIF is a majority owner.
The companies said in a statement that, under the deal, they would combine AI assets and expertise into Humain to accelerate the tech company's global growth. PIF will continue to own the majority of the company. They said the deal is expected to further establish Saudi Arabia as a leader in AI and attracting investment opportunities.
"By combining PIF and Aramco’s AI assets under Humain, we are fuelling AI talent, innovation and intellectual property, while aligning and accelerating future investment opportunities," Yazeed Al Humied, deputy governor and head of Middle East and North Africa investments at the PIF, said in a statement.
"This development is aligned with PIF’s strategy by further strengthening Saudi Arabia’s position as a globally competitive AI hub and places the country at the heart of reshaping the future of global AI."
Aramco chief executive Amin Nasser added: "Aramco’s planned investment in Humain is expected to further strengthen our leadership in industrial AI applications and digital solutions, while accelerating the development of Saudi Arabia’s AI infrastructure and driving national transformation."
Humain on Tuesday announced the launch of Humain One, an agentic AI operating system designed to automate enterprise operations and redefine how organisations manage workflows. The announcement was unveiled at the Future Investment Initiative in Riyadh.
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Mohammed bin Zayed Majlis
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Kareem Abdul-Jabbar 38,387
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