Saudi AI firm Humain seeks $2.5 billion for data-center fund

The latest:

Saudi artificial intelligence company Humain is targeting $2.5 billion as the first phase of a fund investing in data centers inside the kingdom, drawing on global and local investors, Bloomberg reported Thursday, September 3, 2026, citing people familiar who asked not to be identified. The vehicle would be managed by BSF Capital, the investment arm of Banque Saudi Fransi.

Details:

• The capacity: Proceeds would help finance 250 megawatts of data-center capacity that Humain is building with Al Moammar Information Systems, according to Bloomberg’s sources. The same people said the build-out could eventually scale to roughly one gigawatt, without setting a timeline.
• The structure: Financing would combine debt and equity rather than rely on a single instrument, the people said. BSF Capital, the investment arm of Banque Saudi Fransi, is set to manage the fund and approach investors once regulatory clearance is in hand.
• The regulator: BSF Capital will only begin targeting investors after approval from the Capital Market Authority, a step that could take two to three months, according to Bloomberg’s sources. No date has been given for the launch of fundraising or for a first close.
• The CEO: Humain Chief Executive Tarek Amin said earlier this week that the company intended to establish a fund, but did not disclose its size. The $2.5 billion first-phase target surfaced only through people familiar with the plan.
• No comment: Representatives of Humain, Al Moammar Information Systems and BSF Capital all declined to comment, Bloomberg reported. None has publicly confirmed the target figure, the capacity split, or the identity of the investors being approached.
• The backer: Humain is backed by the Public Investment Fund and was established in 2025. Since then it has run a series of deals to build the infrastructure and computing capacity needed to train and operate AI models, according to Bloomberg.
• Earlier vehicle: In the same year it was founded, Humain announced plans for a $10 billion venture capital fund to invest in startups globally. The new data-center fund would focus on physical capacity inside Saudi Arabia rather than equity stakes abroad.
• The winners: Bloomberg reported that the kingdom’s AI ambitions are generating multibillion-dollar fortunes for a set of players, among them the two brothers who control Al Moammar Information Systems, Humain’s partner on the 250-megawatt project.
• The neighbors: Several Gulf oil and gas producers are pushing AI as a pillar of economic diversification, pouring billions into infrastructure and related technology. Bloomberg reported this week that Abu Dhabi’s G42 has held exploratory talks with potential investors about raising billions of dollars.

Background:

Humain was created in 2025 as the Public Investment Fund’s vehicle for artificial intelligence, tasked with assembling the compute base the kingdom lacks. Its deals since then have centered on hardware, power and data-center capacity rather than software.

Between the lines:

The sequencing matters: the CEO confirmed a fund exists but withheld its size, and the figure emerged instead through people familiar. With regulatory approval still two to three months out and all three named parties declining comment, the $2.5 billion target remains a plan under review, not a committed raise — and the 250-megawatt-to-one-gigawatt gap leaves the eventual scale open.

What’s next

Watch for a Capital Market Authority decision within two to three months, the point at which BSF Capital can formally approach investors, and any confirmation from Humain of the fund’s size or first close.