Saudi Arabia's state-backed AI company Humain has selected Goldman Sachs to arrange a financing package of at least 20 billion riyals ($5.33 billion) for new data centers in the Riyadh area, sources told Reuters on May 19. Humain is owned by the kingdom's Public Investment Fund (PIF), which is driving Saudi Arabia's push to capture a share of the global AI compute boom.
The deal would fund roughly 2 gigawatts of capacity along with GPU chips — about a third of the company's stated 6 GW target by 2034. Humain has already signed agreements with xAI and Blackstone-backed AirTrunk, positioning the kingdom as a contender against the US and UAE for hyperscaler workloads. Cheap domestic energy is Riyadh's central pitch to Google, Microsoft and Meta.
The Goldman mandate underscores how aggressively Saudi Arabia is racing to lock in capital, with industry estimates putting global data center investment at $3.9 trillion between 2026 and 2030.