Saudi Arabia’s state-backed AI startup Humain has taken center stage at this year’s Future Investment Initiative summit in Riyadh, unveiling a $3 billion data center partnership with US asset manager Blackstone on Tuesday, the first full day of the event that runs until Thursday, Oct. 30.
The announcement indicates that artificial intelligence ambitions, not megaprojects, are setting the tone at the 2025 edition of the gathering dubbed “Davos in the Desert.” That the Saudi AI startup, which launched in May 2025, didn’t exist during last year’s conference is emblematic of how quickly the kingdom’s investment priorities are evolving.
The 2025 summit's circumstances are notably different from those of recent editions. Whereas last year’s FII convened against a backdrop of regional conflict fears and the looming US presidential election, this year’s arrives with global CEOs fixated on private credit, AI innovation and Saudi Arabia’s investment outlook.
Details: Opening the conference, PIF Governor Yasir Al-Rumayyan pointed out that foreign investment into Saudi Arabia rose 24% in 2024 to $31.7 billion. Meanwhile, Minister of Investment Khalid Al-Falih urged that it is “time for us to maybe scale back on this government or PIF spend” and let the private sector start investing.
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