Humain Secures 20 Billion Riyals Financing for 2GW Riyadh Data Centers
AI firm Humain has engaged Goldman Sachs to advise on a data center financing package in Riyadh worth at least 20 billion riyals to develop 2GW of capacity by 2034. The project is backed by the Public Investment Fund and aims to attract hyperscalers like Google with low-cost energy.
1. Goldman Sachs to Advise on SAR20B Financing
Humain has engaged Goldman Sachs as financial advisor for a financing package worth at least 20 billion riyals ($5.33 billion) to fund the development of data center facilities in the Riyadh area. The advisory mandate covers capital structure planning to support up to 2 gigawatts of computing capacity by 2034.
2. Public Investment Fund Backing and Strategic Shift
The Public Investment Fund, Humain’s sole owner, is spearheading the kingdom’s diversification away from oil revenue by investing in AI infrastructure. Recent strategy adjustments have reprioritized AI data centers over larger giga-projects to align with global demand for computing power.
3. Implications for Hyperscalers and Regional Risks
The low-cost energy environment in Saudi Arabia is designed to attract hyperscalers such as Google, Microsoft and Meta, potentially enhancing their AI capacity. However, regional security tensions, including previous drone strikes on nearby facilities, pose operational and insurance challenges for new data centers.