RIYADH: Saudi Arabia expects its new transport and logistics strategy to generate 550 billion riyals ($150 billion) in investments by 2030 in areas such as public transport, railways, and airports expansion and development, the Kingdom’s transport and logistical services minister said on Monday.
Saleh Aljasser said the government would provide 35 percent of the needed investments, and the rest would come from private investors. The strategy would have multiple benefits on economic activities because it would connect many sectors, such as Hajj and tourism, as well as industries, he said.
Abdulaziz Alduailej, president of the General Authority of Civil Aviation, said Saudi airlines would aim under the new strategy to reach 250 destinations worldwide, up from 90 destinations currently. The country aims to increase airport capacity to 330 million passengers a year, up from 103 million.
Crown Prince Mohammed bin Salman launched the new transport and logistics blueprint a week ago. It aims to position the Kingdom as a global logistics hub connecting three continents, and improve all transport services in support of Saudi Vision 2030.
A host of projects are planned to help achieve the strategy’s economic and social goals, including the launch of a second national airline, along with improved governance to enhance the work of the organizations involved. The Ministry of Transport was renamed the Ministry of Transport and Logistics Services.
“This strategy will strengthen human and technical capabilities in the transport and logistics sector in the Kingdom,” the crown prince said.
‘$150 billion boost’ from new Saudi transport strategy
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‘$150 billion boost’ from new Saudi transport strategy
PIF’s Humain invests $3bn in Elon Musk’s xAI prior to SpaceX acquisition
JEDDAH: Humain, an artificial intelligence company owned by Saudi Arabia’s Public Investment Fund, invested $3 billion in Elon Musk’s xAI shortly before the startup was acquired by SpaceX.
As part of xAI’s Series E round, Humain acquired a significant minority stake in the company, which was subsequently converted into shares of SpaceX, according to a press release.
The transaction reflects PIF’s broader push to position Saudi Arabia as a central hub in the global AI ecosystem, as part of its Vision 2030 diversification strategy.
Through Humain, the fund is seeking to combine capital deployment with infrastructure buildout, partnerships with leading technology firms, and domestic capacity development to reduce reliance on oil revenues and expand into advanced industries.
The $3 billion commitment offers potential for long-term capital gains while reinforcing the company’s role as a strategic, scaled investor in transformative technologies.
CEO Tareq Amin said: “This investment reflects Humain’s conviction in transformational AI and our ability to deploy meaningful capital behind exceptional opportunities where long-term vision, technical excellence, and execution converge, xAI’s trajectory, further strengthened by its acquisition by SpaceX, one of the largest technology mergers on record, represents the kind of high-impact platform we seek to support with significant capital.”
The deal builds on a large-scale collaboration announced in November at the US-Saudi Investment Forum, where Humain and xAI committed to developing over 500 megawatts of next-generation AI data center and computing infrastructure, alongside deploying xAI’s “Grok” models in the Kingdom.
In a post on his X handle, Amin said: “I’m proud to share that Humain has invested $3 billion into xAI’s Series E round, just prior to its historic acquisition by SpaceX. Through this transaction, Humain became a significant minority shareholder in xAI.”
He added: “The investment builds on our previously announced 500MW AI infrastructure partnership with xAI in Saudi Arabia, reinforcing Humain’s role as both a strategic development partner and a scaled global investor in frontier AI.”
He noted that xAI’s trajectory, further strengthened by SpaceX’s acquisition, exemplifies the high-impact platforms Humain aims to support through strategic investments.
Earlier in February, SpaceX completed the acquisition of xAI, reflecting Elon Musk’s strategy to integrate AI with space exploration.
The combined entity, valued at $1.25 trillion, aims to build a vertically integrated innovation ecosystem spanning AI, space launch technology, and satellite internet, as well as direct-to-device communications and real-time information platforms, according to Bloomberg.
Humain, founded in August, consolidates Saudi Arabia’s AI initiatives under a single entity. From the outset, its vision has extended beyond domestic markets, participating across the global AI value chain from infrastructure to applications.
The company represents a strategic initiative by PIF to diversify the Kingdom’s economy and reduce oil dependence by investing in knowledge-based and advanced technologies.
