https://arab.news/nrb2m
RIYADH: Saudi Technology Ventures has partnered with Meta — formerly Facebook — to scale up the tech ecosystem in the Kingdom and the Middle East and North Africa region.
The $500 million technology venture capital fund plans to do so through building its technical capability and enabling its portfolio companies, it said in a statement.
As part of the deal Meta will provide strategic and financial incentives to serve STV's objectives towards its portfolio and the broader ecosystem.
RIYADH: Humain, an artificial intelligence company backed by Saudi Arabia’s Public Investment Fund, has awarded Al Moammar Information Systems Co. a contract to design and build a data center dedicated to AI technologies.
In a filing to Tadawul, MIS said the project’s value exceeds 155 percent of its total revenues for 2024. The company reported revenues of SR1.21 billion ($320 million) last year, implying a contract value of nearly SR1.88 billion.
The development aligns with Saudi Arabia’s Vision 2030 program, which aims to position the Kingdom as a regional technology hub by the end of the decade.
The contract is expected to be signed on Feb. 15, 2026, and does not involve any related parties, according to the statement. MIS will design and construct a private AI-focused data center for Humain.
Earlier this month, Saudi Telecom Co. signed an agreement with Humain to launch a joint venture to develop and operate data centers dedicated to artificial intelligence in the Kingdom.
According to a Tadawul filing, Humain will hold a 51 percent stake in the joint venture, while stc will own the remaining 49 percent.
The data center will be developed through stc’s subsidiary Digital Data and Communications Centers, also known as center3.
The facility will feature advanced infrastructure capable of supporting up to 1 gigawatt of power, starting with an initial capacity of 250 megawatts, subject to customer demand.
Saudi Arabia has been ramping up its AI ambitions. Earlier this month, the Saudi Press Agency, citing the Global AI Index, said the Kingdom ranked fifth globally and first in the Arab region for growth in the AI sector.
The report said the ranking reflects the Kingdom’s progress in artificial intelligence and the success of its economic diversification strategy under Vision 2030.
Separately, MIS said on Dec. 24 that it signed a SR114.43 million contract with the Saudi Central Bank to renew IT systems support licenses. The 36-month agreement covers license renewals and ongoing support, with the financial impact expected to be reflected in the company’s fourth-quarter results.
