Saudi Aramco to take minority stake in PIF-owned AI firm HUMAIN
The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. Picture taken May 23, 2018. REUTERS/Ahmed Jadallah
Saudi Arabia's Public Investment Fund (PIF) and Aramco said on Tuesday that they signed a non-binding term sheet for the oil giant to acquire a minority stake in HUMAIN, an artificial intelligence company majority-owned by PIF.
The deal aims to combine the two entities' AI assets and expertise under HUMAIN to accelerate its global growth and strengthen Saudi Arabia's position as a leading AI hub, Aramco said in a statement.
Source: Reuters
