중동 AI 리더인 휴메인과 G42는 대규모 컴퓨팅 및 데이터센터 확장을 위한 자금 조달을 위해 외부 자금 조달 라운드를 적극적으로 추진 중입니다.

Saudi Arabia’s Humain is advancing toward a potential public listing by recruiting an IPO preparation team, joining other major state-backed Gulf AI firms seeking capital market funding for their expansion. Majority-owned by the Saudi Public Investment Fund (PIF), Humain operates across data centres, computing infrastructure, software, and consumer products. CEO Tareq Amin announced the search via a LinkedIn post on Sunday, seeking candidates with “top-tier management consulting experience, strong financial and strategic depth, and experience working on investor-facing strategy and IPO preparation.” He emphasized that “this is not a conventional strategy role,” noting that applicants must be able to navigate complex business models and financials, challenge existing strategies, and craft a compelling investment narrative. No specific timeline for an IPO was provided.

The broader momentum was underscored at last week’s Leap technology conference in Riyadh, where more than $15 billion in AI and advanced technology investments, product launches, and partnerships were announced. While not all commitments constituted foreign direct investment, the scale signaled substantial capital inflows into the regional sector. Abu Dhabi-based technology group G42, backed by sovereign wealth fund Mubadala, is similarly exploring external investment options. Vijay Valecha, chief investment officer at Dubai-based financial brokerage Century Financial, noted that while these moves are significant indicators, both companies remain in the early stages of planning. “The starting gun on Gulf AI listings might have been loaded, rather than fully fired,” Valecha told AGBI.

He added that an IPO would allow Humain to diversify its funding base as it transitions from infrastructure development to commercial revenue generation. Humain declined to comment on whether it has engaged investment banks or other external advisers. Separately, G42 has been the subject of recent reports regarding potential shifts in its funding and ownership structure. Bloomberg first disclosed that the company held exploratory discussions to raise billions of dollars from external investors. Two days later, the outlet reported that G42 was also weighing the sale of a majority stake to U.S. firms, partially to secure continued access to advanced American AI chips. According to Bloomberg, both initiatives remain in preliminary stages with no final decisions reached. AGBI has requested comment from G42.

Valecha observed that both firms have historically leveraged sovereign backing to construct infrastructure and forge technology partnerships. “As those businesses move towards commercial deployment, the next logical step may be to bring in external capital,” he said. “That also lets the Gulf states multiply deployed capital without proportionally increasing their sovereign exposure.” He cautioned that public-market investors will demand proof of sustainable revenue, earnings, and returns. Firms that cannot establish a clear path to profitability risk being valued primarily as capital-intensive infrastructure assets rather than growth-oriented tech companies.

Chiro Ghosh, group head of research at Bahrain-based investment bank Sico, echoed the sentiment, noting that next-generation AI companies operate on “inherently capital intensive” models requiring substantial long-term financing. “We believe sovereign wealth funds are seeking to capitalise on the heightened investor interest in the sector, while simultaneously unlocking capital and supporting the continued expansion of their AI ambitions,” Ghosh told AGBI. Broader market activity aligns with these developments. In January, news site Semafor reported that the PIF had identified up to eight companies for potential IPOs this year, alongside possible divestments from certain listed holdings. To date, none of the named candidates have gone public.

In October 2025, Amin stated at the Future Investment Initiative conference that Humain aims to complete an IPO within three to four years and is evaluating a dual listing on exchanges in Saudi Arabia and the United States. Founded in May 2025 during U.S. President Donald Trump’s visit to the kingdom, Humain has rapidly scaled its operations across AI infrastructure, software, and hardware. During the Leap conference, the company unveiled Horizon Ultra, an agentic AI laptop developed in partnership with U.S. chip designer Qualcomm. It also partnered with U.S. vehicle software firm Applied Intuition to deploy thousands of autonomous trucks across Saudi Arabia by 2030.