Saudi Arabia

Denarius Metals Corp. has formed a significant alliance with Saudi Arabia’s ProGrowth Ltd. Company to advance mining and metals projects. This partnership will support Denarius’s Spanish operations and concurrently identify, develop, and operate new gold and nickel concessions in Saudi Arabia. ProGrowth offers extensive expertise in construction, infrastructure, and resource management, aligning with Saudi Vision 2030. This collaboration aims to unlock new opportunities for Denarius within the Saudi market, potentially including a strategic equity investment.

Six Flags Qiddiya City, Saudi Arabia’s new theme park, has opened, featuring 28 rides including record-breaking coasters. This expansion beyond North America aligns with Saudi Vision 2030, aiming to be a global entertainment hub. The park offers themed zones, international dining, and retail, with ticket prices starting at $70-$85. It’s part of the larger Qiddiya City project, focusing on entertainment, sports, and arts.

Saudi Arabia is pursuing “data embassies”—foreign‑located data centers that remain under Saudi law—to secure AI compute capacity while retaining jurisdiction, following Estonia’s 2017 model. The plan, outlined in a draft Global AI Hub Law, aims to make the kingdom a cost‑effective, data‑export hub despite water‑scarcity and reliance on fossil‑fuel electricity, raising ESG concerns. Bilateral treaties will be needed, but no universal legal framework exists. Experts warn that legal, technical and geopolitical challenges could hinder the model’s mainstream adoption.

The U.S. has approved the sale of up to 35,000 advanced Nvidia chips, worth ~$1 billion, to Saudi Arabia’s HUMAIN and UAE’s G42. This reverses the previous policy restricting AI tech exports to Gulf state-backed entities due to concerns about potential diversion to China. The Trump administration cites “promoting American AI dominance” as the reason, contingent on strict security and reporting requirements. The move coincides with Saudi Arabia’s pledge to invest $1 trillion in the U.S. economy, and HUMAIN’s AI partnerships with major tech firms, including xAI.

Nvidia and xAI announced a partnership to build a massive data center in Saudi Arabia, powered by hundreds of thousands of Nvidia GPUs. This project, backed by the Saudi Public Investment Fund through Humain, aims to establish a leading AI infrastructure hub and signifies a deepening technological collaboration. AMD and Qualcomm will also contribute chips. This aligns with Nvidia’s “sovereign AI” vision, where nations develop dedicated AI infrastructure for security and cultural identity.

Elon Musk and Jensen Huang will address the U.S.-Saudi Investment Forum, highlighting deepening ties in AI. Discussions will focus on AI, computing infrastructure, and digital transformation crucial for Saudi Arabia’s “Vision 2030.” This follows increased Saudi investment in the U.S. and signals opportunities for Tesla and Nvidia in Saudi Arabia’s electric vehicle, energy storage, and AI development initiatives. The collaboration could drive innovation in smart cities and autonomous driving using U.S. technology and Saudi capital.

Video generation startup Luma AI secured $900 million in funding led by Humain, backed by Saudi Arabia’s PIF, valuing Luma AI at over $4 billion. Luma AI pioneers multimodal “world models” and claims its Ray3 surpasses OpenAI’s Sora 2 in performance. Humain and Luma AI are collaborating on Project Halo, a 2-gigawatt AI supercluster in Saudi Arabia. The partnership includes the Humain Create initiative, developing sovereign AI models trained on regional data. Luma AI is also addressing copyright concerns and data bias in AI models.

Saudi Arabia is aggressively diversifying its economy away from oil under its Vision 2030 plan. Over 50% of the economy is now decoupled from oil, with non-oil sectors contributing 40% of government revenue. The Kingdom is investing heavily in AI, aiming to be a key player and establish large-scale data centers. The Public Investment Fund is instrumental in acquiring stakes in tech, gaming, and sports. Tourism is also a key growth area, with plans to increase its GDP contribution to 10% by 2030 and a long-term target of 20%.

Groq CEO Jonathan Ross highlights Saudi Arabia’s potential to become a major AI infrastructure hub due to its abundant energy resources, aligning with Vision 2030. The Kingdom’s low energy costs, even compared to some Nordic countries, and strategic location make it ideal for data centers. Ross envisions Saudi Arabia as a net data exporter, emphasizing the cost-effectiveness of data transmission versus electricity. Localizing AI computation near energy sources minimizes costs and leverages underutilized energy capacity, attracting tech firms and fostering regional AI innovation.

Saudi Arabia, through Humain, aims to become a global AI leader, rivaling the US and China, by leveraging its resources for data centers. Backed by the PIF, Humain is investing heavily in AI infrastructure, partnering with Nvidia and AMD, with plans to build massive data centers. The Kingdom faces challenges including competition from the UAE, talent acquisition, and economic feasibility. While significant investments are being made, questions remain about attracting and retaining AI engineers and long-term environmental impacts of large-scale data center operations.