Saudi Arabia’s FII: PIF and AI dominate the headlines

Comments at the Future Investment Initiative in Saudi Arabia this week suggest that the Public Investment Fund will take a step back from driving investment in the Kingdom, paving the way for greater private sector involvement in the economy. Meanwhile, Humain – the state-owned AI company – announced several high-profile deals, but the most notable development was comments from CEO Tareq Amir that it would not purchase chips and equipment from China’s Huawei, in a further sign that the Kingdom is moving back towards the US’s sphere of influence.