RIYADH: Saudi Telecom Co., also known as stc, and Public Investment Fund-backed Humain have extended by six months a memorandum of understanding to establish a Saudi AI data center joint venture.
The extension, disclosed in a Tadawul filing on June 18, follows the expiry of the original agreement signed in December and gives the parties additional time to complete regulatory, operational and commercial requirements before finalizing the venture.
The joint venture with Humain reflects stc’s commitment to enabling the Kingdom’s digital future. The initiative also supports Saudi Vision 2030 by localizing advanced digital infrastructure, enabling the development of AI capabilities, and strengthening Saudi Arabia’s position as a regional digital hub.
The project also aligns with the National Strategy for Data and AI, which aims to position Saudi Arabia among the world’s leading data- and AI-driven economies.
“This extension reflects the scale and strategic importance of the project to both parties and the need to complete certain related regulatory and operational requirements, with the aim of finalizing the remaining negotiations and completing all necessary procedures and requirements in preparation for signing the joint venture agreement in line with the targeted plan,” the bourse filing said.
