Aramco CEO Amin Nasser predicts a bright future for Saudi Arabia's AI ambitions, leveraging its vast natural resources. In a recent interview with CNBC, Nasser revealed that Saudi Arabia's strategic advantage lies in its abundant supply of cheap natural gas and renewable energy sources. This unique position will enable the kingdom to become a global leader in artificial intelligence, according to Nasser.
Aramco, the world's largest oil company, has taken a significant step towards this goal by acquiring a minority stake in the new AI company Humain. This move aligns with Saudi Arabia's vision, as the country's sovereign wealth fund, PIF, is the majority owner of Humain. Humain's CEO, Tareq Amin, has set an ambitious goal for the company to become the third-largest player in the global AI market, following the U.S. and China.
Nasser highlights the kingdom's competitive advantage in energy costs, stating that Saudi Arabia offers the lowest-cost renewable energy and natural gas. This is a crucial factor for data centers, which require massive amounts of electricity to train and run AI applications. By 2030, these data centers will consume almost four times the electricity of the global electric vehicle fleet, primarily powered by gas and renewables.
Aramco's capital spending is strategically directed towards increasing natural gas production by over 60% by 2030 to meet the growing demand and support the Humain investment. This year, Aramco aims to allocate between $52 billion and $58 billion for capital expenditures.
Nasser emphasizes the long-term growth potential in oil and gas demand, particularly in developing markets, especially in Asia. He predicts a steady increase in demand, with a projected growth of 1.1 million barrels per day this year and a similar amount in 2026. This outlook underscores the kingdom's commitment to becoming a global AI leader, fueled by its natural resources and strategic investments.
