HUMAIN is seeking a fund with an initial target of $2.5 billion to finance 250-megawatt data centres being built with Al Moammar Information Systems, with capacity that could eventually rise to 1 gigawatt. BSF Capital manages the fund, Saudi Investment Bank is soliciting investors, and Capital Market Authority approval is expected to take 2 to 3 months, with financing structured as a mix of debt and equity.
Raising a dedicated fund, instead of using the balance sheet, positions data centre capacity as an investable asset class, with debt and equity allocated to external investors.
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The second SIM tells the truth
Opensignal's Saudi read puts stc at 49.0% of the market, Mobily at 23.8% and Zain KSA at 14.6%, with virtual operators collectively near 12% and 7.4 million subscribers in early 2026. Zain customers are likeliest to carry a second SIM at about 37%, against 27% at Mobily and about 17% at stc; operators have invested over $1.5 billion in 5G spectrum since 2019.
Dual-SIM rates show pre-churn behavior, so focus your pricing and packaging on the second SIM instead of comparing only to a competitor's main plan.
The money is moving closer
Assets under management in Saudi reached SR1.244 trillion at the end of 2025, from SR612 billion in 2020, with listed companies up 89% to 392, foreign ownership doubling to SR417 billion, and net foreign purchases on the Saudi Exchange running $1.6 billion in Q2 2026.
Doubling AUM and foreign ownership within five years indicates a market that has shifted in ownership, not just in value. Foreign owners often pose different questions to management than domestic owners.
Cash falls, cards rise
Saudi consumer spending reached SAR 144.95 billion in July 2026, up 8% from SAR 134.51 billion in July 2025. Point-of-sale spending was SAR 62.85 billion, up 7%, across 1.096 billion transactions on 2.5 million terminals. E-commerce through Mada cards rose 26% to SAR 37.63 billion across 197.6 million transactions, while cash withdrawals from 14,400 ATMs fell 3% to SAR 44.47 billion. There are 70.12 million issued bank cards.
The change involves switching from one channel to another, which means that if you are running a business aimed at consumers you should shift your investments from cash handling to digital acceptance rather than considering both as part of growth.
