The $900 million VC round for US-based Luma Al, led by Saudi-based HUMAIN, was another deal that emphasised ecosystems. PIF-owned HUMAIN was launched in May 2025, with a mandate to drive Al innovation in Saudi Arabia, and xAl. Furthermore, HUMAIN has already partnered with xAl Grok in Saudi Arabia. The deal sizes and valuations in Al are currently staggering, and countries and companies are competing fiercely to stay ahead of rivals. According to The Observer's Global Al Index, the UAE is ranked 10th and Saudi Arabia is ranked 14th, while the US leads the way.4 We expect capital flows to remain strong in 2026, but there are growing While no new records were set in the VC ecosystem, $5.9 the downward trend in VC investment since 2022. Having peaked at $6.4 billion across 926 deals in 2022, VC deal its 2024 showing. The mixed picture is indicative of VC at the moment, in which we are seeing a separation between growth have hampered dealmaking. And while deal count dipped 4.4% YoY to 719 in 2025, deal value doubled from