(Reuters) -Saudi Arabia’s Public Investment Fund (PIF) and Aramco said on Tuesday that they signed a non-binding term sheet for the oil giant to acquire a minority stake in HUMAIN, an artificial intelligence company majority-owned by PIF.

The deal aims to combine the two entities’ AI assets and expertise under HUMAIN to accelerate its global growth and strengthen Saudi Arabia’s position as a leading AI hub, Aramco said in a statement.

(Reporting by Federico Maccioni; Writing by Muhammad Al Gebaly; Editing by Emelia Sithole-Matarise)

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