RIYADH: Saudi tech firm Al-Moammar Information Systems Co. plans to invest $1 million in a controlling stake in Elon Musk’s artificial intelligence company, xAI Corp., according to Al-Ekhbairya.
The Saudi company clarified that this investment constitutes a portion of xAI’s Series B funding round, with a pre-money valuation of $18 billion.
As per its website, Musk’s xAI is focused on developing AI to accelerate human scientific discovery.
“We are guided by our mission to advance our collective understanding of the universe,” it says.
Al-Ekhbariya reported that in January, MIS’s board of directors approved the allocation of SR40 million ($10.6 million) to establish an investment portfolio through self-financing in global AI companies, aiming to capitalize on growth opportunities in this promising sector.
Additionally, MIS has achieved the Cisco Master Security Specialization in Saudi Arabia, showcasing its capacity to deliver advanced, value-added Cisco solutions through its comprehensive sales expertise, technical skills, and service offerings.
In recognition of this achievement, the company is set to be listed as a holder of the Cisco Master Security Specialization in the Cisco Partner Locator.
Under the title “Understand the Universe,” Musk, CEO of Tesla and SpaceX, aims to advance the sector following the introduction of major initiatives such as AlphaStar, AlphaCode and Inception as well as Minerva, GPT-3.5, and GPT-4.
The tech firm, launched in July 2023 to rival existing AI models, works closely with X Corp to deliver its technology to over 500 million users of the X app, formerly Twitter.
Saudi Arabia continues to invest in the tech sector, aiming for sustainable global development by playing a pivotal role in AI.
At the third G7 finance ministers’ meeting under the Italian presidency in Stresa, Italy, Saudi Finance Minister Mohammed Al-Jadaan highlighted the Kingdom’s dedication to advancing AI technology for inclusive growth.
This effort aligns with Saudi Arabia’s National Strategy for Data and AI, which seeks to establish the Kingdom as a global tech leader by 2030.
Moreover, the minister took part in a session titled “Addressing Financing Needs of Vulnerable Countries,” emphasizing the potential of a proposed multidimensional approach to managing debt vulnerabilities.
