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 the investment is part of xAI’s Series B funding round, with a pre-money valuation of $18 billion. According to its website, Musk’s xAI is committed to developing AI to accelerate human scientific discovery. We are guided by our mission to advance our collective understanding of the universe,” it reads.
According to Al-Ekhbariya, MIS’s board of directors approved the allocation of SR40 million ($10.6 million) in January to establish an investment portfolio in global AI companies via self-financing, with the goal of capitalizing on growth opportunities in this promising sector.
Furthermore, MIS has earned the Cisco Master Security Specialization in Saudi Arabia, demonstrating its ability to provide advanced, value-added Cisco solutions through its extensive sales expertise, technical skills, and service offerings. Recognizing this achievement, the company will be listed as a Cisco Master Security Specialization holder in the Cisco Partner Locator.
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.
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