Al-Moammar Information Systems Co., a Saudi tech company, plans to invest $1 million to buy the majority of Elon Musk’s Artificial Intelligence startup, xAI Corp., according to the sources.
The Saudi company officials stated clearly that the $18 billion pre-money investment is part of xAI’s Series B capital round. Musk’s xAI officials state that its goal is to develop AI that will speed up human scientific discoveries. “We are guided by our mission to advance our collective understanding of the universe.”
The MIS board of directors authorized the allocation of SR40 million ($10.6 million) to establish an investment portfolio through self-financing in foreign AI enterprises in order to capitalize on development opportunities. In Saudi Arabia, MIS has also been awarded the Cisco Master Security Specialization, proving its capacity to offer state-of-the-art, value-added Cisco solutions via its vast technical expertise, service capabilities and sales skills. Saudi Arabia continues to invest heavily in the technology sector in an effort to take the lead in Artificial Intelligence and promote sustainable global growth.
The third meeting of the G7 finance ministers took place in Stresa, Italy, with the Italian chair. Mohammed Al-Jadaan, the finance minister of Saudi Arabia, emphasized the country’s commitment to developing Artificial Intelligence (AI) technologies for inclusive growth. The project advances Saudi Arabia’s National Strategy for Data and AI, which aims to establish the Kingdom as a technological leader in the world by 2030.
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