Saudi Tech Firm Invests $1 Million in Elon Musk’s AI Company
In a bold move, Saudi tech firm Al-Moammar Information Systems Co. has announced plans to invest $1 million in a controlling stake in Elon Musk’s artificial intelligence company, xAI Corp. This investment is part of xAI’s Series B funding round and comes with a pre-money valuation of $18 billion.
Mission to Accelerate Human Scientific Discovery
According to its website, Musk’s xAI is on a mission to develop AI that will accelerate human scientific discovery. The company’s motto is “We are guided by our mission to advance our collective understanding of the universe.”
MIS Makes Strategic Investment in AI Sector
In January, MIS’s board of directors approved the allocation of SR40 million ($10.6 million) to establish an investment portfolio in global AI companies. This strategic move aims to capitalize on growth opportunities in the promising AI sector.
Recognition for Cisco Master Security Specialization
MIS has also achieved the Cisco Master Security Specialization in Saudi Arabia, demonstrating its ability to deliver advanced Cisco solutions. The company will be listed as a holder of this specialization in the Cisco Partner Locator.
Saudi Arabia’s Commitment to AI Development
Saudi Arabia is continuing to invest in the tech sector as part of its commitment to sustainable global development. At the G7 finance ministers’ meeting in Italy, Saudi Finance Minister Mohammed Al-Jadaan highlighted the Kingdom’s dedication to advancing AI technology for inclusive growth.
National Strategy for Data and AI
Saudi Arabia’s National Strategy for Data and AI aims to establish the Kingdom as a global tech leader by 2030. This aligns with the country’s efforts to play a pivotal role in the advancement of AI technology on the world stage.
Musk’s Vision to Revolutionize AI Sector
Under the visionary leadership of Elon Musk, xAI Corp. is working to revolutionize the AI sector. The company collaborates closely with X Corp to deliver its cutting-edge technology to over 500 million users of the X app, formerly known as Twitter.