Saudi tech company Al-Moammar Information Systems Co. (MIS) plans to invest $1 million in a controlling stake in Elon Musk’s artificial intelligence firm, xAI Corp., according to Al-Ekhbairya. This investment is part of xAI’s Series B funding round, with a pre-money valuation of $18 billion. Musk’s xAI aims to accelerate human scientific discovery through AI, driven by its mission to enhance our understanding of the universe.
In January, MIS’s board approved the allocation of SR40 million ($10.6 million) to create an investment portfolio in global AI companies. MIS has also earned the Cisco Master Security Specialization in Saudi Arabia, highlighting its advanced capabilities in delivering Cisco solutions. The company will be listed as a holder of this specialization in the Cisco Partner Locator. Launched in July 2023 to compete with existing AI models, xAI collaborates with X Corp to provide technology to over 500 million users of the X app, formerly Twitter. This aligns with Saudi Arabia’s National Strategy for Data and AI, which seeks to position the Kingdom as a global tech leader by 2030.