Saudi tech firm Al-Moammar Information Systems Co. plans to invest $1 million to acquire a share in Elon Musk’s AI company, xAI Corp., according to a Saudi Exchange announcement.
The investment is part of xAI’s Series B funding round, valuing the company at $18 billion before the investment.
The startup is focused on developing AI aimed to accelerate human scientific discoveries.
MIS’s board of directors approved spending SR40 million ($10.6 million) to start investing in global AI companies. They’re using their own funds to seize opportunities in this growing sector.
MIS recognizes the transformative potential of AI, particularly in expediting scientific breakthroughs. By investing in xAI, they are not only positioning themselves at the edge of tech advancements but leveraging AI to help drive positive change in the world.
By framing Saudi Arabia’s investment in the tech sector as part of a larger strategy for sustainable global development, MIS can boost its reputation on the international stage.
They can showcase Saudi Arabia’s commitment to fostering innovation and driving positive change through investments in high-growth industries like AI.
MIS’s investment in xAI Corp is not just a financial transaction; it’s a strategic move that highlights their dedication to innovation, collaboration, and sustainable development.
