MIS exceeds 8.8B human contract

MISR Information Systems Company ("MIS") has raised the value of its project with Humanine Saudi Arabia to more than 8.8 billion SAR after expanding the project scope, which includes the design and construction of large data centers for artificial intelligence technologies with a capacity of up to 250 megawatts—an increase of 200 megawatts over the original capacity. The project is phased and without a specified end date. This expansion is part of a renewal of an earlier contract signed with Humanine in March 2026, which is more than 689% of the company's projected revenues for 2025 (approximately 1.3 billion SAR), given that the original contract was worth over 1.9 billion SAR. Before the announcement, MIS stock experienced strong movement, jumping during yesterday's trading session by 5.7% to its highest price since listing, before partially offsetting some of those gains. The expansion supports Saudi Arabia's strategy to strengthen its local artificial intelligence ecosystem, with the company aiming to develop large language models in Arabic and deliver cutting-edge data center and cloud infrastructure technologies. This expansion aligns with Saudi Arabia's aspirations to lead the AI and digital strategy indices globally.

Size: 120%Text Size

Notice: This Is an AI-Generated Summary

Display The Full Article