10 Hrs
Source:
الاقتصادية
Saudi Brothers Build billion-dollar AI Wealth
The Saudi brothers Ibrahim and Khaled Al-Moamer have accumulated a fortune estimated at $1.4 billion, thanks to the rising value of Al-Moamer for Information Systems and their gains from expansion in AI infrastructure projects across Saudi Arabia. The company announced an expansion of its data center project with Humain, bringing the contract value to over 8.76 billion riyals ($2.34 billion), with the company's stock soaring 87% since the beginning of the year. The firm focuses on providing IT services and data centers and is benefiting from the boom in AI infrastructure spending in the Gulf region. Gulf countries are aiming to position AI as a key pillar in diversifying their economies despite security challenges, with ongoing projects to build data centers and large-scale investments in the sector.
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