24 Hrs
Source:
الاقتصادية
Saudi brothers build billion-dollar AI fortune
Two Saudi brothers have amassed a fortune estimated at around $1.4 billion through their investments in "Almouammar for Information Systems," which has benefited significantly from the growth of the artificial intelligence sector in Saudi Arabia and the Gulf region. The company has seen a major expansion of its data center project in partnership with "Hyomat," increasing its capacity to 250 megawatts, with a contract value exceeding 8.76 billion riyals ($2.34 billion). This is slightly below the company's market value, which reached 9.75 billion riyals. Almouammar collaborates with major clients such as Aramco, STC, and Al Rajhi Bank, and benefits from increased spending on AI infrastructure as part of Gulf efforts to diversify their economies, with data center development continuing despite security challenges in the region.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)