Artificial Intelligence Riyadh IT company wins $10m project with Saudi AI authority By Divsha Bhat June 27, 2024, 9:54 AM Pexels/August de Richelieu Al Moammar's contract is to streamline communication between local and national platforms Integration of local and national platforms Contract due to be signed in July Follows data centre deal Al Moammar Information Systems, a Riyadh-based technology company, has secured a SAR39 million ($10 million) project with the Saudi Data and AI Authority (SDAIA). Al Moammar, a listed company formed in 1996, invested $5 million in the giant American artificial intelligence research company OpenAI earlier this year. OpenAI is known for its large language AI products, such as ChatGPT. The agreement with SDAIA involves integrating local and national platforms, streamlining communication between them, and allowing for real-time data exchange. NewsletterGet the Best of AGBI delivered straight to your inbox every week The contract is expected to be signed in July, according to a bourse filing. Earlier this week Al Moammar’s subsidiary Edarat Communication and Information Technology Company announced a SAR126 million contract with Sahayeb Data Centres for data centre services in Riyadh and Dammam. Saudi wealth fund pitches kingdom as global AI centre Prince Alwaleed part of Elon Musk’s $6bn AI funding round IBM to help Saudi Arabia train AI models in Arabic Al Moammar reported a drop in revenue for the first quarter of 2024 compared to Q1 2023 of 23 percent, to SAR333 million. However, the Riyadh company saw a significant increase in net profits, which were up 57 percent to SAR73 million, from SAR46 million in the previous year. Earnings per share also rose, to SAR2.44 from SAR1.55.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 46 mins ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 1 hour ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 2 hours ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 2 hours ago
