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Riyadh IT company wins $10m project with Saudi AI authority

Moammar Riyadh 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.

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.

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.

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