Skip to content Skip to Search
Skip navigation

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

By Divsha Bhat
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.

Person, Electronics, Mobile Phone

Newsletter
Get 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.

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.

Latest articles

Head, Person, Face

India’s Adani set to raise $1bn from Middle East wealth fund

Adani Group, led by Indian billionaire Gautam Adani, is in advanced discussions with an unnamed sovereign wealth fund from the Middle East to raise up to $1 billion for its airports business, a news report said. The first tranche of the fundraising will be finalised by the end of the fourth quarter of 2024, Economic […]

Saudi Arabia launches e-karting racing tracks in 6 cities

Six cities in Saudi Arabia are set to get Hot Wheels e-karting racing tracks. The indoor e-karts will be a venture between Saudi Entertainment Ventures (Seven), part of Qiddiya Investment Company (QIC), and US toy maker Mattel. The Hot Wheels e-karting will be available in entertainment complexes such as Riyadh, Makkah, Taif, Al Madinah, Tabuk, and Jazan. In January, Seven […]

Sainsbury's has the second-largest share of the UK grocery market, at 15 percent, behind Tesco at 28 percent

Qatar to reduce stake in UK supermarket Sainsbury’s

Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […]

Shoppers in Kuwait's Avenues Mall – the IMF says the country needs to encourage private sector employment

Kuwait needs to push reforms for economic growth, says IMF

Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […]