Artificial Intelligence Saudi companies form AI cloud services partnership By Andrew Hammond July 8, 2024, 12:42 PM SPA PIF governor Yasir Al-Rumayyan says Saudi Arabia has the 'political will' to make AI projects happen Al Moammar steps up AI engagement Investment bank assessing funding Six-month initial study The Saudi IT company Al Moammar Information Systems, an investor in the US artificial intelligence (AI) research company OpenAI, has formed a partnership with the investment banker Saudi Fransi Capital to look into launching cloud services for the kingdom’s AI market. Al Moammar will “recommend an optimal business model considering demand, regulations, and technology, assess capital requirements based on global benchmarks, define service scope using best practices, identify strategic partners, and provide a detailed implementation roadmap,” a statement said. Saudi Fransi Capital will assess funding options for the project, which if it goes ahead, will be a joint venture, a private equity fund or a combination of the two, the stock market statement said. NewsletterGet the Best of AGBI delivered straight to your inbox every week The initial study will take six months. In January, Al Moammar announced an investment of $5 million in OpenAI, after it set up a portfolio to invest in international companies in the field of AI. Al Moammar, a listed company formed in 1996, said in January that it would allocate SAR40 million ($10.7 million) to a portfolio to invest in AI companies. Saudi Arabia is hoping to become a centre for AI outside the United States. Riyadh IT company wins $10m project with Saudi AI authority Saudi Arabia campaign aims to attract chipmakers China’s OpenAI rival backed by Saudi fund In February, the Public Investment Fund’s governor, Yasir Al-Rumayyan, said Saudi Arabia had the “political will” and ample funds to make AI projects happen. Al-Rumayyan pointed to the fact that 70 percent of PIF’s funds were now being directed to projects and investments within Saudi Arabia and the remainder overseas. Total annual deployment will increase from $40 billion to $70 billion annually by 2030, he said.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 9 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 10 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 11 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 11 hours ago
