Skip to content Skip to Search
Skip navigation

Saudi companies form AI cloud services partnership

PIF governor Yasir Al-Rumayyan says Saudi Arabia has the 'political will' to make AI projects happen 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. 



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. 

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.

Latest articles

Saudi inflation June 2024. Clothing and footwear prices in Saudi Arabia were down 3.2 percent year on year in June, and 0.2 percent month on month

Non-oil discounting brings Saudi inflation down

Saudi Arabia’s year-on-year consumer inflation rate fell to a low of 1.5 percent as non-oil businesses competed over prices but the wholesale price index remained at a high of 3.2 percent, reflecting high prices globally.  The consumer price index was down from 2.7 percent in June 2023. The CPI was also down from the 1.6 […]

hasan al fardan

Fintechs having ‘no impact’, says remittances CEO

Fintechs are no threat to the UAE-based remittances company Al Fardan Exchange, its CEO Hasan Al Fardan has declared. Al Fardan said there was no intention to drop fees to compete with finance technology startups. To date, he said, fintechs have had “no material impact on our business or our operations. We are hitting record […]

Almost 300,000 European visitors contributed to Oman's hotel revenues growing by more than 10 percent

Oman hotel revenues increase more than 10%

Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […]

Saudi fishing trawlers

Saudi fishing industry bolstered by support plan

Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. The […]