Artificial Intelligence Oman buys stake in Elon Musk’s AI company By Carla Sertin December 18, 2024, 5:31 PM Reuters Elon Musk with President-elect Donald Trump. Oman's investment in Musk's AI project is its latest tie-up with the billionaire Oman invests undisclosed sum in xAI Also invested in SpaceX Targeting digital economy as 10% of GDP The Oman Investment Authority (OIA), the sultanate’s sovereign wealth fund, has acquired a stake in xAI, the artificial intelligence company founded by Elon Musk, the world’s richest man. The deal was announced on Wednesday by the Omani state news agency but the size of the investment was not disclosed. Musk, who is worth around $486 billion, says he plans to use the new venture to develop advanced AI models with practical applications, complementing Oman’s efforts to position itself as a regional leader in the sector. In August Oman unveiled a draft National Artificial Intelligence Policy that aims to provide a framework for the development and deployment of AI technologies. It is part of the government’s plan to increase the digital economy’s contribution to GDP from 2 percent in 2021 to 10 percent by 2040. OIA’s investment in xAI builds on previous investments from the region into Musk’s ventures. It invested in SpaceX, which designs, manufactures and launches advanced rockets and spacecraft, in December 2021. Space42 bags $5bn contract from UAE government Mubadala backs US-based AI startup in $600m funding round Oman delays introduction of personal income tax In May 2024 xAI secured $6 billion in funding, elevating its valuation to $24 billion. Investors in this round included Saudi Prince Alwaleed bin Talal and Saudi holding company Kingdom Holding, among others. During Elon Musk’s acquisition of Twitter – now X – in October 2022, Prince Alwaleed bin Talal rolled over his existing stake, valued at approximately $1.9 billion, into the new privately held company. Qatar Investment Authority also invested $375 million in the social media platform. In 2020, Abu Dhabi-based IHC acquired a 94 percent stake in Falcon CI IV LP, a private equity fund with investments in SpaceX.
Energy Aramco announces $9bn of localisation investment Saudi Aramco has identified 210 localisation opportunities within 12 sectors with an estimated market size of $28 billion. Wail Al Jaafari, Aramco vice president of technical services, made the comments on the opening day of the Iktva Forum in Dhahran on Monday. Iktva, which stands for “in-kingdom technical value add”, “is a top priority in […] 4 hours ago
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 3 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 3 hours ago
Construction Turkey to build low-cost housing to ease rent pressures Turkey has unveiled a new scheme to provide affordable homes for low-income earners and first-time buyers aimed at easing inflationary pressures generated by rising rents and helping to support the housing sector. Vice president Cevdet Yılmaz announced on Friday that state housing agency TOKİ would be overseeing the new low-cost housing programme, with work to […] 3 hours ago
