Two Saudi brothers have amassed a fortune of about $1.4 billion as the technology company they control rides the kingdom’s multibillion-dollar push to build artificial intelligence infrastructure.
Al Moammar Information Systems Co. hit a record high Wednesday after it said a data center project with Humain, backed by Saudi Arabia’s sovereign wealth fund, was being expanded. The contract is now valued at more than 8.76 billion riyals ($2.34 billion), a shade under MIS’s market capitalization that hit 9.75 billion-riyal after an 87% surge this year.
Founded in 1979, MIS began as an information technology services provider before pivoting to data centers. Brothers Ibrahim Al Moammar and Khalid Al Moammar own just over 50% of the company, giving them a combined fortune of about $1.4 billion, according to the Bloomberg Billionaires Index, underscoring the fortunes being minted as Saudi Arabia makes AI central to its economic diversification.
MIS said the AI data center project with Humain will have capacity of 250 megawatts, up from 50 megawatts earlier. The expanded contract is worth about seven times the company’s 2025 revenue. It also signed a separate deal with Humain this week to provide data center co-location services.
Besides Humain, the company’s Saudi clients include Aramco, STC and Al Rajhi, along with various ministries and other public-sector entities, according to its latest annual report.
MIS is benefiting from a broader Gulf spending boom on AI infrastructure. Sovereign wealth funds in Saudi Arabia, Qatar, Kuwait and the United Arab Emirates oversee assets worth more than $4 trillion, with the oil-rich states seeking to make AI a core part of their diversification efforts. That has turned the Gulf into a key player in an industry poised to reshape many aspects of everyday life.
Gulf states are pressing ahead with large-scale construction projects even as data centers have been targeted in the US war with Iran.
State-backed Khazna Data Center Ltd. in the UAE continues to develop a sprawling AI campus in Abu Dhabi. Meanwhile, Saudi Arabia’s Center3, a subsidiary of the kingdom’s largest telecommunications company, has built nearly half of the country’s data centers.
Qatar’s wealth fund is also partnering with Brookfield Asset Management Ltd. on a $20 billion venture to invest in AI infrastructure.
The post Saudi brothers mint billion-dollar fortune from AI boom appeared first on Fortune.
