Saudi brothers mint billion-dollar fortune from AI boom
MIS shares have surged 87% this year after its Humain data center project expanded fivefold to 250 megawatts and $2.34 billion
Two Saudi brothers, Ibrahim Al Moammar and Khalid Al Moammar, have built a $1.4 billion fortune through their technology company, Al Moammar Information Systems Co. (MIS). The firm's success is tied to Saudi Arabia's multibillion-dollar push to develop artificial intelligence infrastructure. MIS's market capitalization reached 9.75 billion riyals after an 87% surge this year, with a major contract with Humain, backed by the Saudi sovereign wealth fund, expanding to a 250 megawatt data center with a value of over 8.76 billion riyals, or $2.34 billion.
The company, founded in 1979, began as an IT services provider before transitioning to data centers. MIS's client roster includes major Saudi entities like Aramco, STC, and Al Rajhi, as well as various ministries and public-sector organizations. The Gulf region, driven by AI infrastructure spending and sovereign wealth funds, is becoming a key player in the AI industry, despite challenges like US-Iran tensions.
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