MIS Acquires Stake in OpenAI for $5 million
MIS Acquires Stake in OpenAI for $5 million
Al Moammar Information Systems (MIS) announced an investment of $5 million (SAR 18.75 million) to acquire a stake in OpenAI, reported Al Arabiya.
“MIS” stated in a statement on Tadawul, today, Wednesday, that it obtained the investment through a share sale round of OpenAI employees. The company was valued at $86 billion.
The deal was advised by Decisive Capital Management, Geneva, Switzerland.
Why OpenAI?
OpenAI is a leader in the field of artificial intelligence. It is also globally recognized for its pioneering work in large language models (LLMs) with ChatGPT, redefining language understanding and innovation.
Supported by Microsoft, OpenAI remains, as surveys suggest, a leader and at the forefront of achievements in the field of artificial intelligence.
Moreover, the investment is part of MIS Board of Directors’ decision of allocating SAR 40 million for the purpose of forming an investment portfolio through self-financing to invest in global companies in the field of artificial intelligence, to benefit from growth opportunities in this promising field.
Saudi Achievements in AI
Saudi Arabia has emerged as a global leader in the field of Artificial Intelligence (AI). The Kingdom achieved first place in the Government AI Strategy Index which measures over 60 countries.
Moreover, this achievement reflects the Kingdom’s commitment to AI, demonstrated by the establishment of the Saudi Data and Artificial Intelligence Authority (SDAIA) in 2019.
Furthermore, Sadia leads the national data and AI strategy to fulfill the goals of Saudi Vision 2030.
Saudi Vision 2030’s AI goals include:
Firstly, achieving the tenth position globally in the Global Innovation Index.
Secondly, increasing investment in AI to SAR 50 billion.
Lastly, creating 200,000 jobs in the AI sector.
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