Two Saudi brothers have amassed a fortune estimated at around $1.4 billion, riding the surge of the technology company they control as the Kingdom pours billions of dollars into building advanced artificial intelligence infrastructure.
Shares of Al Moammar Information Systems Company hit a record high on Wednesday after the company announced the expansion of a data center project with Humain, which is owned by the Public Investment Fund.
Following the expansion, the contract value rose to more than 8.76 billion riyals ($2.34 billion), slightly less than Al Moammar’s market capitalization of 9.75 billion riyals, after its shares jumped 87% since the beginning of the year.
From IT Services to Data Centers
Founded in 1979, Al Moammar Information Systems began as an information technology services provider before expanding into the data center sector.
Ibrahim Al Moammar and Khaled Al Moammar own slightly more than 50% of the company, giving them a combined fortune estimated at around $1.4 billion, according to the Bloomberg Billionaires Index—an example of the wealth being created as Saudi Arabia places artificial intelligence at the core of its economic diversification efforts.
Expanded AI Data Center Deal
Al Moammar announced that the AI data center project with Humain will reach a capacity of 250 megawatts, up from 50 megawatts previously. The expanded contract value is approximately seven times the company’s revenues for 2025.
The company also signed a separate agreement this week with Humain to provide colocation services in data centers.
Client Portfolio: Aramco, stc, Al Rajhi, Government Entities
In addition to Humain, Al Moammar’s client list in Saudi Arabia includes energy giant Aramco, telecommunications giant stc and Al Rajhi Bank, as well as several ministries and other public-sector entities, according to the company’s latest annual report.
Al Moammar is benefiting from a broader surge in Gulf states’ spending on AI infrastructure. Sovereign wealth funds in Saudi Arabia, Qatar, Kuwait and the UAE oversee assets exceeding $4 trillion, as these oil-rich nations seek to make artificial intelligence a central pillar in their economic diversification efforts.
This trend has helped transform the Gulf region into a major player in a sector expected to reshape many aspects of daily life.
Gulf Data Center Push Continues Amid Regional Tensions
Gulf states are pressing ahead with large-scale construction projects, even as data centers have become potential targets during the U.S. war with Iran.
In the UAE, state-backed Khazna Data Center continues to develop a massive AI complex in Abu Dhabi. In Saudi Arabia, Center3, affiliated with the Kingdom’s largest telecommunications company, has established nearly half of the country’s data centers.
Qatar’s sovereign fund is also collaborating with Brookfield Asset Management on a $20 billion joint venture to invest in AI infrastructure.
Humain was founded in 2025 with support from the Saudi Public Investment Fund and has since struck a series of deals to build the infrastructure and computing capabilities needed to train and operate AI models.
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