Saudi siblings' AI data-center firm surges to $1.4 billion valuation
Brothers Ibrahim and Khalid Al Moammar now hold roughly $1.4 billion as their company Al Moammar Information Systems Co. benefits from a massive AI data-center contract with Humain.
Al Moammar Information Systems Co., a Saudi firm that began as an IT services provider in 1979, has pivoted to data-center services and experienced an 87% share price jump this year, lifting its market cap to 9.75 billion riyals. The company disclosed that its AI data-center partnership with Humain, which is supported by the kingdom’s sovereign wealth fund, is being expanded to a 250-megawatt capacity, raising the contract’s value to over 8.76 billion riyals.
This deal is roughly seven times the firm’s projected 2025 revenue and includes a separate co-location agreement. Ibrahim Al Moammar and Khalid Al Moammar together own just over 50% of MIS, translating to an estimated $1.4 billion personal fortune. MIS’s Saudi clientele also features Aramco, STC, Al Rajhi and various government ministries, reflecting the broader Gulf surge in AI infrastructure spending driven by sovereign wealth funds across Saudi Arabia, Qatar, Kuwait and the United Arab Emirates.
Why it matters
The story shows how Saudi Arabia’s AI push is creating massive wealth and reshaping the regional tech landscape.
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