Saudi Tech Giant Al-Moammar Information Pours $5M in OpenAI
The strategic investment was advised by Decisive Capital Management, headquartered in Geneva, Switzerland.
Riyadh-based Al-Moammar Information Systems (MIS) has sealed a $5 million investment deal with the artificial intelligence company OpenAI, Inc., MIS disclosed in a statement to the Riyadh Tadawul bourse.[1]
The investment will be executed through a private stock sale round, specifically involving OpenAI employee shares tender offer. Notably, this move valued OpenAI at $86 billion.
The strategic investment was advised by Decisive Capital Management, headquartered in Geneva, Switzerland.
This investment comes on the heels of MIS's earlier announcement this month, wherein its board of directors greenlit a decision to allocate $10.7 million for the establishment of an investment portfolio.
This fund, generated through self-financing, is earmarked for investments in international AI companies, aligning with MIS's strategic vision to tap into the expansive growth opportunities within the artificial intelligence sector.