Two Saudi brothers, Ibrahim and Khalid Al Moammar, have amassed a fortune of approximately $1.4 billion through their majority stake in Al Moammar Information Systems Co. The company reached a record high on the stock market after announcing an expansion of its data center project with Humain, backed by Saudi Arabia’s sovereign wealth fund. The contract is now valued at more than 8.76 billion riyals ($2.34 billion), about seven times the company’s expected 2025 revenue. The project’s capacity has been increased from 50 to 250 megawatts. This operation is part of the kingdom’s strategy to make artificial intelligence a cornerstone of its economic diversification.
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