Ibrahim and Khalid Al Moammar, the majority owners of Al Moammar Information Systems Co. (MIS), have seen their combined fortune grow to approximately $1.4 billion following a massive contract with Humain, an AI company backed by Saudi Arabia’s Public Investment Fund. The contract with Humain was expanded from 50 megawatts to 250 megawatts of capacity, now valued at over 8.76 billion Saudi riyals, or roughly $2.34 billion. MIS’s market capitalization reached 9.75 billion riyals after the stock surged 87% year-to-date, meaning the single contract is now worth nearly as much as the entire company. Founded in 1979 and listed on the Tadawul exchange in 2019, MIS is Saudi Arabia’s first publicly listed IT company, operating across data centers, networking, security, and operations.
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