Al Moammar brothers amass $1.4B fortune from AI boom

Brothers Ibrahim and Khalid Al Moammar have amassed a combined fortune of approximately $1.4 billion, driven by the rapid expansion of Al Moammar Information Systems Co. (MIS) in the artificial intelligence sector.

MIS shares reached record highs following the announcement that a data center project with Humain, an AI company backed by Saudi Arabia’s Public Investment Fund (PIF), is being expanded. The project’s capacity is increasing from 50 megawatts to 250 megawatts, with the contract now valued at over 8.76 billion riyals (approximately $2.34 billion).

This expansion is part of Saudi Arabia’s Vision 2030 initiative, which seeks to diversify the national economy away from oil through investments in technology. In addition to the Humain project, MIS provides services to major entities including Aramco and STC.