Saudi Brothers Amass $1.4 Billion Fortune via AI Boom
Two Saudi brothers, Ibrahim and Khalid Al Moammar, have accumulated a fortune of approximately $1.4 billion. Their technology company, Al Moammar Information Systems Co., has seen its value surge due to Saudi Arabia's multibillion-dollar push to develop artificial intelligence infrastructure. The company's data center project with Humain, backed by Saudi Arabia's sovereign wealth fund, has expanded to a contract valued at over $2.34 billion. The brothers own more than 50% of the company, making them billionaires. MIS is benefiting from a broader Gulf spending boom on AI infrastructure, with sovereign wealth funds in the region investing heavily in the sector.3 sourcesSee all sources