MIS allocates SAR 40 mn to invest in global tech firms

GHADA.ISMAIL

Dec 3, 2024

MIS allocates total amount of SAR 70 million to launch an investment portfolio through self-financing

Riyadh - Sharikat Mubasher: Al Moammar Information Systems Company (MIS), announced that its Board of Directors approved the allocation of SAR 30 million to establish an investment portfolio through self-financing.

The company announced on Tadawul that this portfolio aims to invest in global technology companies to capitalize on growth opportunities in this promising sector during the fiscal year 2025.

Worth mentioning that the Board previously approved, allocating SAR 40 million for investments in global artificial intelligence companies during the fiscal year of 2024.

With this latest move, the total amount allocated by the Board now amounts to SAR 70 million dedicated to launching an investment portfolio through self-financing, focused on investing in global artificial intelligence companies to leverage growth opportunities in this promising field.

Al Moammar Information Systems Co. (MIS) is one of the largest IT companies in Saudi Arabia established in 1979, and the first Saudi public listed company in IT field, which provides integrated solutions for the information systems with outstanding quality and suitable technical products for the international standards and specifications.

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Riyadh - Sharikat Mubasher: Zain KSA, a leading telecom provider in the Saudi ICT sector, announced the launch of its AI Center of Excellence (CoE) to integrate AI technologies into its operations and expand AI-powered solutions across the Kingdom to serve individual and enterprise customers better.This strategic initiative marks a significant step in Zain KSA’s transition to an AI-driven operating model, in line with Saudi Arabia’s designation of 2026 as the ‘Year of AI’, the company announced in a press release today.The launch of the AI CoE aligns closely with Zain Group’s broader ‘4WARD - Progress with Purpose’ strategy, leveraging shared platforms, partnerships, and accumulated expertise, and enabling Zain KSA to achieve faster deployment and leverage AI infrastructure investments more efficiently, while ensuring solutions tailored to Saudi Arabia’s regulatory environment and market.The AI CoE will serve three integrated roles: enabling AI integration within the company's operations to enhance decision-making and performance; providing scalable solutions for government and private sectors; and coordinating global partners, technology platforms, and local stakeholders for effective implementation.Saad AlSadhan, CEO of Zain KSA, commented: “Innovation is fundamental to how we operate and how we create and deliver value. As Saudi Arabia’s digital economy accelerates, Zain KSA sees AI as a structural shift that must be embedded throughout our operations and extended through the broader ecosystem.”For her part, Maha AlQernas, Executive VP of Information Technology and Head of the AI CoE, stated that the AI Center of Excellence gives the company a robust structure to move from experimentation to disciplined execution. “It focuses on the value AI creates for all stakeholders and unlocks its role in enabling new use cases across industries. This allows us to continue to contribute to Saudi Arabia’s digital transformation and support the Kingdom’s position as a leading, AI-driven economy.”The launch of the AI CoE strengthens Zain KSA’s role as a key enabler of Saudi Arabia’s ambitions under Saudi Vision 2030, translating AI potential into practical, measurable outcomes across the Kingdom’s digital ecosystem.

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MIS allocates SAR 40 mn to invest in global tech firms

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