Saudi Arabia’s Al Moammar Information Systems and Saudi Fransi Capital have partnered to explore launching cloud services for the Kingdom’s AI market. Al Moammar, an investor in OpenAI, will develop an optimal business model considering demand, regulations, and technology. They will also assess capital needs, define service scope, identify strategic partners, and provide an implementation roadmap.
Saudi Fransi Capital will evaluate funding options for the project, which may result in a joint venture, a private equity fund, or a combination. The initial study will take six months.
In January, Al Moammar announced a $5 million investment in OpenAI and allocated SAR40 million ($10.7 million) for investing in AI companies. The partnership aims to position Saudi Arabia as a global AI hub.
