Saudi brothers mint billion-dollar fortune from AI boom

Two Saudi brothers have quietly turned a controlling stake in a little-known tech firm into a $1.4 billion fortune, thanks to the kingdom’s rush to build AI infrastructure. The company, Al Moammar Information Systems, hit a record high on Wednesday after saying its data-center project with Humain was being expanded again.

That project is now valued at more than 8.76 billion riyals, or $2.34 billion. That is just below MIS’s own market value of 9.75 billion riyals after the stock climbed 87% this year. For a company that began in 1979 as an IT services provider, then moved into data centers, the scale of the change is hard to miss.

Ibrahim Al Moammar and Khalid Al Moammar own just over half of MIS, according to the Bloomberg Billionaires Index. Their combined wealth, estimated at about $1.4 billion, is one of the clearest examples yet of how Saudi Arabia’s AI spending is creating new fortunes. And the company is not standing still. MIS said the Humain project will now have 250 megawatts of capacity, up from 50 megawatts before.

The expanded contract is worth about seven times MIS’s 2025 revenue. This week, the company also signed a separate deal with Humain for data-center co-location services. Outside Humain, its Saudi customers include Aramco, STC and Al Rajhi, along with ministries and other public-sector bodies, according to its annual report.

MIS is riding a much wider Gulf spending wave. Sovereign wealth funds in Saudi Arabia, Qatar, Kuwait and the United Arab Emirates oversee more than $4 trillion in assets, and all four states are pushing AI as part of their economic diversification plans. That has made the region a serious player in infrastructure that is likely to matter far beyond the Gulf, even as data centers have become targets in the US war with Iran.