Saudi brothers amass $1.4B fortune from AI infrastructure boom

Two brothers in Riyadh just joined the billionaire ranks. They built data centers. Ibrahim and Khalid Al Moammar, who collectively control more than 50% of Al Moammar Information Systems Co. (MIS), have seen their combined fortune swell to roughly $1.4 billion, according to Bloomberg’s Billionaires Index. The catalyst: a dramatically expanded data center contract with Humain, an AI company backed by Saudi Arabia’s Public Investment Fund. A contract nearly as big as the company itself MIS shares hit a record high after the company disclosed that its Humain data center project was being expanded from 50 megawatts of capacity to 250 megawatts. The contract is now valued at more than 8.76 billion Saudi riyals, or approximately $2.34 billion. To put that in perspective, MIS’s entire market capitalization reached 9.75 billion riyals after an 87% stock surge this year. So the single contract is worth nearly as much as the company itself. MIS was founded in 1979 and operates across data centers, networking, security, and operations and maintenance. The company listed on the Tadawul exchange in 2019, earning the distinction of being the first public IT company in Saudi Arabia. Alongside the...