(MENAFN- PR Newswire)
MUSCAT, Oman, Dec. 19, 2024 /PRNewswire/ -- Oman investment Authority (OIA), the investment arm of the Sultanate of Oman has invested in xAI, a leading artificial intelligence company that ranks among the top five in its industry and one of Elon Musk's companies. By focusing on advanced technologies, the authority aims to diversify its international portfolio while capitalizing on transformative industries with significant growth potential.
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OMAN INVESTMENT AUTHORITY INVESTS IN ELON MUSK'S XAI
According to OIA, xAI has achieved two major milestones since its launch by Elon Musk in March 2023: the establishment of a large-scale data center in the United States and the rollout of its advanced platform, Grok-2. These achievements are expected to further strengthen the company's market position and drive stronger returns on OIA's investment.
HE Abdulsalam bin Mohammed Al-Murshidi, President of Oman Investment Authority, stated that the investment is the result of a strong and constructive relationship that OIA has built over the years with Elon Musk. He emphasized that this investment supports Oman's broader goals under Vision 2040, which enables the Sultanate to adopt world-class technologies and drive future progress.
xAI aims to be a pioneer in AI systems, offering the ability to process and analyze real-time data, an essential advantage over many competing AI systems. The platform provides advanced tools and detailed analytics, enabling users to optimize large AI models and manage various types of visual data, such as documents, charts, graphs, and photographs.
OIA is also a shareholder in SpaceX, Musk's groundbreaking aerospace company known for its Starlink satellite communication system. This collaboration has been highly successful, with OIA achieving an internal rate of return exceeding 37% on its SpaceX investment. The strong returns are attributed to SpaceX's rapid global expansion and the deployment of its satellite communication services in numerous countries worldwide.
About Oman Investment Authority (OIA)
Oman Investment Authority (OIA) is the investment arm of the Sultanate entrusted with managing, investing, and developing the nation's national and international assets. With a diverse investment portfolio locally and globally, OIA invests in over 40 countries, targeting various sectors, including, energy, logistics, ICT, services, finance and investment, food security, tourism, mining, industry, and aviation. OIA is committed to driving sustainable economic growth and contributing to the well-being of Oman's people while also supporting the Sultanate's vision of becoming a leading investment destination in the region.
Contact:
Fahad
Al Toubi, Senior Specialist - Media Relations
+968 24745781
[email protected]
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