Ibrahim and Khalid Al Moammar's IT company has nearly doubled in value this year, riding a massive data center contract with the kingdom's sovereign wealth fund-backed AI venture
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 massive Humain expansion, MIS has secured additional colocation services agreements with Humain, as well as collaborations involving major Saudi entities like Aramco and STC.
Vision 2030 meets the GPU gold rush #
Saudi Arabia’s push into AI infrastructure is part of Vision 2030, the kingdom’s economic diversification strategy aimed at reducing dependence on oil revenues. The PIF has been pouring capital into technology ventures, and Humain represents one of its most visible AI bets.
What to watch from here #
The Al Moammar brothers’ fortune is heavily concentrated. Owning more than half of a single mid-cap company that just received a contract worth nearly its entire market value creates an unusual risk profile.
The stock’s 87% year-to-date surge already prices in considerable optimism. MIS’s valuation now essentially assumes the Humain contract will be a success, leaving limited margin for error.
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