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ByAinvest
Thursday, Dec 19, 2024 8:27 am ET1min read
Oman Investment Authority has invested in xAI, a leading AI company founded by Elon Musk. xAI has established a data center in the US and rolled out its Grok-2 platform, strengthening its market position. OIA also holds shares in SpaceX, achieving a 37% internal rate of return. The investment supports Oman's Vision 2040 goals and aims to diversify OIA's international portfolio by capitalizing on transformative industries.
The Oman Investment Authority (OIA), a prominent sovereign wealth fund, has recently announced its strategic investment in xAI, a leading artificial intelligence (AI) company founded by renowned entrepreneur Elon Musk. This investment aligns with OIA's commitment to focusing on advanced technologies and diversifying its international portfolio [1].Established in the United States, xAI is one of the top five companies in the AI sector, having achieved significant milestones such as establishing a large-scale data center and launching the advanced AI platform, "Grok-2." This platform enables real-time understanding and analysis of dynamic data, setting it apart from competitors [1].
Elon Musk, the company's founder, expressed his enthusiasm for the partnership, stating that it will help Oman develop superior AI capabilities to address global challenges [1]. Moreover, xAI's investment in OIA further strengthens their collaboration.
In addition to its investment in xAI, OIA's portfolio includes a stake in SpaceX, Elon Musk's space technology company. This investment has delivered an impressive internal rate of return exceeding 37%, driven by the company's global expansion and satellite communication service launches [1].
OIA's investment in xAI and SpaceX supports the country's Vision 2040 goals, which aim to diversify the economy and foster partnerships with leading global companies [2]. This strategic investment further bolsters OIA's reputation as a forward-thinking sovereign wealth fund.
References:
[1] Finance Middle East. (2023, March 15). Oman Investment Authority acquires stake in Elon Musk's AI company, XAI. Retrieved from https://www.financemiddleeast.com/news/oman-investment-authority-acquires-stake-in-elon-musks-ai-company-xai/
[2] Oman Investment Authority. (n.d.). Home. Retrieved from https://oia.gov.om/Index.php?r=en%2Fsite%2Findex
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