#Oman Investment Authority #Oman #Muscat #xAI #Elon Musk

Oman Investment Authority Invests in Elon Musk's xAI

The Oman Investment Authority (OIA) has taken a significant step by investing in xAI, a leading artificial intelligence company founded by billionaire entrepreneur Elon Musk. This investment marks a strategic move to diversify Oman’s investment portfolio while capitalizing on burgeoning industries known for their potential for substantial growth. According to OIA, xAI has achieved remarkable milestones since its launch in March 2023, including the establishment of a large-scale data center in the United States and the deployment of its advanced platform, Grok-2. These accomplishments are expected to bolster xAI's market position and yield considerable returns for the OIA.

S.E. Abdulsalam bin Mohammed Al-Murshidi, Chairman of the Oman Investment Authority, remarked that this investment represents a culmination of a strong and constructive relationship built between the OIA and Elon Musk over the years. He emphasized that this move supports Oman’s larger objectives under Vision 2040, facilitating the Sultanate's embrace of world-class technologies and paving the way for future advancements.

xAI aims to pioneer AI systems that can process and analyze data in real-time, a critical advantage over many competing AI systems. The platform provides advanced tools and detailed analytics, empowering users to optimize large AI models and manage various types of visual data such as documents, charts, graphs, and photographs.

Moreover, the OIA has also invested in Musk's revolutionary aerospace company SpaceX, recognized for its Starlink satellite communication system. The collaboration has proven successful, with the OIA reaping an internal rate of return exceeding 37% on its investment in SpaceX. This impressive return has been attributed to SpaceX's rapid global expansion and the deployment of its satellite communication services across numerous countries worldwide.

About the Oman Investment Authority (OIA)

The Oman Investment Authority (OIA) serves as the Sultanate's investment arm, responsible for managing and developing the nation's domestic and international assets. With a diverse investment portfolio spanning more than 40 countries, the OIA targets various sectors including energy, logistics, telecommunications, services, finance, food security, tourism, mining, industry, and aviation. The OIA is committed to fostering sustainable economic growth and contributing to the welfare of Oman's population, all the while supporting the Sultanate's vision to become a premier investment destination in the region.

For inquiries, contact Fahad Al Toubi, Senior Media Relations Specialist, at +968 24745781.