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You are viewing: Oman buys stake in Elon Musk’s AI company xAI
Oman Investment Authority (OIA), the sultanate’s sovereign wealth fund has acquired a stake in xAI, a US-based artificial intelligence company owned by entrepreneur Elon Musk, Oman News Agency reported.
The financial terms of the deal have not been disclosed.
This investment is said to be in line with Oman’s strategy to develop an advanced AI system by leveraging advanced technologies across various sectors.
Recently. xAI established a large data centre in the US and launched an enhanced version of its platform, Grok-2.
Oman Investment Authority chairman Abdulsalam Mohammed Al Murshidi noted that the investment is part of Oman’s strategy to benefit from globally advanced technologies across various sectors.
The collaboration aims to develop a highly advanced AI system capable of addressing diverse challenges.
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By GlobalData
xAI’s Grok-3 model, currently in the final stages, is said to be designed to be one of the most sophisticated AI models globally.
The xAI platform specialises in processing and analysing real-time data.
It provides advanced tools and analytics designed to optimise the performance of large AI models and manage diverse forms of visual data, including documents, charts, graphs, and photographs.
In August 2024, Oman introduced a draft National Artificial Intelligence Policy aimed at establishing a framework for the development and implementation of AI technologies, Arabian Gulf Business Insight reported.
This initiative aligns with the government’s strategy to boost the digital economy’s contribution to GDP from 2% in 2021 to 10% by 2040.
The stake acquisition of OIA in xAI follows prior regional investments in Elon Musk’s ventures.
In December 2021, OIA invested in SpaceX, a company specialising in the design, manufacturing, and launching of advanced rockets and spacecraft.
Earlier in December 2024, xAI raised $6bn in a new round of funding, according to a recent regulatory filing.
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