• Oman Investment Authority (OIA) has invested in  Elon Musk’s artificial intelligence startup, xAI, acquiring an undisclosed stake in the tech giant.
• The move comes as part of OIA’s ongoing efforts to diversify its international portfolio and support growth across various sectors.
• Musk launched xAI in July last year amid the growing demand for generative AI to compete with dominant market player OpenAI.
• Earlier this month, xAI raised $6 billion from several investors, including Qatar’s sovereign wealth fund, Qatar Investment Authority, along with Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz, bringing the company's valuation to $50 billion.
• Another shareholder in Musks’s xAI is Saudi Arabia’s Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, who participated in the company’s $6 billion Series B round.
• OIA is also a shareholder in SpaceX, Musk’s groundbreaking aerospace company, best known for its Starlink satellite communication system.

Source: Oman Agency News (ONA)

Oman Investment Authority (OIA) announced its latest investment in “xAI” company, a leading artificial intelligence American company. The move comes as part of OIA’s ongoing efforts to diversify its international portfolio and support growth across various sectors.

This step reflects OIA’s focus on advanced technologies as part of its broader commitment to investing in high-potential sectors.

According to the Authority, xAI has already achieved two significant milestones since its launch by Elon Musk: the establishment of a major data centre in the United States and the rollout of its enhanced platform, Grok-2. These developments are expected to further strengthen the company’s market position and boost the returns on OIA's investment.

Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority, emphasised that this investment supports Oman’s broader goals under Oman Vision 2040, which enables the Sultanate of Oman to adopt world-class technologies and drive future progress.

On his turn, Elon Musk said, “The partnership between Oman and the Gulf countries with xAI is an excellent idea. These investments will bear fruit as we work together to build a superintelligent AI capable of solving numerous problems. We are nearing the completion of training the Grok 3 model, which we believe will be the smartest AI model in the world.”

xAI aims to be a pioneer in AI systems, offering the ability to process and analyse real-time data, an essential advantage over many competing AI systems. The platform provides advanced tools and detailed analytics, enabling users to optimise large AI models and manage various types of visual data, such as documents, charts, graphs, and photographs.

Oman Investment Authority’s partnership with Elon Musk extends beyond its investment in xAI. 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.