Oman Investment Authority invests in Elon Musk’s xAI
Oman Investment Authority (OIA), the investment arm of the Sultanate of Oman, has invested in xAI, a leading AI company ranked among the top five in its sector and one of Elon Musk ’s companies . By focusing on advanced technologies, the Authority aims to diversify its international portfolio while capitalizing on transformative industries with significant growth potential.
According to OIA, xAI has achieved two major milestones since its launch by Elon Musk in March 2023: the establishment of a large-scale data center in the United States and the launch of its advanced platform, Grok-2. These achievements are expected to further strengthen the company’s market position and drive increased ROI for OIA.
His Excellency Abdulsalam bin Mohammed Al-Murshidi, Chairman of the Oman Investment Authority, said the investment is the result of a strong and constructive relationship that OIA has built over the years with Elon Musk . He stressed that this investment supports Oman’s broader goals under Vision 2040, enabling the Sultanate to adopt world-class technologies and drive future progress.
xAI aims to be a pioneer in AI systems, offering the ability to process and analyze data in real-time, a key advantage over many competing AI systems. The platform provides advanced tools and detailed analytics, allowing users to optimize large AI models and manage various types of visual data, such as documents, charts, and photographs.
OIA is also a shareholder in SpaceX, Musk’s innovative aerospace company known for its Starlink satellite communication system. This collaboration has been highly successful, with OIA achieving an internal rate of return of over 37% on its investment in SpaceX. The strong returns are attributed to SpaceX’s rapid global expansion and the deployment of its satellite communication services in numerous countries around the world.
About Oman Investment Authority (OIA)
Oman Investment Authority (OIA) is the investment arm of the Sultanate responsible for managing, investing and developing the nation’s domestic and international assets. With a diversified investment portfolio locally and globally, OIA invests in over 40 countries, focusing on a variety of sectors including energy, logistics, ICT, services, finance and investment, food security, tourism, mining, industry and aviation. OIA is committed to driving sustainable economic growth and contributing to the well-being of the people of Oman, while supporting the Sultanate’s vision of becoming a leading investment destination in the region.
Contact:
Fahad Al Toubi, Senior Specialist – Media Relations
+968 24745781
Fahad.AlToubi@oia.gov.om
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