The Oman Investment Authority (OIA) has announced its acquisition of a stake in XAI, an American company specialising in artificial intelligence technologies. The investment aligns with OIA’s strategy to focus on advanced technologies across various sectors.
XAI, founded by Elon Musk, is one of the top five companies in the AI sector. It has achieved significant milestones, including establishing a large-scale data centre in the US and launching the advanced AI platform, “Grok 2.”
“This partnership provides Oman with an opportunity to leverage world-leading technologies in diverse fields,” said HE Abdul Salam bin Mohammed Al Murshidi, Chairman of OIA.
“The Omani partnership in the XAI platform will help us develop superior AI capabilities to address global challenges,” said Elon Musk. He revealed that the company is nearing completion of training its “Grok 3” model, which is expected to become the world’s most advanced AI system.
XAI focuses on developing AI capable of real-time understanding and analysis of dynamic data, a feature that sets it apart from many competitors. The platform also offers advanced tools and analytics to enhance instructions for large AI models and process diverse visual data, including documents, charts and photographs.
In addition to its investment in XAI, OIA is a shareholder in SpaceX, Elon Musk’s space technology company, which operates the Starlink satellite communications system. OIA’s investment in SpaceX has delivered an internal rate of return exceeding 37%, driven by the company’s global expansion and satellite communication service launches in multiple countries.
This latest investment reinforces OIA’s commitment to advancing Oman’s technological capabilities and fostering partnerships with leading global companies.
