{"id":92898,"date":"2024-12-26T00:00:00","date_gmt":"2024-12-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/26\/khc-invests-sar-1-5-bn-in-elon-musks-xai-in-series-c-round\/"},"modified":"2024-12-26T00:00:00","modified_gmt":"2024-12-26T00:00:00","slug":"khc-invests-sar-1-5-bn-in-elon-musks-xai-in-series-c-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/26\/khc-invests-sar-1-5-bn-in-elon-musks-xai-in-series-c-round\/","title":{"rendered":"KHC invests SAR 1.5 bn in Elon Musk's xAI in series C round"},"content":{"rendered":"

Kingdom Holding Company (KHC) made a SAR 1.5 bn (USD 400 mn) equity <\/strong>investment in <\/strong>Elon Musk\u2019s <\/strong>xAI<\/a><\/strong> in<\/strong> its series C funding round<\/strong>, according to a disclosure to Tadawul<\/a>. The investment is part of KHC\u2019s strategy to secure early stakes in innovative companies, it said in the disclosure. No details were provided on the size of the equity stake KHC will receive in exchange. <\/p>\n

Doubling down on Musk: <\/strong>KHC, the investment vehicle of Prince Alwaleed bin Talal, also invested in xAI\u2019s USD 6 bn series B funding round in May<\/a>. The company is separately the second-largest shareholder in Musk-owned social media platform X (formerly Twitter), with Prince Alwaleed and KHC collectively holding a 4% stake in the platform.<\/p>\n

By the numbers: <\/strong>xAI\u2019s valuation is now at USD 45 bn (SAR 168.8 bn), up from USD 25 bn (SAR 93.8 bn) in the series B round, implying that KHC\u2019s earlier investment \u201chas already appreciated, driven by the substantial valuation growth of xAI.\u201d<\/p>\n

Not the only Saudi investor: <\/strong>Al Moammar Information Systems invested USD 1 mn in xAI back in May<\/a>. The investment was made through the company\u2019s self-financed SAR 40 mn AI fund, which it set up for the purpose of investing in global AI players.<\/p>\n

The Kingdom has big AI ambitions: <\/strong>The Saudi Data and Artificial Intelligence Authority expects the domestic AI market to contribute 12% to GDP, according to a September<\/a> report. The Kingdom is also reportedly planning a USD 100 bn AI project, Project Transcendence<\/a>. Meanwhile, the Public Investment Fund is looking to set up a USD 40 bn AI-focused fund<\/a> that would make it the world\u2019s largest investor in artificial intelligence.<\/p>\n

The gulf \u2665\ufe0fxAI: <\/strong>The round also saw participation from UAE\u2019s tech-focused investor MGX, Qatar\u2019s Investment Authority and Oman Investment Authority, according to a blog post<\/a> on xAI\u2019s website.<\/p>\n","protected":false},"excerpt":{"rendered":"

The investment adds to KHC\u2019s strategic stakes in Musk-led companies<\/p>\n","protected":false},"author":1,"featured_media":92899,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2743],"tags":[3155,2058,10,506,507,179,2433,2057],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-artificial-intelligence-ai","tag-elon-musk","tag-enterpriseam-ksa","tag-kingdom-holding-company","tag-prince-alwaleed-bin-talal","tag-startup-watch","tag-technology","tag-xai","wpautop","entry"],"acf":{"mongo_id":"89e1facf-b131-4b8d-810a-185a81f22eaf","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2304.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KHC invests SAR 1.5 bn in Elon Musk's xAI in series C round","related_issue":[92890],"teaser":"The investment adds to KHC\u2019s strategic stakes in Musk-led companies","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.c4773c46-9bba-4f6f-8334-5ef838004ed9.mp3"},"yoast_head":"\nKHC invests SAR 1.5 bn in Elon Musk's xAI in series C round - 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