RIYADH: Al Moammar Information Systems Company, a leading provider of IT solutions and services in Saudi Arabia, has decided to allocate 40 million Saudi riyals ($10.7 million) to create an investment portfolio that will target international companies in the field of artificial intelligence (AI).

The company said in a statement that the Board of Directors approved the resolution in its session held on January 10, 2024, and that the portfolio will be established through self-financing.

Al Moammar explained that the aim of the portfolio is to take advantage of the growing opportunities in the AI sector, which is expected to have a significant impact on various industries and sectors in the future.

The company added that the portfolio will diversify its sources of income and enhance its competitive position in the market.

Al Moammar Information Systems is one of the oldest and largest IT companies in Saudi Arabia, with a history of more than 40 years. The company offers a range of products and services, including hardware, software, cloud computing, cybersecurity, digital transformation, and smart solutions.