Muscat, 18 Dec (ONA): The Oman Investment Authority (OIA) has announced its latest investment in xAI, a prominent American company specializing in artificial intelligence. This initiative is part of OIA's strategy to diversify its international investments and foster growth across multiple sectors.
This investment underscores OIA's commitment to advanced technologies as it seeks to invest in high-potential industries.
The Authority noted that xAI has reached two significant milestones since its inception by Elon Musk: the establishment of a major data center in the United States and the launch of its upgraded platform, Grok-2. These advancements are anticipated to enhance the company's market presence and increase the returns on OIA's investment.
Abdulsalam Mohammed Al Murshidi, Chairman of the Oman Investment Authority, highlighted that this investment aligns with Oman’s broader objectives under Oman Vision 2040, facilitating the Sultanate's adoption of cutting-edge technologies to drive future development.
Elon Musk remarked, “The collaboration between Oman and the Gulf nations with xAI is a brilliant initiative. These investments will yield significant results as we join forces to create a superintelligent AI capable of addressing numerous challenges. We are close to finalizing the training of the Grok 3 model, which we anticipate will be the most advanced AI model globally.”
xAI aspires to lead in AI systems, providing the capability to process and analyze real-time data, which offers a crucial edge over many competing AI platforms. The system features sophisticated tools and comprehensive analytics, allowing users to optimize extensive AI models and manage various forms of visual data, including documents, charts, graphs, and images.
The Oman Investment Authority's collaboration with Elon Musk encompasses more than just its stake in xAI. OIA is also an investor in SpaceX, Musk's innovative aerospace firm recognized for its Starlink satellite communication network. This partnership has proven to be remarkably fruitful, with OIA realizing an internal rate of return surpassing 37% on its investment in SpaceX. The impressive returns are largely due to SpaceX's swift global growth and the rollout of its satellite communication services across various countries around the globe.
