MIS inks MoU with Saudi Fransi Capital to explore feasibility of AI cloud services

Logo of Al Moammar Information Systems Co. (MIS)

Al Moammar Information Systems Co. (MIS) signed today, July 7, a memorandum of understanding (MoU) with Saudi Fransi Capital to study the feasibility of providing cloud services for artificial intelligence (AI) in Saudi Arabia, particularly high-performance computing infrastructure that leverages the latest Graphics Processing Units (GPU).

In a statement to Tadawul, MIS said that this MoU shall enter into force from the date of its signing by both parties for a period of six months.

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Under to the agreement, MIS will conduct a comprehensive study of Saudi A-focused cloud services and propose an optimal business model considering demand, regulations, and technology, while assessing capital requirements based on global benchmarks.

The company will also define service scope using best practices, identify strategic partners, and provide a detailed implementation roadmap with insights and recommendations aligning with market dynamics and technological advancements.

Meanwhile, Saudi Fransi Capital will collaborate with MIS by assessing funding options and implementation strategies aimed at setting up this business model in the most optimal way, either through a joint venture, a private equity fund or a combination thereof, the statement added.

Whilst final roles, responsibilities and structure are yet to be determined, it is understood that MIS will be Saudi Fransi Capital’s lead technical & commercial partner and collaborator whenever this venture is launched, it indicated.

MIS will announce any material updates in due course, it also stated, noting that no related parties are involved in the deal and no financial impact is expected as a result.