The Oman Investment Authority (OIA) revealed its most recent investment in “xAI,” a well-known American artificial intelligence company. The action is a part of OIA’s continuous efforts to support growth in a number of sectors and diversify its international portfolio.
OIA’s emphasis on cutting-edge technologies as part of its larger commitment to investing in high-potential industries is reflected in this step.
The Authority claims that since Elon Musk launched xAI, the company has already accomplished two noteworthy milestones: the construction of a sizable data center in the US and the release of Grok-2, its upgraded platform. It is anticipated that these developments will improve the company’s market position and increase OIA’s investment returns.
The Sultanate of Oman can adopt cutting-edge technologies and propel future advancements thanks to this investment, which supports Oman’s larger objectives under Oman Vision 2040, emphasized Abdulsalam Mohammed Al Murshidi, Chairman of the Oman Investment Authority.
On his turn, Elon Musk said, “The partnership between Oman and the Gulf countries with xAI is an excellent idea. These investments will bear fruit as we work together to build a superintelligent AI capable of solving numerous problems. We are nearing the completion of training the Grok 3 model, which we believe will be the smartest AI model in the world.”
With the ability to process and analyze data in real-time, xAI hopes to lead the way in AI systems and provide a crucial edge over many rival AI systems. Users can manage different kinds of visual data, including documents, charts, graphs, and photos, and optimize large AI models with the help of the platform’s sophisticated tools and comprehensive analytics.
Elon Musk and the Oman Investment Authority have a relationship that goes beyond their investment in xAI. OIA also owns stock in SpaceX, the innovative aerospace startup founded by Elon Musk and best known for its Starlink satellite communication system. OIA’s internal rate of return on its investment in SpaceX has surpassed 37%, demonstrating the success of this partnership.
SpaceX’s rapid global expansion and the deployment of its satellite communication services in many countries around the world are credited with the high returns.
