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Saudi Arabia's Al-Moammar Information Systems Company (MIS) has invested $5 million for a stake in OpenAI, Inc.
In a statement on Riyadh's Tadawul bourse on Wednesday, MIS said investment was made through a private stock sale round of OpenAI employee shares tender offer, wherein the company's was valued at $86 billion.
The deal was advised by Decisive Capital Management, Geneva, Switzerland.
Earlier this month the information technology company said its board of directors had approved a decision to allocate 40 million riyals ($10.7 million) to set up an investment portfolio through self-financing to invest in international AI companies to take advantage of the growth opportunities in the field.
OpenAI is the leading artificial intelligence company, globally recognized for its pioneering work in Large Language Models (LLMs) with ChatGPT, redefining the landscape of natural language understanding and innovation.
(Writing by Brinda Darasha; editing by Seban Scaria)
