| Element List | Explanation |
|---|---|
| Introduction | Al Moammar Information Systems Company (MIS) is pleased to announce the signing of a memorandum of understanding with Saudi Fransi Capital for the purpose of exploring and studying the feasibility of establishing cloud services for artificial intelligence (AI) in Saudi Arabia specialized in providing High-performance computing infrastructure that leverages the latest Graphics Processing Units (GPU). |
Among the terms of the agreement are the following:
1. MIS will conduct a comprehensive study of the Saudi Arabian cloud services for the Artificial intelligence (AI) market, recommend an optimal business model considering demand, regulations, and technology, assess capital requirements based on global benchmarks, define service scope using best practices, identify strategic partners, and provide a detailed implementation roadmap with insights and recommendations aligned with market dynamics and technological advancements.
2. Saudi Fransi Capital will collaborate with MIS by assessing funding options and implementation strategies with the objective of setting up this business in the most optimal way either through a joint venture, a private equity fund or a combination thereof.
3. 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 if and when this venture is launched.
MIS will announce any major event in due course
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