July 22, 2024

MIS Announces $10.4 Million Agreement with SDAIA

Last Updated on July 5, 2024 by Ola Precious Akinkuolie

Recent news from Al Moammar Information Systems Company (MIS) reveals that the company has won a project contract worth SAR 38.74 million. This contract involves the implementation of the local and national integration platform in collaboration with the Saudi Data and AI Authority (SDAIA). 

MIS Secures Major Deal With The Saudi Data And AI Authority

According to a bourse filing, MIS was awarded the deal on June 24, 2024,  and is scheduled to finalize the agreement on July 24, 2024. MIS has constantly strived in its industry, as indicated by strong financial results and significant project acquisitions.

The MIS subsidiary Edarat Communication and Information Technology Company recently rolled out a project award amounting to SAR 125.77 million. MIS recorded a 56.94% growth in its net profit during the three months that ended on March 31, 2024, reaching SAR 73.09 million as compared to SAR 46.57 million the previous year. The company’s profits per share (EPS) increased to SAR 2.44 from SAR 1.55, even though revenues fell 23.76% to SAR 333.51 million in the first quarter of 2024 from SAR 437.48 million in Q1-23.

FAQs

What does Sdaia do?

SDAIA seeks to establish the governance of data and AI in the country. It aims to provide foresight and data-related capabilities and enhance them through continuous innovation in AI.

What is the Saudi Ministry of artificial intelligence?

The Saudi Data and AI Authority (SDAIA) aims to position KSA as a global leader in the leading league of data-driven economies by serving as the national body overseeing research, innovation, and operations in data and artificial intelligence. SDAIA was founded in 2019.

What is Al Moammar Information Systems Co. (MIS)?

Al Moammar Information Systems Co., which is short for MIS, is one of the largest information technology companies in Saudi Arabia. MIS was founded in 1979 and is the first Saudi publicly listed company in the IT sector.

What is the 40b fund Saudi Arabia?

Saudi Arabia is planning to establish a $40 billion fund dedicated to investments in artificial intelligence (AI), aiming to position itself as a global leader in the rapidly evolving AI sector. This initiative is part of the kingdom’s broader Vision 2030 agenda, which seeks to diversify its economy beyond oil.

What does MIS specialize in?

MIS offers comprehensive information system solutions, producing technically robust, high-quality products that conform to international standards and regulations.

What is the privacy policy of Sdaia?

No personal information is obtained from any other source; only the data that the data subject enters on the website during registration is collected. Your personal information is indirectly collected through cookies—which are gathered when you access the website.

Who is the CEO of Al Moammar Information Systems?

Abdullah AlGhamdi is the current CEO of MIS and MIS Forward Company. He has overseen multiple Mega Projects and Programs and held numerous leadership roles.

Takeaways

The deal between Al Moammar Information Systems (MIS) and the Saudi Data & AI Authority (SDAIA) demonstrates MIS’s role in improving Saudi Arabia’s data and AI capabilities, which are critical to the kingdom’s Vision 2030 objectives. 

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