The Oman Investment Authority (OIA) has acquired a stake in Elon Musk’s xAI, marking a significant step by the sultanate’s sovereign wealth fund to strengthen its position in the rapidly growing AI sector. While the precise size and value of the investment were not disclosed, the OIA aims to enhance its technology portfolio and invest in advanced technologies across various industries as part of its broader strategy to diversify Oman’s economy away from its reliance on oil.
Based in San Francisco, xAI is the developer of Grok, a generative AI chatbot that directly competes with Google’s Gemini and OpenAI’s ChatGPT. Grok is currently available exclusively to premium X users and is expected to undergo major improvements with the upcoming release of Grok-3, which Musk has described as a significant advancement in the platform’s capabilities.
The OIA has previously invested in Musk’s SpaceX and has already seen a 37% internal rate of return from that investment. Earlier this year, the OIA also formed a partnership with Abu Dhabi’s ADQ to launch a $180m technology-focused fund.
This latest move is part of Oman’s continued efforts to establish itself as a key player in the global technology landscape.
Gulf Economist Staff Writer