Saudi Arabia to Host Conference on Water Desalination in Space

Saudi Arabia will host a conference to discuss the future of water desalination and the latest industrial developments. (Asharq Al-Awsat)
Saudi Arabia will host a conference to discuss the future of water desalination and the latest industrial developments. (Asharq Al-Awsat)
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Saudi Arabia to Host Conference on Water Desalination in Space

Saudi Arabia will host a conference to discuss the future of water desalination and the latest industrial developments. (Asharq Al-Awsat)
Saudi Arabia will host a conference to discuss the future of water desalination and the latest industrial developments. (Asharq Al-Awsat)

Saudi Arabia’s capital Riyadh will host the Future of Desalination International Conference (FDIConf 2022).

It is the first global gathering of its kind that explores the prospects and solutions for the future of water in the world to develop the industry and research and propose sustainable solutions.

The three-day event, “Desalination in Space”, is being organized by the Saline Water Conversion Corporation (SWCC) and will be held on September 11.

Policymakers, innovators, financiers, marketers, operators, contractors, developers, and technology suppliers from around the world are set to participate.

The event will draw a roadmap for the development of the unconventional water resources industry until 2030 through workshops and a 3D presentation on desalination in space, undersea and in snowy areas, and virtual simulation stations that operate without humans.

It seeks to present a progressive and ambitious reading of the future in the field of water desalination, in line with advanced research, to benefit from space sciences and related experiments.

Experts will discuss new visions related to water desalination activity according to the available information, requirements and future research in the field of space.

It aims to suggest solutions that may held reduce carbon emissions by 50%, developing revenues in the industry, and controlling the cost of water desalination to reach the world record price of $0.32 per cubic meter.

The event will kick off with a ministerial session and an inaugural session, as well as an accompanying exhibition on water desalination.

Relevant parties will sign agreements and memoranda of understanding to underscore Saudi Arabia's pioneering role in water desalination.

The SWCC was established in 1974 as an independent governmental institution with a legal personality, mandated and entrusted with desalination of seawater and delivery of desalinated water produced to various regions across the Kingdom.



Saudi Arabia’s Kingdom Holding Buys $400 Million Stake in xAI

xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
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Saudi Arabia’s Kingdom Holding Buys $400 Million Stake in xAI

xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

Kingdom Holding Company (KHC) said on Wednesday it has acquired a key stake in xAI Corporation, an artificial intelligence company founded by US billionaire Elon Musk for 1.5 billion Saudi Riyals ($400 million), becoming the second largest investor in X and xAI.

The acquisition of the new stake is part of xAI’s Series C funding round, said KHC in its filing to Saudi bourse Tadawul.

This transaction follows KHC's previous investment at the same value in xAI during its Series B funding round.

It further solidifies KHC's strategic partnership with Elon Musk, and follows its strategic stake in X (Twitter), held since 2015, KHC stated.

A post on X said Prince Alwaleed bin Talal became the second largest shareholders in Musk’s two companies, X & xAI.

In November 2022, the Saudi prince moved almost 35 million Twitter shares through the Kingdom Holding Company, worth about $1.9 billion at the $54.20 per share sale price. That made him the “second-largest investor” in the new parent company.
Funding Rounds

The funding rounds consist of several fundraising events in which startups or existing companies raise funds from investors to continue building their infrastructure and accelerate research and development.

The rounds start with a “seed round” of funding where a startup typically raises money from the owners to cover initial operating expenses and then expand to Series A, B, and C funding rounds as the company develops to raise additional capital.

In terms of risks, Series B funding is generally less risky than Series A funding, while Series C is less risky than Series B and is typically used by companies that are growing rapidly and need additional capital to fund their expansion.

Musk's xAI Series C funding round included the Qatar Investment Authority (QIA) and the Oman Investment Authority (OIA).

Participants included Morgan Stanley and BlackRock, which were described as two of the major investors in the fundraising round.

KHC, in which Public Investment Fund (PIF) owns a 17% stake, said xAI has a $45 billion valuation with the latest funding round, indicating a significant increase from its $25 billion valuation during the Series B funding round, the filing showed.

Following the announcement of the acquisition, the shares of KHC, listed on the Saudi Stock Exchange, rose by 0.44% to 9.16 riyals.

xAI’s strategy focuses on developing leading AI models and working closely with other technology companies associated with its founder, including Tesla, SpaceX, and X, whose application has over 500 million users.

KHC said this transaction further solidifies KHC's strategic partnership with Elon Musk, and follows its strategic stake in X (Twitter), held since 2015.

It forms part of KHC’s business model of securing early stakes in emerging technologies and its ambition to lead and innovate within the AI industry, it added.