HUMAIN hands Saudi IT firm MIS two orders worth over 270% of revenue
MIS received work orders 3 and 4 from HUMAIN, each exceeding 135% of 2025 revenue.
· Last verified: 11 Oct 2026 (Saudi Exchange (Tadawul) issuer disclosure, Argaam)
Summary
- MIS received work orders 3 and 4 from HUMAIN, each exceeding 135% of 2025 revenue.
- Both orders run 16 months, with financial impact starting in the fourth quarter of 2026.
- The orders fall under a September agreement to expand AI data centers to 250 megawatts.
The latest
Two new work orders from artificial intelligence company HUMAIN will together be worth more than 270% of Al Moammar Information Systems' entire 2025 revenue, the Saudi IT contractor disclosed to Tadawul. Each order carries a 16-month execution period and begins affecting the books in the fourth quarter of 2026. Both were received on 10 October under a framework agreement signed in September.
Details
- The orders: MIS, listed on Tadawul under ticker 7200, said it received work order No. 3 and work order No. 4 on 10 October 2026, disclosing both in separate filings posted within a minute of each other on the morning of 11 October. Each is valued at more than 135% of the company's total 2025 revenue.
- The scale: Argaam calculated MIS's 2025 revenue at roughly 1,272.39 million riyals, putting each order at about 1,717.73 million riyals and the pair at roughly 3,435.5 million riyals combined — close to 916 million dollars at the fixed exchange rate of 3.75 riyals to the dollar.
- The parent deal: The orders fall under an agreement MIS announced on 20 September 2026 with HUMAIN, valued at more than 689% of the company's 2025 revenue including value-added tax. The filing said the work would be executed in stages through successive work orders rather than as a single contract.
- Running total: With the two latest additions, MIS has now received 4 work orders from HUMAIN, Argaam said, together representing about 553% of 2025 revenue, or roughly 7,036.3 million riyals, out of a framework ceiling near 8,762.76 million riyals. That leaves a remaining balance of about 136% still to be issued.
- The project: According to Argaam, the September agreement covers an expansion of a project to design and build data centers dedicated to artificial intelligence technologies, raising capacity from 50 megawatts to 250 megawatts — a fivefold increase in the power footprint MIS is contracted to deliver.
- The timeline: Each order runs 16 months from execution, with revenue recognition beginning in the fourth quarter of 2026. That places completion of the current phase in early 2028, overlapping with any further orders HUMAIN issues under the remaining portion of the framework.
- Not disclosed: MIS did not publish absolute riyal values for either order, expressing both only as percentages of 2025 revenue. The filings also did not name the data center sites, specify a delivery schedule within the 16-month window, or state when the remaining work orders under the agreement would be issued.
Background
HUMAIN is Saudi Arabia's artificial intelligence company building out national compute capacity. Its contracting program has made it a dominant revenue source for listed Saudi IT firms, with MIS among the largest beneficiaries since the September framework agreement.
Between the lines
The pace is the story. MIS has drawn 553% of 2025 revenue in commitments within three weeks of signing a 689% framework, leaving little headroom before the agreement is fully drawn down. Expressing order values only as revenue multiples, while the capacity target jumps from 50 to 250 megawatts, signals a buildout moving faster than the disclosure cadence around it.
What's next
Watch for the remaining work orders that would exhaust the 689% framework, and for MIS's fourth-quarter 2026 results — the first reporting period to carry revenue from orders 3 and 4.