Saudi MIS lands SAR 1.88 billion AI data centre order from HUMAIN

Summary

• MIS received a SAR 1,883.14 million work order from HUMAIN for AI data centres.
• The order equals 148% of the Saudi firm's full-year 2025 revenue, including VAT.
• It is the first tranche of a project set to expand to 250 megawatts.

The latest

Saudi-listed Al Moammar Information Systems has received its first work order from HUMAIN, valued at roughly SAR 1,883.14 million, or more than 148% of the company's entire 2025 revenue including value-added tax. The order covers the design and construction of 50 megawatts of AI-specialised data centre capacity, according to the company's disclosure on the Tadawul exchange.

Details

• The figure: Argaam put the order's value at about SAR 1,883.14 million, equivalent to more than 148% of MIS's total annual revenue for 2025 with VAT included. The company described it as work order number 1, indicating further tranches are expected under the same programme.
• The scope: The order covers the design and construction of data centres built specifically for artificial intelligence workloads, with an initial capacity of 50 megawatts. MIS did not break down the capital allocation between design, construction and equipment within the disclosed figure.
• The timeline: MIS said it received the work order on 1 October 2026, and that the financial impact would begin to appear in the second quarter of its 2026 fiscal year. The disclosure did not set a completion date for the 50-megawatt build.
• The wider deal: The order falls under a broader agreement signed between MIS and HUMAIN in September 2025, which widened the project's scope from 50 to 250 megawatts. The full agreement carries a combined value representing 689% of the company's 2025 revenue, according to the disclosure.
• What comes next: The company said it expects to receive additional work orders tied to future expansions of the project, and that it will announce each one on receipt along with its value, schedule and expected financial impact. No dates were given for those future orders.
• The counterparty: HUMAIN is the Saudi artificial intelligence company at the centre of the kingdom's compute build-out. The disclosure did not name the sites where the data centres will be located, nor the technology partners supplying the hardware.
• The disclosure route: The announcement was filed on the Tadawul platform and reported by Argaam and Asharq Al-Awsat. Companies listed in Riyadh are required to disclose contracts of material size relative to revenue, which is what triggered this filing.
• The scale test: A single order worth nearly one and a half times a full year of revenue reshapes the company's forward book. The filing did not specify payment terms or the phasing of revenue recognition across the build period.

Background

Saudi Arabia has been assembling domestic AI compute capacity through HUMAIN, pairing it with local contractors for the physical build. The MIS agreement signed in September 2025 is one of the larger such arrangements disclosed on the Riyadh exchange.

Between the lines

The numbering of the order as work order 1, combined with the gap between the 50 megawatts now contracted and the 250 megawatts in the September 2025 agreement, points to a staged procurement model rather than a single award. On that structure, the 689% revenue ratio attached to the full agreement is the ceiling MIS is working toward, not a figure already booked.

What's next

Watch for MIS's second-quarter 2026 results, the first to carry the order's financial impact, and for further Tadawul filings announcing subsequent work orders covering the remaining 200 megawatts.

Source: Argaam, Asharq Al-Awsat, Tadawul disclosure