Arab Finance: MNT-Halan plans to increase its investments in the AI sector to exceed $10 million by 2027, Ahmed Mohsen, the company’s Co-Founder and Chief Technology Officer, told Al Borsa.

The plan comes amid growing reliance on AI-powered applications and rising demand for computing power to support their deployment.

Mohsen noted that MNT-Halan initially earmarked around $10 million for AI investments, but current estimates indicate that spending will exceed this amount as early as next year, driven by the wider integration of AI technologies across its operations.

The recently listed company intends to allocate the bulk of its technology spending toward leasing, rather than purchasing graphics processing units (GPUs) to secure the computing resources required to power its AI solutions.

These solutions generate operational returns by improving efficiency and reducing workloads, enabling the company to handle higher business volumes without a proportional increase in costs or operational demands.

MNT-Halan celebrated the commencement of trading in its shares on the Egyptian Exchange (EGX) under the ticker symbol HALN.CA after attracting strong investor demand for its initial public offering (IPO).

The IPO attracted strong demand from both institutional and retail investors. The private tranche was oversubscribed to 11.2x and 19.4x, excluding cornerstone investors. Meanwhile, the public tranche was oversubscribed to 43.6x, attracting more than 41,500 subscription orders.

It involved a secondary offering of 320 million ordinary shares by MNT Investments B.V., accounting for 20% of MNT-Halan’s issued share capital. Of these, 272 million shares were allocated to the Private Tranche and 48 million to the Public Tranche.