PHOTO
Saudi IT company Al Moammar Information Systems (MIS) and financial services provider BSF Capital plan to increase capacity of data centres in the kingdom up to 64 megawatts in a deal with an estimated value ranging between 1.95 billion ($520 million) Saudi riyals and SAR 2.5 billion ($666 million).
BSF Capital has signed the letter of intent with MIS on behalf of the Saudi Data Centre Fund 1, a private shariah-compliant, closed-ended investment fund, which was first announced in 2021 with the aim to construct six hyperscale data centres in the kingdom with an accumulated capacity of 24MW.
Signed on 22 September 2024, the letter of intent will remain in force for 90 days until the parties reach mutually agreed-upon terms, MIS said in a Tadawul disclosure.
Saudi has been focusing on attracting investments in the tech sector, with the kingdom announcing in March it had attracted over $10 billion in investment from Amazon Web Services and other tech companies to build data centres.
(Writing by Bindu Rai, editing by Seban Scaria)
