DUBAI: Al Moammar Information Systems Co. (MIS) expects the development of its recently announced data fund to start within six months, vice chairman Ibrahim Al-Moammar told Argaam.


MIS and Saudi Fransi Capital (SFC) are planning to study the possibility of offering the fund to the public at a later stage, if it is value-accretive to shareholders, after obtaining the necessary approvals, the financial news website reported.

The fund is part of a broader push by the Kingdom to become a regional hub of global data centers, cloud computing services providers, application services providers, and electronic games firms, Al-Moammar said.

Al-Moammar expects the company to record strong returns from the management and operations of these centers underpinning its profitability.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.