Saudi Arabia's telecommunications company Saudi Telecom Co. (STC) (TADAWUL: 7010) said it will build a 1.5 billion riyals ($400 million) portfolio of six data centres to support the Kingdom’s digital economy. The investment, one of the largest of its kind in the Middle East region to date, will deliver a combined 125MW, 180,000 square metres or 1.94 million square foot po...

Saudi Fransi Capital (SFC), the investment arm of Banque Saudi Fransi, has launched the Saudi Data Center Fund I, Saudi Arabia’s first private fund initiative of its kind. Saudi Data Center Fund I is a private, closed-end investment fund, compliant with Shariah principles and organised under the laws of the Saudi Arabian Capital Market Authority. The fund has an initia...

Saudi Arabia’s mega-project Neom has moved into a new phase of development as data centres are set to begin to be built in the futuristic smart city. Two national companies, Neom Co., which shares the name with the city project, and FAS Energy, a subsidiary of the FawazAlhokair Group, were rubber-stamped by the General Authority of Competition of Saudi Arabia (GAC) to dev...