Saudi Arabia is pressing ahead with the development of its US$500 billion smart city Neom as Riyadh reveals the latest phase of the project. To that extent, Crown Prince Mohammed bin Salman, who serves also as chairman of the NEOM Company Board of Directors, has announced the development of a giant floating industrial city that will house data centres, hydrogen power plants...

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...