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With the capital deployment potentially hitting the US$1 billion in further developments, the start of construction works marks Saudi Arabia’s rapidly developing data centre market.
Founder and Editor, The Tech Capital
January 12, 2022 | 10:07 PM GMT
Saudi technology company Al-Moammar Information Systems (MIS) said it is about to begun works on the construction of six data centre facilities which correspond to an initial investment of SRA 1.2 billion (US$320 million).
The capital has been raised via the Saudi Data Center Fund 1 in a deal with Saudi Fransi Capital (SFC), the investment arm of Banque Saudi Fransi, which was first announced in October 2021.
The six data centres will amount to an initial power capacity of 24MW with the first servers set to begin operations within 14 to 18 months.
The Saudi Data Center Fund 1 target has been set at SRA 1.5 billion (US$400 million). MIS has been tasked with designing, constructing, and managing the facilities.
SFC and MIS have previously said their cooperation could raise as much as SAR 3.5 billion ($930 million), delivering on potentially 90MW of data centre IT load.
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