MIS receives notice from Saudi Fransi Capital to build 6 data centers worth SAR 1.2 bln

Logo of Al Moammar Information Systems Co.

Al Moammar Information Systems Co. (MIS) announced that it received today, Jan. 2, a notice from Saudi Fransi Capital (SFC) to activate the contracts signed between the two parties to build six data centers with a capacity of 24 megawatts (MW), at an initial value of SAR 1.2 billion, as the first phase without delay.

In a bourse statement, the company said the significant positive impact from this contract will be reflected in its financial performance during the next 14-18 months.

The relevant financial impact will show during the first quarter of 2022 in varying proportions according to the level of business implementation.

The company will announce any developments in due course.

MIS indicated that the Saudi Data Center Fund 1 is a private Shariah-compliant, closed-ended investment fund, governed by the Capital Market Authority's (CMA) laws, with a target size of SAR 1.5 billion.

The fund aims to build, own, and operate data centers across the Kingdom. In its initial phase, the fund targets to build six Tier III (Uptime Institute Certified) data centers, with a combined initial capacity of 24 MW, scalable up to a total potential capacity of 120 MW.

These are the largest data center projects to be implemented in the Kingdom and the region as a single-stage by one company. 

The fund appointed MIS as the design-builder for the initial phase under a contract worth SAR 1.2 billion as well as the facilities manager for an initial period of 15 years.

In October 2021, MIS received a notice from SFC, confirming the launch of the Saudi Data Centers Fund 1, which is the first private fund of its kind in Saudi Arabia, Argaam earlier reported.