MIS BOD awards contracts worth SR800 mln with companies to implement civil works for 6 data canters

Al-Moammar Information Systems Company (MIS) announced on Wednesday the latest developments, which is represented by the approval of the company’s board of directors to award contracts with several companies with a value of up to SR800 million, to implement civil, electromechanical, and technical works for the construction of six data canters with a capacity of 24 megawatts to be completed Completion of these works within the next 14 months. Furthermore, MIS will be singing additional contracts for the remaining works in the coming weeks.

The company will announce any material future developments in a timely manner, God willing.

This comes with reference to the announcement of Al-Moammar Information Systems (MIS) on the Tadawul website on 02.01.2022, regarding the latest developments of the company’s signing of a contract with Saudi Fransi Capital (SFC) to develop, design and manage facilities for data canters with Saudi Fransi Capital (SFC) as the manager of the Shariah-compliant private investment fund, which will invest and own six data centres in the Kingdom of Saudi Arabia with a budget of SR1.2 billion as a first stage.

It is worth noting that among the most important features of the agreement signed between Al Moammar Information Systems Company and Saudi Fransi Capital (SFC) are the following:-

1. Saudi Data Center Fund 1 is a private, closed-end, Shariah-compliant investment fund, subject to the laws of the Capital Market Authority in the Kingdom of Saudi Arabia, with a target size of 1.5 billion Saudi riyals.

2. The investment objective of the Fund is to build, own and operate data centers throughout the Kingdom of Saudi Arabia. In its initial phase, the fund aims to build six Tier III (Uptime Institute certified) data centers with a total initial capacity of 24 MW and scalable to a potential total capacity of 120 MW. It is worth noting that these contracts and projects are among the largest data center projects being implemented in the Kingdom and the region as a single phase by a single company.

3. The Fund has appointed MIS as the design initiator for the initial phase of a contract worth SR 1.2 billion as well as the facilities manager for an initial period of 15 years.

4. The company would like to point out the significant positive impact of the design and build agreement amounting to SR1.2 billion on the financial and technical performance of the company. It will be recorded over the next 14-18 months, starting from the first quarter of 2022, and in varying proportions (according to the percentage of work being done).