MIS Launches Saudi Data Center Fund targeting SR1.5 billion

Al Moammar Information Systems (MIS) announced on Thursday the latest developments related to the (proposed private investment) fund, where the company (MIS) received a notification on 13.10.2021 from Saudi Fransi Capital (SFC) stating the launch of the Saudi Data Centers Fund 1.

The Fund is the first private fund of its kind in the Kingdom of Saudi Arabia based on the official approval of the Capital Market Authority to offer the fund.

It is worth noting that the Saudi Data Center Fund 1 is a private closed-end investment fund, compliant with Islamic principles and regulated under the laws of the Capital Market Authority in the Kingdom of Saudi Arabia.

The target fund size is SR1.5 billion, which will be used to build, own and operate 6 data centers across two available areas with a combined initial capacity of 24 MW.

SFC is cooperating with MIS Company in this unique initiative. MIS has been appointed as the design builder for the design and construction phase in addition to his continuing responsibilities for facilities management.

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

This comes in reference to the announcement by MIS on the Tadawul website on 04.07.2021, regarding the company’s signing a contract with SFC to design, construct, and manage facilities for data centers with SFC as the manager of the (proposed private) Shariah-compliant investment fund, which will invest and own six data centers in the Kingdom of Saudi Arabia with an estimated budget of SR1.2 billion as a first phase.