MIS Signs Contract with SFC to Launch Works, Activate Contracts with Budget of SR1.2 bln

With reference to the announcement of Al-Moammar Information Systems (MIS) on the Tadawul website on 14/10/2021 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 centers With Saudi Fransi Capital (SFC) as the manager of the Shariah-compliant private investment fund, which will invest and own six data centers in the Kingdom of Saudi Arabia with a budget of 1.2 billion Saudi riyals as a first phase.

Al-Moammar Information Systems Company (MIS) announced on Sunday the latest developments related to the contract, which is reflected in receiving today by Al-Francis Capital Company (SFC) to launch works and activate the contracts signed between the two parties and the private Building six data centers with a capacity of 24 megawatts, with an initial value of 1.2 billion Saudi riyals, as the first phase without delay.

Al-Moammar Information Systems Company would like to note the significant positive impact on the company’s financial performance of this contract during the next 14-18 months, knowing that the financial impact of the contract will start in the first quarter of 2022 and in varying proportions according to the level of business implementation.

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

MIS said it would like to recap the following valuable points:

1) The Saudi Data Center Fund 1 is a Shariah Compliant private closed-ended investment fund, regulated under the laws of the Capital Market Authority of Saudi Arabia with a target size of SAR 1.5 billion.

2) The fund’s investment objective is to build, own and operate data centers across the Kingdom of Saudi Arabia. In its initial phase, the fund is targeting to build six Tier III (Uptime Institute Certified) data centers with a combined initial capacity of 24 MW and scalable up to a total potential capacity of 120 MW. It is worth mentioning that the contracts and the projects are considered one of the largest data center projects to be implemented in the Kingdom and the region as a single-stage by one company.

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

4) MIS would like to note that the substantial positive impact of the design-build agreement of SAR 1.2 billion on the company’s financial performance would be recorded over the next 16-18 months beginning in the first quarter of 2022 in varying proportions (according to the achieved project’s milestones).