MIS to build 6 data centers after $320m deal with Saudi Fransi Capital

RIYADH: Saudi information technology firm Al-Moammar Information Systems, or MIS, is to start building six data centers across the Kingdom at an initial value of SR1.2 billion ($320 million) as per a deal with Saudi Fransi Capital, or SFC.

A notice from SFC on Jan. 2 activated contracts signed between the two parties. It stated their intention to complete the first phase of the data centers initiative without delay, according to a bourse filing on Sunday.

Earlier in October 2021, MIS partnered with SFC to launch a fund – namely Saudi Data Center Fund 1. This aimed to establish the six data centers in two areas, with a combined initial capacity of 24 MW.

The first-of-its-kind fund in the Kingdom, as claimed by the related parties, set the target size at SR1.5 billion.

Under the deal, MIS is responsible for designing, constructing, and managing the centers.

It said in a bourse statement that the financial impact of the agreement is expected to start in the first quarter of 2022.

Riyadh-based MIS was established in 1979. It is Saudi Arabia’s first listed information technology company.