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Al Moammar Information Systems (MIS) will add 64 MW to the data center capacity it is building out for Saudi Fransi Capital at a cost of SAR 1.95-2.5 bn, according to a disclosure to Tadawul. MIS signed a letter of intent on behalf of Saudi Data Center Fund 1 with Saudi Fransi, which will remain in effect until an agreement is reached or its 90-day validity expires.
This is a big leap for Saudi Data Centers Fund 1: The fund had its origins in 2021, when MIS and Saudi Fransi Capital inked a SAR 1.2 bn agreement to develop, design, and manage data centers through the private investment fund. The agreement laid out plans for six data centers with a combined 24 MW capacity. The latest venture will see the fund’s data center capacity more than doubled.
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