Saudi Fransi Capital, MIS team up for data centres

Saudi IT firm, Al Moammar Information Systems (MIS), has teamed up with local asset manager, Saudi Fransi Capital, to launch a private investment fund designed to finance the building of new data centres.

The fund is hoping to raise US$933 million to provide 90MW of capacity. The first phase will see $187 million invested to build 12MW of capacity.

The two companies have signed a memorandum of understanding (MoU) with a 180-day duration.

Under the terms of the agreement, MIS will act as the developer of the data centres and will be responsible for operating, managing and marketing the funds. It will also take a 10% stake in the fund.

According to MIS vice chairman Ibrahim Al-Moammar, the fund may be made public at a later stage.

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