Al Moammar Information Systems Co. (MIS) announced that it expects its data fund to commence development within the next six months. The fund will go towards the development, ownership and operation of data centers across Saudi Arabia. This follows MIS signing a Memorandum of Understanding (MoU) with Saudi Fransi Capital (SFC) this week.
MIS will reportedly take a 10% stake in the fund, and according to MIS vice-chairman Ibrahim Al-Moammar, the first phase will launch over the next 14-16 months and deliver 12MW. There is a view to push capacity to 90MW if the fund reaches SAR 3.5 billion.
The IT firm and SFC are also planning to study the prospects offering the funding to the public further on down the line.
