Ooredoo has secured a 2 billion dinars ($547 million) financing deal to accelerate its data centre and Artificial Intelligence (AI) business growth.
The company is listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange (ADX). It also said the deal will enable a “significant expansion” of capacity and the modernization of its data centres.
The financing deal has been signed with Qatar National Bank (QNB), Doha Bank, and Masraf Al Rayan.
The company said the funds will be allocated to carve out existing data centre assets from its telecom operations, with a “significant portion” also directed towards upgrading infrastructure.
The 10-year hybrid facility comprises commercial and Islamic tranches, with Ooredoo calling it the largest transaction in terms of value and tenor in Qatar’s tech sector.
Ooredoo Group CEO Aziz Aluthman Fakhroo believes that the MENA region is one of the fastest-growing markets for data centers worldwide, with significant untapped potential in AI, cloud services, and accelerated computing.
“This financing deal marks a major milestone in our strategic vision for expanding our data center and AI business, and we are excited to meet the region’s increasing demand while upholding our commitment to sustainable, energy-efficient infrastructure,” he said.
In 2023, Ooredoo announced plans to expand its data centre capacity to over 120 megawatts through a $1 billion investment in the medium to long term.
The company has 26 active data centres across Qatar, Kuwait, Oman, Iraq, and Tunisia.
