Ooredoo Group Secures Qr2bn In Landmark Financing Deal
Date
9/25/2024 5:16:19 AM
(MENAFN- The Peninsula)
The Peninsula
Doha, Qatar: Ooredoo Group today announced a landmark QR2bn financing deal to accelerate the growth of its data centre and AI business, enabling a significant expansion of capacity and the modernisation of its data centres.
The financing deal has been signed with QNB, Doha Bank, and Masraf Al Rayan.
The 10-year hybrid facility, which comprises commercial and Islamic tranches, is the largest transaction - both in terms of value and tenor - ever achieved in Qatar's tech sector, underscoring the confidence of leading financial institutions in Ooredoo's strategic vision.
The funds will be strategically allocated to carve out existing data center assets from Ooredoo's telecom operations, with a significant portion directed toward expanding capacity and upgrading infrastructure to support the growing demand for AI, Coud services, and hyperconnectivity in the MENA region.
Aziz Aluthman Fakhroo, Group CEO, Ooredoo, said:“The MENA region is one of the fastest growing markets for data centers worldwide, and there is 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. I would like to thank QNB, Doha Bank, and Masraf Al Rayan for their invaluable support in this landmark transaction and their dedication to accelerating the growth of digital infrastructure both in Qatar and across the region.”
Abdulla Mubarak Al-Khalifa, QNB Group CEO, said:“We are proud to have worked alongside Ooredoo Group, Doha Bank and Masraf Al Rayan on this important financing deal, which will facilitate the growth of data centres in Qatar and the region. We expect the data centre market to grow significantly over the coming years, and by supporting Ooredoo, we are investing in the future of AI and Cloud services."
He added: "This collaboration also strengthens Qatar's leadership in technological innovation. We look forward to working closely with Ooredoo Group as this market evolves.”
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