Khazna Data Centres Wins $2.62 Bn Lifeline For Middle East Expansion

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A $2.62 billion, 10‐year credit facility has been secured by Khazna Data Centres, underwritten by a consortium led by Abu Dhabi Commercial Bank and First Abu Dhabi Bank, providing a substantial boost to the company's strategy for regional and global expansion. The funds are earmarked to accelerate build‐out of high‐capacity data hubs across the Middle East and North Africa, with a clear focus on supporting high‐demand, AI‐intensive infrastructure.

The funding comes at a time when data centre capacity in the region is projected to double within five years-according to industry data-solidifying Khazna's dominant position and preparing it to capitalise on robust market growth.

In remarks emphasising the strategic significance of the financing, Fabio Cattaneo, Chief Financial Officer of Khazna Data Centres, described the company as“the foundational layer upon which the emerging AI‐enabled economy is built.” He underscored that access to such capital hinges on a fortified, disciplined financial model.

Khazna currently commands a substantial 73 per cent share of the UAE data centre market and is expanding that footprint through several ongoing projects-including the construction of two facilities in Abu Dhabi, one in Dubai and the first AI‐enabled data centre in Ajman. Its modular construction methodology is expected to hasten delivery timelines, lower costs and minimise environmental impact.

Ludovic Nobili, Group Chief Corporate, Wealth and Investment Banking Officer at ADCB, framed the transaction as a pivotal step in realising the UAE's ambition to become a knowledge‐based, future‐oriented economy. He highlighted ADCB's role in structuring financing for large‐scale digital infrastructure and its commitment to sustainable growth.

Khazna's ambitions extend beyond national boundaries. Earlier this year it signed a preliminary agreement with Italian energy group Eni to jointly develop a 500‐megawatt, environmentally sustainable data centre campus near Milan, powered by“blue power” from a facility incorporating carbon‐capture technology. The venture aligns with plans to deploy up to 1 gigawatt of IT capacity across Italy as part of broader digital infrastructure enhancements.

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Meanwhile, Khazna is pursuing substantial growth in Saudi Arabia, targeting at least 25 per cent of that kingdom's data centre market. CEO Hassan Alnaqbi confirmed that two potential site locations have been identified, while the company positions itself to accommodate hyperscale clients amid the kingdom's $21 billion pledge for data centre investments.

Khazna's evolution has been marked by significant changes in its shareholder structure. In February, e& agreed to sell its 40 per cent stake in Khazna for $2.2 billion to G42, along with minority investors Silver Lake and state‐owned MGX. The deal, which provided e& with a capital gain of $1.4 billion, enabled it to reduce debt while retaining its status as a major tenant and strategic partner.

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