MIS expects to start Saudi data center fund development in six months, possible IPO later: Argaam

Al-Moammar expects the company to record strong returns from the management and operations of these centers underpinning its profitability

  
Microsoft to open data centers in Abu Dhabi and Dubai. Image used for illustrative purpose

Microsoft to open data centers in Abu Dhabi and Dubai. Image used for illustrative purpose

Microsoft/Handout via Thomson Reuters Zawya
 
DUBAI: Al Moammar Information Systems Co. (MIS) expects the development of its recently announced data fund to start within six months, vice chairman Ibrahim Al-Moammar told Argaam.


MIS and Saudi Fransi Capital (SFC) are planning to study the possibility of offering the fund to the public at a later stage, if it is value-accretive to shareholders, after obtaining the necessary approvals, the financial news website reported.

The fund is part of a broader push by the Kingdom to become a regional hub of global data centers, cloud computing services providers, application services providers, and electronic games firms, Al-Moammar said.

Al-Moammar expects the company to record strong returns from the management and operations of these centers underpinning its profitability.

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