Saudi Arabia’s Al Moammar Information Systems (MIS) has signed a non-binding memorandum of understanding (MOU) with Abunnayan Holding Group to develop data centres that run on renewable energy.
The company told the Saudi Stock Exchange (Tadawul) on Sunday that it would launch a 50-50 joint venture to develop the facility.
The joint venture aims to explore the feasibility of building and developing green data centres based on renewable energy in Saudi Arabia, in line with the trends in the kingdom and in the data centre field, the Tadawul statement said.
The MOU is for an initial period of 180 days and can be renewed.
MIS announced said earlier that it would be a founding shareholder in a Shariah-compliant digital bank.
The company reported a net profit after Zakat and tax of 90.4 million riyals ($24.1 million) in 2020, a 19 percent increase on 2019.
(Writing by Imogen Lillywhite; editing by Cleofe Maceda)
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