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Ooredoo secures landmark financing package: Qatari multinational telecommunications firm Ooredoo has secured QAR 2 bn in financing for its new data center unit from Qatar National Bank (QNB), Doha Bank, and Maraf Al Rayan, according to a statement. The 10-year hybrid facility is the biggest transaction in terms of both tenor and value achieved in the Qatari tech sector, the statement said.
Where’s the money going? Ooredoo is slated to invest USD 1 bn to expand its data center capacity to over 120 megawatts in the medium to long term, the statement notes. A majority of the financing will be channeled into boosting AI, cloud computing, and hyperconnectivity capacities in the region, and carving out Ooredoo’s data center assets from the firm's telecom operations. The firm operates 26 active data centers across Qatar, Kuwait, Oman, Iraq, and Tunisia.
What they said: “This financing 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,” Ooredoo CEO Aziz Aluthman Fakhroo said in the statement.
REMEMBER- Ooredoo Group inked an agreement in June with US-based tech company Nvidia to deploy its AI technology at Ooredoo-owned data centers in five Middle Eastern countries.
Port business: The firm inked an agreement last November with state-owned telecommunication infrastructure group Qatar National Broad Network to develop Doha Port’s digital infrastructure. It also signed an agreement with the Qatar Freezones Authority (QFZ) last year to expand connectivity and ICT solutions for businesses and investors in the country’s freezones.
About Ooredoo: The communications company offers mobile fixed, broadband internet and corporate operated services to markets in the Middle East and North Africa, according to itswebsite. The firm is listed on the Qatar Exchange and the Abu Dhabi Securities Exchange.
