Mubasher: National Mobile Telecommunications Company (Ooredoo) secured a QAR 2 billion financing deal to accelerate the growth of its data centre and AI business in the MENA region.
The 10-year financing agreement was signed with QNB, Doha Bank, and Masraf Al Rayan, according to a press release.
The hybrid facility, which comprises commercial and Islamic tranches, marks the largest transaction ever achieved in Qatar’s tech sector.
Meanwhile, the funds will be allocated to carve out existing data center assets from Ooredoo’s telecom operations.
A portion of the facility to expand capacity and enhance infrastructure to support the growing demand for AI, Coud services, and hyperconnectivity in the MENA region.
Aziz Aluthman Fakhroo, Group CEO of Ooredoo, said: “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.”
Abdulla Mubarak Al Khalifa, Group CEO of QNB, commented: “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.”
“This collaboration also strengthens Qatar’s leadership in technological innovation. We look forward to working closely with Ooredoo Group as this market evolves,” Al Khalifa continued.
Fahad Al Khalifa, Group CEO of Masraf Al Rayan, noted: " By partnering with Ooredoo, we are investing in the future of digital infrastructure and supporting sustainable growth through innovation and economic diversification."
Abdulrahman bin Fahad bin Faisal Al Thani, Group CEO of Doha Bank, highlighted: “The growth of Ooredoo’s data centres will have a transformative impact on the tech sector, enhancing regional competitiveness and positioning the country as a leader in the digital economy."
As part of its strategic growth, Ooredoo plans to expand its capacity to more than 120 megawatts (MW) through a $1 billion investment in the medium to long term.
This expansion will position the group to evolve serves amid the increasing demands for localised Cloud services and IT workloads, particularly from hyperscalers.
Covering 26 active data centres across Qatar, Kuwait, Oman, Iraq, and Tunisia, the group continues to lead the MENA region’s data centre market.
The company is committed to creating a new generation of sustainable, energy-efficient data centres that will securely process IT workloads for governments, hyperscalers, enterprises, and startups.
Earlier this year, Ooredoo Group teamed up with NVIDIA to enable the AI revolution across the MENA region.
