MIS to expand capacity of 2 data centers in Dammam for SAR 155.4M

Al-Moammar Information Systems Co. (MIS) received new orders to expand the capacity of two data centers in Dammam, which it shares with Saudi Fransi Capital (SFC), for SAR 155.43 million (including VAT).

This is considered the beginning of the second phase to boost the capacity according to customers’ needs and demand in conjunction with the ongoing implementation work of the first phase, MIS said in a statement to Tadawul.

The financial impact will begin to appear in Q1 2024 and will continue until Q3 2024, with any developments announced in due course, MIS added.

In July 2021, MIS signed agreements with SFC, the private investment fund manager, to develop, design, and manage data center facilities.

The Shariah-compliant fund will invest in and own six data centers in the Kingdom at an estimated budget of SAR 1.2 billion as a first phase.

Source : Argaam