Al-Moammar Information Systems Company (MIS) announces the latest developments of Al-Moammar Information Systems Company’s announcement of signing a contract with Saudi Fransi Capital (SFC) to develop, design and manage facilities for six data centres in the Kingdom of Saudi Arabia with an estimated budget for the first phase of 1.2 billion Saudi riyals .
| Element List | Explanation |
|---|---|
| Introduction | Reference to the announcement of Al-Moammar Information Systems (MIS) on the Tadawul website on 29/05/1443 corresponding to 2/01/2022 AD, regarding the latest developments of the company’s signing of a contract with Saudi Fransi Capital (SFC) to develop, design and manage facilities for data canters with Saudi Fransi Capital (SFC) as the manager of the Shariah-compliant private investment fund, which will invest and own six data centres in the Kingdom of Saudi Arabia with a budget of 1.2 billion Saudi riyals as a first stage.
Al-Moammar Information Systems Company (MIS) announces the latest developments, which is represented by the approval of the company’s board of directors to award contracts with several companies with a value of up to 800 million Saudi riyals, to implement civil, electromechanical, and technical works for the construction of six data canters with a capacity of 24 megawatts to be completed Completion of these works within the next 14 months. furthermore, MIS will be singing additional contracts for the remining works in the coming weeks.
The company will announce any material future developments in a timely manner, God willing. |
| Previous Announcement | Al-Moammar Information Systems ( MIS ) Company announced the latest developments of Al-Moammar Information Systems Company’s announcement of signing a contract with Saudi Fransi Capital (SFC) By receiving a direction from Saudi Fransi Capital (SFC) to start work and activate the contracts signed between the two parties for the construction of six data centres with a capacity of 24 megawatts, with a value of 1.2 billion Saudi riyals as a first stage. |
| Date of Previous Announcement on Tadawul's Website | 2022-01-02 Corresponding to 1443-05-29 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | Not Applicable |
| Reasons for Exceeding the Announced End Date | Not Applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not Applicable |
| Impact of the Delay on the Company's Financial Results | Not Applicable |
| Additional Information | It is worth noting that among the most important features of the agreement signed between Al Moammar Information Systems Company and Saudi Fransi Capital (SFC) are the following:-
1. Saudi Data Center Fund 1 is a private, closed-end, Shariah-compliant investment fund, subject to the laws of the Capital Market Authority in the Kingdom of Saudi Arabia, with a target size of 1.5 billion Saudi riyals. 2. The investment objective of the Fund is to build, own and operate data centers throughout the Kingdom of Saudi Arabia. In its initial phase, the fund aims to build six Tier III (Uptime Institute certified) data centers with a total initial capacity of 24 MW and scalable to a potential total capacity of 120 MW. It is worth noting that these contracts and projects are among the largest data center projects being implemented in the Kingdom and the region as a single phase by a single company. 3. The Fund has appointed MIS as the design initiator for the initial phase of a contract worth SAR 1.2 billion as well as the facilities manager for an initial period of 15 years. 4. The company would like to point out the significant positive impact of the design and build agreement amounting to 1.2 billion Saudi riyals on the financial and technical performance of the company. It will be recorded over the next 14-18 months, starting from the first quarter of 2022, and in varying proportions (according to the percentage of work being done). |
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