Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) has signed a binding memorandum of understanding (MoU) with Saudi Fransi Capital to establish a private investment fund at a potential long-term size of up to SAR 3.5 billion.

The fund has an initial size of approximately SAR 700 million, with a goal of developing, owning, and operating data centres across Saudi Arabia, according to a bourse disclosure on Monday.

MIS will be the main developer of all the data centres affiliated to the fund, thus receiving an annual share of revenues and returns. Meanwhile, MIS’ ownership percentage of the fund’s units will be 10%.

The duration of the MoU is 180 working days as of 7 June 2021.

Last month, MIS announced cash dividends distribution worth SAR 42 million for 2020.