- Ooredoo Group has secured a financing deal worth 2 billion dinars ($547 million) to enhance its data centre and AI business.
- The deal involves collaboration with QNB, Doha Bank, and Masraf Al Rayan.
- The financing structure includes a 10-year hybrid facility with both commercial and Islamic tranches, marking it as the largest of its kind in Qatar’s tech sector.
- Ooredoo aims to expand its data centre capacity to over 120 megawatts with a $1 billion investment in the medium to long term, operating 26 data centres across multiple countries.
Qatar’s leading telecommunications provider, Ooredoo Group, has announced a significant financing deal valued at 2 billion dinars (approximately $547 million) to enhance its data centre and Artificial Intelligence (AI) sectors. This strategic move aims to accelerate the company’s growth in an increasingly competitive market.
Expansion of Data Centre Capacity
The financing, secured through partnerships with prominent financial institutions including QNB, Doha Bank, and Masraf Al Rayan, will facilitate the modernization of Ooredoo’s data centres and expand their overall capacity.
By carving out existing data centre assets from its telecommunications operations, the company plans to allocate a substantial portion of the funds towards upgrading its infrastructure, ensuring it meets the growing demands of its clients.
Ooredoo describes this financing arrangement as the largest transaction in both value and duration within Qatar’s technology sector. The deal comprises a hybrid facility with both commercial and Islamic financing tranches, demonstrating the company’s commitment to innovation and growth over the next decade.
Future Plans and Infrastructure Development
In 2023, Ooredoo revealed its plans to invest $1 billion in expanding its data centre capacity to exceed 120 megawatts in the medium to long term. Currently, the company operates 26 active data centres across several countries, including Qatar, Kuwait, Oman, Iraq, and Tunisia.
This expansion aligns with Ooredoo’s vision to strengthen its position in the rapidly evolving digital landscape and meet the increasing demands for data processing and AI services.
With these developments, Ooredoo Group reinforces its commitment to delivering enhanced services and advanced solutions, ensuring a robust digital infrastructure for the region’s future.
