- The deal – signed with QNB, Doha Bank and Masraf Al Rayan – will power the growth of Ooredoo’s data center unit and unlock new opportunities in AI and Cloud computing.
- The 10-year hybrid facility, which comprises commercial and Islamic tranches, is the largest transaction ever achieved in the tech industry in the Qatari market.
- The funds will be used to consolidate and expand capacity and infrastructure of data center assets across Ooredoo’s MENA operations, supporting the demand for hyperconnectivity, AI and Cloud services.
Ooredoo Group Secures Landmark QAR 2 Billion Financing Deal to Accelerate Data Center and AI Expansion
Doha, Qatar, [24 September 2024] – Ooredoo Group has announced a groundbreaking QAR 2 billion financing agreement to fuel the growth of its data center and AI business, marking a pivotal moment for the company’s digital infrastructure expansion. The deal, the largest of its kind in Qatar’s tech sector, involves a 10-year hybrid facility with commercial and Islamic tranches. Financial institutions QNB, Doha Bank, and Masraf Al Rayan collaborated on the transaction, demonstrating their confidence in Ooredoo’s ambitious strategic vision.
The funds will primarily be used to carve out and modernize Ooredoo’s data center assets, allowing for significant capacity expansion to meet growing demand for AI, cloud services, and hyperconnectivity across the MENA region.
Strategic Vision for the Future of Data and AI
Ooredoo Group CEO, Aziz Aluthman Fakhroo, emphasized the importance of the MENA region’s rapidly growing data center market:
“The MENA region is one of the fastest-growing markets for data centers globally. This financing deal is a major milestone in our strategy to expand our data center and AI capabilities. We are excited to meet the region’s rising demand for digital services while committing to sustainable, energy-efficient infrastructure.”
Fakhroo expressed gratitude to QNB, Doha Bank, and Masraf Al Rayan for their support, underscoring the collaborative effort to enhance Qatar’s digital infrastructure and bolster regional competitiveness.
A Joint Effort to Drive Digital Innovation
Abdulla Mubarak Al-Khalifa, Group CEO of QNB, echoed Ooredoo’s vision, stating:
“We are proud to partner with Ooredoo, Doha Bank, and Masraf Al Rayan on this significant financing deal. By supporting the growth of data centers, we are investing in the future of AI and cloud services, positioning Qatar as a leader in technological innovation.”
Fahad Al Khalifa, Group CEO of Masraf Al Rayan, highlighted the deal’s broader economic impact:
“This financing will drive technological progress, supporting innovation and economic diversification. We are proud to be at the forefront of this initiative, which strengthens Qatar’s leadership in the digital economy.”
Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, Group CEO of Doha Bank, praised the transformative potential of the deal:
“Ooredoo’s expansion of its data centers will enhance regional competitiveness, positioning Qatar as a key player in the global digital economy. We are dedicated to supporting this critical step in the country’s development.”
Ooredoo’s Commitment to Digital Transformation
Ooredoo’s Data Centre company was created to lead the digital transformation of the MENA region by offering advanced colocation services to hyperscalers and enterprises. As part of its long-term strategy, Ooredoo plans to increase its data center capacity to over 120 megawatts through a USD 1 billion investment over the medium to long term. This will help meet the rising demand for localized cloud services and IT workloads, especially from hyperscalers.
With 26 operational data centers across Qatar, Kuwait, Oman, Iraq, and Tunisia, Ooredoo is a market leader in the region. The company remains committed to building a new generation of sustainable, energy-efficient data centers that cater to governments, enterprises, and startups alike. This development will also support the adoption of AI across the region, positioning Ooredoo as a key player in the rise of generative AI.
Partnerships and Technological Innovation
Ooredoo’s data center and cloud services are supported by strong partnerships with global hyperscalers. The company offers a range of cloud-based solutions, including Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS).
Earlier this year, Ooredoo announced a landmark partnership with NVIDIA to leverage its advanced accelerated computing platform, marking NVIDIA’s first large-scale launch in the region. This collaboration aims to drive AI adoption across the MENA region, further cementing Ooredoo’s position as a leader in digital infrastructure.
About Ooredoo Group
Ooredoo Group is an international communications company serving consumers and businesses in 9 countries across the Middle East, North Africa, and Southeast Asia. The company is recognized for delivering cutting-edge data services through advanced mobile and fixed networks. Ooredoo generated revenues of QAR 23 billion as of 31 December 2023, and its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.
About QNB
QNB Group is the most valuable bank brand in the Middle East and Africa, operating in more than 28 countries across three continents. The Group provides a comprehensive range of advanced products and services through over 900 locations and an extensive ATM network.
