Qatar’s Ooredoo secures $549M data centre funding from QNB, Doha Bank
Qatari telecom giant signs major financing agreement with QNB, Doha Bank, and Masraf Al Rayyan
Ooredoo Secures $547M Financing Deal for Data Center and AI Expansion
September 24, 2024
Qatari telecom giant Ooredoo Group has secured a 2 billion dinar ($547 million) financing deal to accelerate the development of its data center and artificial intelligence (AI) business.
The company said that the agreement would allow for a “significant expansion” of capacity and renovation of its data centers. The company is listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange (ADX).
A financing agreement was signed with QNB, Doha Bank and Masraf Al Rayyan.
The company said the funds would be earmarked to carve out existing data center assets from its telecom operations, and a “significant portion” was directed towards infrastructure upgrades.
The 10-year hybrid facility, which Ooredoo describes as the largest transaction in Qatar’s technology sector by value and installment, consists of commercial and Islamic parts.
In 2023, Ooredoo announced plans to expand its data center capacity to over 120 MW through an investment of $1 billion in the medium to long term. The company has 26 active data centers across Qatar, Kuwait, Oman, Iraq and Tunisia.
