16 Dhu al-Hijjah 1445 - 23 June 2024
    
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Eye of Riyadh
Business & Money | Sunday 9 June, 2024 9:54 am |
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MIS signs contract to lease data center; value exceeds 50% of revenues in 2023

Al Moammar Information Systems Company - MIS signed a joint contract with Microsoft Arabia Limited and the Saudi Data Center Fund 1, for the purpose of leasing and providing data center services.
MIS signs contract to lease data center; value exceeds 50% of revenues in 2023.

 

The Saudi-listed firm is a party to this contract due to its role as the exclusive leasing and facilities management agent for the six data centers owned by the Saudi Data Center Fund 1.

 

The contract’s duration is 10 years with two optional periods of five additional years each.

 

MIS expected a positive financial impact to show as of Q2 2026, explaining that the contract grants Microsoft Arabia Limited an option to boost the reserved capacity up to 300% of the initial capacity.

 

There are no related parties in the contract, the statement noted, asserting that the company will announce any relevant developments in due course.

 

According to data available on Argaam, MIS achieved revenues of SAR 1.45 billion in 2023.

 

In June 2021, MIS signed a binding memorandum of understanding (MoU) with BSF Capital to establish a private investment fund aimed at developing, owning, and operating data centers throughout the Kingdom.

 

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