Ooredoo secures significant financing deal for AI & data centre growth

Ooredoo Group has secured a significant financing deal valued at QAR 2 billion to advance its data centre and AI business.

The deal was signed with QNB, Doha Bank, and Masraf Al Rayan, representing a 10-year hybrid facility that includes both commercial and Islamic financial tranches. This transaction is noted as the largest of its kind in the Qatari technology sector, highlighted by its value and duration, demonstrating notable confidence from financial institutions in Ooredoo's strategic initiatives.

Aziz Aluthman Fakhroo, Group CEO of Ooredoo, highlighted the growing market for data centres in the Middle East and North Africa (MENA) region and the tremendous potential in AI and cloud services.

"The MENA region is one of the fastest-growing markets for data centres worldwide, and there is significant untapped potential in AI, Cloud services and accelerated computing," he stated. Fakhroo expressed enthusiasm about meeting the increasing regional demand while committing to sustainable infrastructure. "This financing deal marks a major milestone in our strategic vision for expanding our data centre and AI business," he added.

The funds will be directed towards expanding the capacity and infrastructure of Ooredoo's data centres across its MENA operations. This initiative aims to meet the soaring demand for hyperconnectivity, AI, and cloud services in the region. The financing will involve carving out existing data centre assets from the company's telecommunications operations and significantly upgrading infrastructure.

QNB Group CEO Abdulla Mubarak Al-Khalifa expressed satisfaction with the collaboration, emphasizing its potential to facilitate regional data centre growth. "We expect the data centre market to grow significantly over the coming years, and by supporting Ooredoo, we are investing in the future of AI and Cloud services," he noted. He also underscored the strategic importance of the deal for Qatar's technological leadership.

Fahad Al Khalifa, Group CEO of Masraf Al Rayan, remarked on the importance of this investment for technological progress in Qatar and the region. "By partnering with Ooredoo, we are investing in the future of digital infrastructure and supporting sustainable growth through innovation," he said, affirming the initiative's role in consolidating Qatar's position in the digital economy.

Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, Group CEO of Doha Bank, shared a similar sentiment by highlighting the transformative impact of the data centre expansion on the tech sector. He stated, "The growth of Ooredoo's data centres will have a transformative impact on the tech sector, enhancing regional competitiveness and positioning the country as a leader in the digital economy."

Ooredoo's Data Centre company is poised for substantial growth as it commits to a long-term investment plan worth USD $1 billion to expand its capacity to over 120 megawatts. The company aims to support increasing demand for localised cloud services and IT workloads, with plans for future-oriented, sustainable, and energy-efficient data centres. These developments align with Ooredoo's strategy to lead digital transformation efforts in the region.

The company already operates 26 active data centres across Qatar, Kuwait, Oman, Iraq, and Tunisia, establishing it as a key player in the regional data centre market. Ooredoo's ongoing partnerships with major technology providers, such as NVIDIA, further underpin its role in advancing AI and cloud computing initiatives across the MENA region.