Ooredoo Group has secured a milestone financing arrangement worth QAR 2 billion to boost its data center and AI operations. The agreement, involving QNB, Doha Bank, and Masraf Al Rayan, includes a 10-year hybrid facility combining commercial and Islamic financial components. As the largest deal in Qatar’s tech sector, this demonstrates confidence from financial institutions in Ooredoo’s regional strategic initiatives.
Aziz Aluthman Fakhroo, Group CEO of Ooredoo, highlighted the emerging market potential in the Middle East and North Africa (MENA) region for data centers, AI, and cloud services. He mentioned, “The MENA region is one of the fastest-growing markets for data centers worldwide, and there is significant untapped potential in AI, Cloud services and accelerated computing.” He expressed optimism about meeting the rising regional demand while remaining committed to sustainable infrastructure.
The financing will focus on enhancing Ooredoo’s data center capacity and infrastructure within the MENA region. This approach aims to cater to the increasing needs for hyperconnectivity, AI, and cloud services. The plan includes separating existing data assets from telecommunications operations and initiating major infrastructure upgrades.
Abdulla Mubarak Al-Khalifa, QNB Group CEO, emphasized the expansion potential, noting, “We expect the data center market to grow significantly over the coming years, and by supporting Ooredoo, we are investing in the future of AI and Cloud services.” His sentiment reflects the strategic importance of the initiative for bolstering Qatar’s technological leadership.
Fahad Al Khalifa, Masraf Al Rayan’s CEO, reiterated this sentiment, recognizing the investment’s role in Qatar’s technological advancement. He stated, “By partnering with Ooredoo, we are investing in the future of digital infrastructure and supporting sustainable growth through innovation.” The investment aims to strengthen Qatar’s position in the digital economy.
Similarly, Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, Group CEO of Doha Bank, underscored the transformative potential of the data center’s expansion. He commented, “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 commitment to long-term growth is evident as the company plans a USD $1 billion investment to expand its data center capacity to over 120 megawatts. These efforts support the rising demand for local cloud services and IT tasks, emphasizing future-focused, sustainable, and energy-efficient data centers. This expansion aligns with its vision to lead digital transformation in the region.
Operating 26 active data centers across Qatar, Kuwait, Oman, Iraq, and Tunisia, Ooredoo has established itself as a key player in the regional market. The company’s collaboration with major technology providers, such as NVIDIA, further strengthens its position in advancing AI and cloud computing initiatives in the MENA region.
