Saudi Arabia’s AXS and BIM Capital have signed an agreement to establish a private infrastructure fund targeting SAR675 million, or about $180 million, for data centers in the Kingdom.
The Shariah-compliant, closed-ended fund will target the development, ownership and operation of two Tier III data centers, one in central Saudi Arabia and the other in the western region. Each site is expected to start with 10 megawatts of capacity, giving the project an initial total of 20MW, with the potential to expand to 40MW.
AXS will act as a strategic partner and investor through a cash subscription, as well as receiving fund units against part of its fees, subject to the final agreements. The company will also serve as the project’s main contractor, handling design and construction, followed by facilities management and operations. It will support the marketing and leasing of available capacity.
BIM Capital will structure, establish and manage the fund, including preparing its documents and offering units privately to qualified investors. The fund’s establishment and offering remain subject to approval or no objection from the Saudi Capital Market Authority.
The companies are targeting the fund’s first close in the fourth quarter of 2026. Development and construction are expected to take six quarters from the first close to commercial operations, according to the announcement.
Source: Jawlah
