Saudi-listed IT company Axelerated Solutions is setting up a SAR675 million ($179 million) private fund to develop two AI-ready data centres in the kingdom, according to a company statement.
The sharia-compliant BIM Capital DC-Infrastructure Fund will develop, own and operate two Tier-III facilities. Each data centre will initially have 10 megawatts (MW) of capacity, with the option to expand to 20MW.
Axelerated will receive units in the fund in exchange for engineering, procurement and construction services, along with facilities management and operations work. The company did not disclose details of its seed investment.
The fund’s launch requires approval from Saudi Arabia’s market regulator, while execution of the projects is also subject to regulatory clearance.
The move comes as Saudi Arabia expands its AI and cloud infrastructure. The kingdom’s installed data centre capacity is forecast to grow from 410MW to about 1 gigawatt by 2030, according to estimates cited in the announcement. Alvarez & Marsal has said the expansion could require up to $42 billion in project capital by then.
Source: AGBI
