Tech Ooredoo secures $552m loan for data centre expansion By Pramod Kumar September 25, 2024, 6:19 AM Ooredoo Ooredoo and bank executives at the signing ceremony Qatar’s telecom major Ooredoo has secured a QR2 billion ($552 million) financing deal to accelerate the development of its data centres and artificial intelligence (AI) ventures. The 10-year hybrid facility, comprising both commercial and Islamic tranches, was provided by Qatar National Bank, Doha Bank and Masraf Al Rayan. The company claimed this is the “largest transaction in value and tenor” ever offered in the Gulf nation’s technology sector. The Qatar- and Abu Dhabi-listed telco said the deal will enable a “significant expansion of capacity and the modernisation of its data centres”. The funds will be allocated to carve out existing data centre assets from Ooredoo’s telecom operations, with a significant portion directed toward expanding capacity and upgrading infrastructure to meet the increasing demand for AI, cloud services and hyperconnectivity in the Mena region. Myanmar venture proves a big loss for Qatar’s Ooredoo Qatar’s Ooredoo profit falls despite 4% rise in revenue Telcos turning to tech to propel growth The Mena region is one of the fastest-growing markets for data centres globally, said Ooredoo Group CEO Aziz Aluthman Fakhroo. There is significant untapped potential in AI, cloud services and accelerated computing, he added. As part of its growth plan, Ooredoo’s data centre company plans to expand its capacity to over 120 megawatts through a $1 billion investment in the medium to long term. The company has 26 active data centres across Qatar, Kuwait, Oman, Iraq and Tunisia. In June, Ooredoo announced plans to use US tech company Nvidia’s AI technology in its data centres.
Renewable Energy UAE plans $6bn solar energy storage plant The UAE will construct a renewable facility capable of providing energy at scale around the clock. The project – estimated to cost $6 billion – will be developed in partnership between the UAE state-owned renewables company Masdar and the Emirates Water and Electricity Company (Ewec). The new facility will include solar power with the potential […] 2 hours ago
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] 50 mins ago
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] 50 mins ago
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] 35 mins ago
