MIS expects to start Saudi data center fund development in six months, possible IPO later: Argaam

DUBAI: Al Moammar Information Systems Co. (MIS) expects the development of its recently announced data fund to start within six months, vice chairman Ibrahim Al-Moammar told Argaam.
MIS and Saudi Fransi Capital (SFC) are planning to study the possibility of offering the fund to the public at a later stage, if it is value-accretive to shareholders, after obtaining the necessary approvals, the financial news website reported.
The fund is part of a broader push by the Kingdom to become a regional hub of global data centers, cloud computing services providers, application services providers, and electronic games firms, Al-Moammar said.
Al-Moammar expects the company to record strong returns from the management and operations of these centers underpinning its profitability.