UAE-based Khazna Data Centres (Khazna) has secured a $2.62 billion credit facility from a consortium of local banks to support its UAE and global growth strategy.
The 10-year facility was arranged by Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB).
The funds will support Khazna to expand its build-out operational footprint across the Middle East and North Africa (MENA) region.
The MENA region’s total data center capacity is set to double over the next five years, Khazna said, citing Mordor Intelligence data.
Khazna, which holds 73% market share in the UAE, is seeking to expand its share in other markets.
The company has several projects underway, including two new facilities in Abu Dhabi, one in Dubai, and an artificial intelligence (AI)-enabled data center in Ajman.
In July, Khazna announced a strategic collaboration with US-based chipmaker NVIDIA to develop large-scale data centres ready for AI workloads in the Middle East and Africa region.
The company plans to reach 1 gigawatt (GW) of capacity with data centre projects in France, Italy, Saudi Arabia, Egypt, Turkey and Kenya.
