MIS signs data center lease contract at over 50% of 2023 revenues

Logo of Al Moammar Information Systems Company - MIS

Al Moammar Information Systems Company (MIS) signed a joint contract with Microsoft Arabia Limited and Saudi Data Center Fund 1 to offer leasing and data center services, according to a Tadawul statement.

The contract is valued at more than 50% of the company’s revenues for 2023.

MIS is a party to this contract due to its role as an exclusive leasing and facilities management agent for the six data centers owned by Saudi Data Center Fund 1.

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The contract lasts 10 years, with two optional periods of five additional years each.

MIS expects a positive financial impact as of Q2 2026, the statement said.

The contract grants Microsoft Arabia an option to boost the reserve capacity by up to 300% of the initial capacity.

There are no related parties to the contract, the statement noted, adding that relevant developments will be announced in due course.

MIS achieved revenues of SAR 1.45 billion in 2023, according to data available with Argaam.

In June 2021, the company signed a binding memorandum of understanding (MoU) with BSF Capital to establish a private investment fund aimed at developing, owning and operating data centers throughout the Kingdom.