A non-binding memorandum of understanding (MoU) has been signed between Al Moammar Information Systems Co. (MIS) and Abunayyan Holding Group to start a 50:50 joint venture (JV) to seek possibility of building and developing green data centers based on renewable energy in the Kingdom, according to regional news portal.
With the MoU signed, the two partners will look at coming up with a general framework to facilitate cooperation to launch the JV, as per MIS’s statement to Tadawul.
The 180-day MoU is renewable and there are no related parties.
MIS has also made clear that the financial impact of this preliminary agreement cannot be currently estimated and that the latest developments will be announced at a later date.
The MoU aims to achieve integration of the expertise of both parties to provide comprehensive solutions to data centers that fully depend on clean and sustainable energy.