National Infrastructure Fund and Arab National Bank Finance Data Centers for Alfanar Projects Company Worth 1.32 Billion
Infra and ANB co-finance 1.32B for Alfanar’s four data centers, bolstering digital infrastructure, cloud capacity, and AI-driven competitiveness.
February 16, 2025
The National Infrastructure Fund (Infra) and the Arab National Bank announced the signing of a financing agreement worth 1.32 billion to establish four data centers for Alfanar Projects Company, located between the cities of Riyadh and Dammam. This project comes within the framework of supporting the development of digital infrastructure in the Kingdom, in line with the objectives of Saudi Vision 2030. These centers aim to equip the Kingdom’s network as a leading regional hub for data, in addition to contributing to economic growth and meeting the increasing demand for digital services, applications, and solutions.
The four centers will collectively provide up to 19.2 megawatts, with 4.8 megawatts for each center. To meet growing demand, the project will be implemented in two phases simultaneously across five sites, extending from the Al-Hamra area west of Riyadh to the industrial area in Dammam. The project is planned to enhance economic diversification while providing advanced, high-tech data centers located across 88 sites.
In this context, Eng. Esmail Alsallom, CEO of the National Infrastructure Fund, affirmed that financing this project falls within the Fund’s priorities to support projects that contribute to achieving sustainable growth and effective, vital infrastructure.
He said: “This financing represents an important step in the Fund’s journey, as it is the first of its kind in the field of data centers and digital infrastructure projects. It is the Fund’s contribution to supporting the digital infrastructure sector by financing the private sector in data center and artificial intelligence projects, and it enhances the Kingdom’s ability to adopt the latest global practices and technologies.”
He also pointed out that partnerships with banking institutions, such as the Arab National Bank, will help enable financial institutions to play a key role in the Kingdom’s digital infrastructure. The support provided by the enabling ecosystem will further strengthen its contribution to digital transformation and economic development in the Kingdom.
The Deputy CEO for Corporate Banking at the Arab National Bank said: “This financing represents a qualitative achievement for Alfanar Projects, as this partnership contributes to the development of the Kingdom’s digital infrastructure.”
For his part, Eng. Amer Al-Ajmi, General Manager of Alfanar Projects, expressed his great pride in this financing, saying: “This project is an extension of our efforts to support digital infrastructure, as it will help develop the Kingdom’s digital infrastructure, enabling the provision of digital services using advanced technologies and positioning the Kingdom as a global hub in this field.”
It is worth noting that the new data centers will contribute to supporting the national infrastructure. The leased space for these centers is expected to reach a total capacity of about 1,300 megawatts by 2030, enhancing the Kingdom’s ability to keep pace with the rapid growth in digital services and advanced applications and to cement its position as a leading global hub in this field.
The four centers will collectively provide up to 19.2 megawatts, with 4.8 megawatts for each center. To meet growing demand, the project will be implemented in two phases simultaneously across five sites, extending from the Al-Hamra area west of Riyadh to the industrial area in Dammam. The project is planned to enhance economic diversification while providing advanced, high-tech data centers located across 88 sites.
In this context, Eng. Esmail Alsallom, CEO of the National Infrastructure Fund, affirmed that financing this project falls within the Fund’s priorities to support projects that contribute to achieving sustainable growth and effective, vital infrastructure.
He said: “This financing represents an important step in the Fund’s journey, as it is the first of its kind in the field of data centers and digital infrastructure projects. It is the Fund’s contribution to supporting the digital infrastructure sector by financing the private sector in data center and artificial intelligence projects, and it enhances the Kingdom’s ability to adopt the latest global practices and technologies.”
He also pointed out that partnerships with banking institutions, such as the Arab National Bank, will help enable financial institutions to play a key role in the Kingdom’s digital infrastructure. The support provided by the enabling ecosystem will further strengthen its contribution to digital transformation and economic development in the Kingdom.
The Deputy CEO for Corporate Banking at the Arab National Bank said: “This financing represents a qualitative achievement for Alfanar Projects, as this partnership contributes to the development of the Kingdom’s digital infrastructure.”
For his part, Eng. Amer Al-Ajmi, General Manager of Alfanar Projects, expressed his great pride in this financing, saying: “This project is an extension of our efforts to support digital infrastructure, as it will help develop the Kingdom’s digital infrastructure, enabling the provision of digital services using advanced technologies and positioning the Kingdom as a global hub in this field.”
It is worth noting that the new data centers will contribute to supporting the national infrastructure. The leased space for these centers is expected to reach a total capacity of about 1,300 megawatts by 2030, enhancing the Kingdom’s ability to keep pace with the rapid growth in digital services and advanced applications and to cement its position as a leading global hub in this field.