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Al Moammar Information Systems Co. (MIS) signed a non-binding memorandum of understanding (MoU) with Abunayyan Holding Group to establish a 50:50 joint venture (JV), which will explore the feasibility of building and developing green data centers based on renewable energy in the Kingdom.
The MoU was signed on Feb. 25, 2021, to provide a general framework to facilitate cooperation between the two parties to launch the JV, MIS said in a statement to Tadawul.
The 180-day MoU is renewable and there are no related parties.
The financial impact of this preliminary agreement cannot be currently estimated, MIS noted, adding that the latest developments will be announced in due course.
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.
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