Aurum Equity Partners is investing in a new data center project in Saudi Arabia.
Private equity firm Aurum announced this week it had signed an MoU with Al Nowais Group (via its Emirates United Economy subsidiary) to jointly invest in a 50MW data center in Saudi Arabia.
Details on location, specifications, development timelines, investment amounts, or end customer(s) weren’t shared.
The companies said the site will use energy-efficient cooling systems and renewable energy, as well as ‘top-tier’ security measures and 'robust' disaster recovery solutions, and AI for efficient operations.
Venkat Bussa, founder & CEO of Aurum Equity Partners, said: "We're excited to collaborate with Al Nowais Group to develop a data center driving digital transformation in Saudi Arabia, supporting sustainable growth and tech advancement."
Abdulla Al Nowais, CEO and chairman of Al Nowais Group, added: "Saudi Arabia is on the brink of becoming a leading digital hub in the region, and we're honored to build a data center with unmatched security, efficiency, and reliability to meet the growing demands of businesses."
Founded last year, Aurum’s Bussa was previously a partner at VU Venture Partners and VU Capital Partners.
In May, Aurum announced the launch of its $250 million global private equity fund plan, closing Q1 2024. At the time the company said it had allocated $50 million to Hyderabad in Telangana in India for the "development of cutting-edge data centers," without providing details.
The company’s sister firm, Aurum Venture Partners has committed $5 million to support tech startups in Telangana. Aurum Venture Partners closed a $50 million fund in Q1 2023.
Founded in 2005, Al Nowais Group is a family-owned company operating in a number of verticals across the UAE including oil & gas, construction, defense, and agriculture. Its Emirates United Economy subsidiary is a government contractor that provides sourcing and procurement services.