Jordan Capital & Investment Fund (JCIF) is investing in Jordanian data center firm Aqaba Digital Hub (ADH).
The fund this week announced that it has finalized details for a ‘significant minority’ investment in ADH, a Jordanian company that operates a data center and fiber network. Terms of the deal weren’t shared.
Owned by the Al Mirnaah Investment & Business Development Company and founded 2017, ADH operates a carrier-neutral, Uptime Tier III-certified 6MW data center and cable landing station (CLS) in Aqaba through its NaiTel and 35D subsidiaries.
The facility is set to be the landing point for the Raman segment of Google’s upcoming Blue-Raman cable connecting Europe to Asia via the Red Sea instead of the Suez Canal.
The company also offers cloud services, long-haul telecommunications services, a carrier-neutral internet exchange point (AqabaIX), fiber networks, and satellite services.
“Since its inception, the Aqaba Digital Hub has attracted distinguished local, regional, and international telecommunications operators, as well as global content delivery networks,” said Abu Khorma, ADH founder and owner. “Our partnership with JCIF will provide capital for growth, increase access to resources, and help drive expansion by further opening up new market opportunities.”
Founded in 2021 as the largest Jordanian investment fund with a total capital of JD275 million ($388.5m), JCIF is owned by 16 Jordanian commercial and Islamic banks.
“This deal will mark a key investment for JCIF since its official launch in 2022 and aligns with the fund’s strategy to play a central role in the Jordanian economy by creating jobs, attracting new businesses, and bringing cutting-edge technologies to local communities,” said Hani Qadi, chairman of JCIF Management Company.
“Information and communications technology has emerged as a core driver of the modern knowledge-based economy and plays a crucial role in the socioeconomic development of a country. On this note, we extend our sincere appreciation to the Government of Jordan and the Central Bank of Jordan for their consistent support of JCIF.”
Faris Sharaf, CEO of JCIF Management Company, added: “We are delighted to partner with Eyad Abu Khorma on this pioneering project, which will help serve the growing demand for modern digital services in Jordan and the MENA region. This project will be critical to enhancing solutions for digital transformation and developing hubs for companies and organizations of all sizes.”
Dubai property firm Damac is planning to develop a new data center in Jordan in the capital city of Amman.