UAE data center firm Khazna sets sights on Saudi Arabian market

Khazna, the Dubai data center company backed by G42 and Microsoft, is preparing to make a major foray into Saudi Arabia.

CEO Hassan Alnaqbi tells Bloomberg that the company projects taking at least 25% of the kingdom’s market share as demand booms for power-hungry AI servers.

He said Khazna has 71% of the UAE’s current data center capacity and is looking beyond its home country with new funding from Abu Dhabi’s MGX fund and U.S. private equity firm Silver Lake.

Alnaqbi told The Circuit in an October 2024 interview that Khazna is investing in solar power and other sustainable energy sources to help fuel its data centers.