Monday 6 March 2023
Zain KSA Signs Agreement with Shareek to Launch Hyper-Scale Data Centers
Under the patronage and in the presence of His Royal Highness Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, Zain KSA, represented by its Chairman, HH Prince. Naif bin Sultan bin Mohammed bin Saud Al Kabeer, Vice Chairman Bader Al-Kharafi and CEO Eng. Sultan bin Abdulaziz Al-Deghaither joined the event to announce the first bundle of projects of large companies under the newly created Private Sector Partnership Program, Shareek. The event was held on February 28, 2023, to accelerate the growth of the private sector, contributing to achieving the national ambitions of Saudi Vision 2030.
During the ceremony, Zain KSA announced signing a framework agreement to launch a number of hyper-scale data centers, to drive the Kingdom's transition into a leading digital economy by enhancing its readiness to continue to keep pace with the cutting-edge tech developments.
Commenting on this milestone, Zain KSA CEO, Eng. Sultan bin Abdulaziz Al-Deghaither, stated, "We deeply believe in the importance of cooperation between large national companies to achieve sustainable economic growth for the Kingdom, under the directives of our wise leadership. Shareek program which was launched by HRH Prince Mohammed bin Salman bin Abdulaziz strengthens our proactive partnership with the public sector and promotes integration among major national companies. We are fully aware of the pivotal role of the ICT sector in enhancing the Kingdom's leadership and raising its development indicators worldwide, in addition to being a key enabler of the three pillars of Saudi Vision 2030: driving a thriving digital economy through revenue diversification and job creation, maximizing digital services capabilities and accelerating connectivity within a vibrant society and an ambitious nation to position the Kingdom as a global technology and innovation investment hub."
He added, "We are witnessing an era of strategic transformation in the Saudi ICT sector and we believe that the Kingdom will be a regional technology powerhouse attracting investments in the digital services sector, and an epicenter of digital content in the region and the world."
The Shareek program aims to boost collaboration between the public and private sectors, contributing to making a large-scale positive impact on the economy, enhancing the agility and capabilities of major companies regionally and globally, and empowering major national companies. The total value of the projects announced during the ceremony is around SAR 192 billion, including SAR 120 billion in investments by the companies under Shareek program. This will contribute some SAR 466 billion to the national GDP over the next two decades, with an estimated fiscal multiplier of more than 2.43 times, with major strategic and economic implications for the Kingdom.