Latest news with #SaudiArabia-based
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
XDS Datacentres signs 15-year deal to host 10MW of AI workloads in Saudi's Desert Dragons facilities
XDS DATACENTRES, a leading provider of advanced data center solutions, has announced a landmark agreement with Desert Dragon Data Centers (DD), a premier Saudi Arabia-based colocation facility designed/built/operated by ICS Arabia. A total of 10MW is required by XDS in the kingdom. Desert Dragon will deliver 3MW of immersion-cooled segment in June 2026 to XDS, and the following year will complete the requirement. The agreement reinforces Desert Dragon's dedication to enabling high-performance AI and hyperscale workloads within the Kingdom, with strategic plans to expand its immersive segment up to 50MW across four cities in the kingdom of Saudi Arabia. The signing ceremony was held earlier today at Desert Dragon's headquarters in Riyadh, with key executives from both organizations in attendance. "This marks a momentous milestone as XDS enters the Saudi Arabian market for the first time, leveraging Desert Dragon's Saudi-based facilities and cutting-edge U.S. designed technology by ICS Arabia, focused on sustainable solutions for AI and hyperscale workloads," stated Gen. Abdullah AlMazny (Ret.), GM of Desert Dragon Data Centers. Ghufran Hamid, CEO of XDS, highlighted the transformative impact of the partnership with Desert Dragon, stating: 'Our collaboration marks a pivotal milestone in expanding AI infrastructure across the region. As AI workloads evolve, traditional air-cooled facilities are no longer sufficient. DD's immersion cooling technology provides a scalable, efficient, and sustainable solution, tailored to meet the demanding needs of enterprise clients for AI-intensive applications.' Desert Dragon is a leading provider of secure, environmentally responsible digital infrastructure in Saudi Arabia, targeting a capacity of approximately 187 MW by 2029. Its innovative data centers support a broad spectrum of workloads, including AI and hyperscale computing, across the Kingdom—with a focus on sustainable growth and DATACENTRES (XDS) offers advanced and scalable cloud hosting, and AI solutions for large-scale enterprise needs, and digital transformation initiatives with reliable, energy-efficient, and innovative infrastructure. XDS currently operates in the UK, UAE, and expanding into Saudi Arabia from 2026.
Fintech News ME
03-07-2025
- Automotive
- Fintech News ME
Saudi's PetroApp Secures $50M to Support IPO and Expansion
PetroApp, a Saudi Arabia-based independent digital platform for fuel payments, fleet management, and vehicle services, has closed a US$50 million funding round. The investment was led by Jadwa Investment through its GCC Diversified Private Equity Fund, with additional participation from Bunat Ventures. Established in 2018, PetroApp is Saudi Arabia's first standalone provider of cashless fuel payment and fleet management solutions. The platform eliminates the need for cash transactions, reduces fraud risk, and offers real-time cost control for corporate and government fleet operators. Over time, the company has expanded its services to include car washes, oil changes, and tyre and battery replacements, while incorporating artificial intelligence to support operational efficiency and predictive maintenance. PetroApp currently manages more than 500,000 vehicles globally for over 10,000 clients, including corporations and government entities. Its network spans 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria. The company forecasts revenue exceeding SAR 10 billion in 2025. The latest capital injection will be used to support PetroApp's plans for an initial public offering on the Saudi Exchange (Tadawul), expand its international footprint, and introduce new AI-powered vehicle management services. The company also intends to increase its offerings to the retail and government sectors. It has recently been named an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency. PetroApp's Founder and CEO, Abdulaziz Al Senan, stated: 'We are excited to embark on this partnership at a pivotal stage in PetroApp's journey. Jadwa's institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond.'
Saraya News
30-06-2025
- Business
- Saraya News
Saudi ACWA Power in Strategic Partnership Talks with Solwie Energy for Solar Investments in Turkey
سرايا - Ankara – June 2025 Saudi Arabia-based energy giant ACWA Power has entered into talks to establish strategic partnerships with local players as part of its planned $2 billion solar energy investment in Turkey. One of the most prominent potential partners under consideration is Solwie Energy, a rapidly growing Turkish company in the renewable energy sector. According to a report released by SDE, ACWA Power is particularly focusing on both licensed and unlicensed solar projects in regions of Turkey with high solar potential. The ongoing discussions with Solwie Energy are said to be at an advanced stage. Although Solwie Energy has not made any official statement regarding the negotiations, company officials have signaled positively toward the possibility of a strategic alliance. Talks are reportedly centered around areas such as project development, engineering, domestic supply chains, and green hydrogen integration. As part of its Turkey operations, ACWA Power aims to establish a solar energy portfolio exceeding 1000 MW, a move expected to contribute significantly to regional economic growth and energy supply security. Solwie Energy CEO Samet Koç has previously emphasized the company's mission, stating: 'We are committed to being a part of the global energy transition through local expertise.' He has also underscored that Turkey should be seen not only as an investment destination but also as a hub for production and technology. Industry sources highlight that this collaboration could support Turkey's energy independence goals while also fostering mutual trust between domestic and international investors.
Yahoo
13-06-2025
- Business
- Yahoo
Saudi Arabia's tiqmo and MoneyGram partner to power cross-border money movement
MoneyGram has teamed up with Saudi Arabia-based financial app tiqmo to enable international money transfers, according to a press release by Zawya. Through this collaboration, tiqmo users in Saudi Arabia can now access MoneyGram's global network to send funds to over 200 countries and territories. The partnership provides tiqmo customers with the ability to reach more than five billion digital endpoints and over 480,000 MoneyGram locations worldwide, the press release said. Users will have options to send and receive money in over 120 currencies. The service is expected to be particularly useful for customers sending money to countries such as India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia, and Nepal. The new service is now operational and available to all tiqmo users in Saudi Arabia. tiqmo managing director Abdulaziz Al Ajlan said: 'We believe that our partnership with MoneyGram will strengthen tiqmo's portfolio of international financial services and connect our customers with a payment brand known around the world. 'In line with Vision 2030 and the Kingdom's digital transformation objectives and in pursuit of our goal to redefine digital financial services, we are delighted to welcome MoneyGram into our world-class digital payments ecosystem for the MENA financial services and marketplace.' MoneyGram Middle East, South Asia & Asia Pacific head Ahmed Aly stated: 'This partnership reflects MoneyGram's leadership in enabling digital cross-border payments and advancing financial inclusion across the region. 'By expanding our digital network through this collaboration with tiqmo- one of the Kingdom's most innovative and fast-growing wallets- we are reinforcing our role as a key enabler of remittance innovation and supporting Saudi Arabia's Vision 2030 towards a more inclusive and digital empowered financial ecosystem.' tiqmo's services include bank account transfers, digital wallet transfers, cash pick-up, bill payments, and mobile top-ups. Since its launch in 2024, tiqmo has been serving regions across the Middle East and North Africa (MENA) and is licensed by the Saudi Central Bank. Last month, MoneyGram unveiled MoneyGram Ramps, an API that facilitates cash-to-crypto and crypto-to-cash services through a single integration. "Saudi Arabia's tiqmo and MoneyGram partner to power cross-border money movement " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
06-06-2025
- Business
- Reuters
Nasdaq-bound Hotel101 eyes expansion into Latin America, Oceania, CEO says
SINGAPORE, June 6 (Reuters) - Hotel101 Global, a unit of Philippine-listed real estate company DoubleDragon ( opens new tab, is looking to expand into Latin America and Oceania in addition to growing its presence in existing regions including Asia, its CEO Hannah Yulo-Luccini told Reuters on Friday. Last month, Hotel101 entered into a partnership with Saudi Arabia-based Horizon Group to build 10,000 rooms or 20 hotels across the Kingdom, marking its fourth destination outside of the Philippines and after Japan, Spain and the U.S. CONTEXT Hotel101 is due to list on Nasdaq following a merger with a Nasdaq-listed special purpose acquisition company JVSPAC Acquisition Corp (JVSA.O), opens new tab that puts Hotel101 equity value at $2.3 billion. Both companies on Monday had obtained regulatory nod to proceed. JVSPAC is a publicly listed shell that raises funds to merge with a private entity. WHY IS IT IMPORTANT Upon listing, the combined company will operate as Hotel101 and will become the first Philippine-owned company to be listed and traded on Nasdaq, which the CEO says will help it with its international expansion. DETAILS Singapore-headquartered Hotel101 builds and operates hotels with standardized, 21 square metre rooms that it sells individually to investors. Its asset-light business model generates revenue first from room sales and then from the recurring income from day-to-day hotel operations. KEY QUOTES: "This whole process of becoming a Nasdaq-listed company has really allowed us to really have that global credibility as we expand the brand to 25 countries in the near term," Yulo-Luccini said. "Other than the Saudi JV, we're actually working on five more hotel JVs."
