Al Moammar Information Systems Co.(7200.SA) (MIS) has announced the receipt of new orders to enhance the capacity of two data centers in Dammam, as per the Tadawul announcement on February 11, 2024. This initiative, valued at 155,433,822.90 Saudi Riyals (including VAT), marks the commencement of the second phase in the company's strategic plan to scale up data center capacities in response to growing customer demands.

This development follows the original announcement made on July 4, 2021, where MIS disclosed its contract with Saudi Fransi Capital (SFC) to design, develop, and manage facilities for data centers. These centers are part of a Shariah-compliant Private Investment Fund managed by SFC, aimed at owning six data centers across Saudi Arabia.

The new orders signify a pivotal step in the ongoing implementation activities of the first phase, indicating MIS's commitment to enhancing its infrastructure to meet the evolving needs of the digital landscape in the region.

MIS has also stated that the financial impact of this expansion will be reflected from the first quarter until the third quarter of the fiscal year 2024, underlining the company's anticipation of significant growth and development in its operations and services.