WASHINGTON (dpa-AFX) - Iron Mountain Incorporated (IRM), and Ooredoo Group announced on Thursday a strategic partnership, with Iron Mountain acquiring a minority stake in Ooredoo's carrier-neutral data center, MENA Digital Hub.
The partnership enables Ooredoo to expand its MENA hyperscale and AI data center footprint, leveraging its local expertise and Iron Mountain's global operations. Iron Mountain will provide strategic guidance in design, construction, and operations, focusing on infrastructure growth.
This investment highlights MENA's rising appeal for digital infrastructure, driven by cloud and AI, positioning MENA Digital Hub for growth while ensuring regulatory compliance.
Iron Mountain, a global leader in information management across 61 countries, provides digital solutions, data centers, secure storage, and asset lifecycle management. Since launching its data center division in 2013, it has grown to operate 415 MW of capacity across 21 markets, with a total potential of 1.3 GW.
Ooredoo launched MENA Digital Hub to drive regional digital transformation, offering advanced colocation services. With a $1 billion investment, it aims to expand capacity to over 120 MW. Operating data centers in five markets and partnering with major hyperscalers, Ooredoo is well-positioned to lead the MENA data center sector and capitalize on industry growth.
Ooredoo secured QAR 2 billion in financing to expand and modernize its AI-powered, energy-efficient data centers, supporting governments, hyperscalers, and enterprises. The transaction is pending customary closing procedures.
Moelis & Company advised Ooredoo, with Baker McKenzie and A&O Shearman providing legal counsel.
IRM is currently trading at $97.29 or 5.3% lower on the New York Stock Exchange.
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