Latest news with #Khazna
ME Construction
15-05-2025
- Business
- ME Construction
Khazna Data Centers expands into Türkiye to construct AI capable data centre
Infrastructure Khazna Data Centers expands into Türkiye to construct AI capable data centre By The new data centre in Ankara is designed to host various workloads, including AI, cloud, and critical applications Khazna Data Centers (Khazna) has announced its plans to construct an AI-capable data centre in Türkiye. This data centre will have the potential to handle a capacity of up to 100MW, and it has secured a site in Başkent, OIZ, Ankara. This announcement comes after a surge in interest and investment in AI within the country. Stanford University's Artificial Intelligence Index for 2025 revealed a remarkable 198% increase in AI talent concentration in Türkiye between 2016 and 2024. Moreover, this development follows the signing of several memoranda of understanding (MOUs) and strategic agreements worth over US $50bn between the UAE and Türkiye in 2023. With the increasing global expansion of hyperscale data centres, Khazna will serve as the foundation layer for the digital infrastructure by empowering governments, businesses, and societies, Khazna ensures that these entities can thrive in the digital age. Their data centres are designed to handle the high-density computing demands essential for the next-generation AI-powered applications to drive the future economy. The new data centre in Ankara has been designed with the flexibility to host a variety of workloads, ranging from AI to cloud and other critical applications. While the first phase will constitute a cloud-focused design, the modular facility can be expanded and adapted to meet evolving demands across diverse technological requirements, ensuring robust support for future innovations. Like Khazna's other facilities, the new data centre in Ankara will be built to maximise operational efficiency. The design will incorporate features to enhance energy efficiency and minimise environmental impact. These include the use of low Global Warming Potential (GWP) refrigerants that do not contain Hydrofluorocarbons (HFCs), the integration of solar photovoltaic (PV) panels, and the use of low-carbon and recycled materials. Additionally, the facility will explore the use of solar water heating systems, as well as employ high-efficiency adiabatic chillers that maximise the use of free cooling where possible. The design also incorporates systems for re-using wastewater and generators capable of running on Hydrotreated Vegetable Oil (HVO) fuel, further reducing the facility's carbon footprint. Hassan Alnaqbi, CEO of Khazna Data Centers added, 'We're proud to be supporting the efforts being made in Türkiyeto create an advanced economy with AI at its heart, and we hope to be able to provide the foundation layer for this. We believe this data centre will add to the country's impressive economic growth, encouraging innovation and accelerating digital transformation.' Saeed Thani Hareb Al Dhaheri, Ambassador of UAE to Türkiye commented, 'Khazna Data Centers' expansion into Türkiye is a testament to the deepening ties between our countries. Relations with Türkiye are of great importance within the UAE's strategy to strengthen its partnerships, expand its relations and reinforce bridges of cooperation in all fields.' Khazna is due to appoint a general contractor in Q2 2025 following this facility's completion, intends to continue investing in Türkiye and expanding its data centre network.
Fintech News ME
07-05-2025
- Business
- Fintech News ME
UAE and Saudi Arabia Lead MENA VC Increase; Fintech Remains Top Focus
Venture capital (VC) investment in the Middle East and North Africa (MENA) continues to rebound this year, driven by a rise in smaller funding rounds, strong investor focus on Saudi Arabia and the United Arab Emirates (UAE), and sustained support for fintech. According to new data from Magnitt, a financial data platform focused on emerging markets across MENA, Pakistan, and Turkey, VC funding in the region reached US$678 million in Q1 2025, representing a 58% year-over-year (YoY) increase and marking the region's highest-funded quarter since Q4 2023. Small rounds below US$100 million led VC investment activity, accounting for 76.4% of the region's total funding in Q1 2025 with US$518 million. In particular, the quarter saw a notable increase in mid- to large-sized rounds, with the US$5 million – US$20 million and US$20 million+ ranges growing by seven points. Series A and Series B investments surged as well, with funding recording a fivefold YoY increase, growing from US$54 million in Q1 2024 to US$278 million in Q1 2025. In Q1 2025, Saudi Arabia and the UAE continued to dominate the region's VC landscape, together accounting for 88% of deal value and 76% of deal count. This builds on momentum from 2024, when the two countries led VC investment in MENA. Saudi Arabia topped the chart by total funding, securing US$750 million, while the UAE led in deal volume with 188 transactions. Fintech remains top focus This year, fintech remains MENA's most attractive sector for VC investment, capturing 57% of total funding in Q1 2025. The quarter was marked by significant rounds involving leading players across the region. Tabby, a buy now, pay later (BNPL) fintech unicorn from Saudi Arabia, raised a US$160 million Series E funding round in February, pushing its valuation to US$3.3 billion. The company said it would use the proceeds to expand its financial services, including digital spending accounts, payments, cards, and money management tools. NymCard, a prominent embedded finance platform from the UAE, secured a US$33 million Series B funding round in March to deepen its presence across 10+ markets in MENA, and strengthen its payment infrastructure solutions across its three core verticals, namely card issuing processing, embedded lending, and money movement. NymCard is partnered with more than 50 banks, fintech startups, and enterprises to deliver personalized financial offerings across the region. Khazna, a financial super-app from Egypt, raised a US$16 million pre-Series B funding round in February to support its growth, with plans to apply for a digital banking license in Egypt and expand into the Saudi market. The Khazna platform integrates financial services such as loans and insurance directly into payroll accounts, alongside direct delivery of unsecured loans to gig economy workers. It claims 500,000 customers. Fintech, a historically leading vertical Fintech was also the most funded tech sector in MENA last year, including debt, according to a recent report by MENA startup data platform Wamda. The space captured 30% of total investment, continuing a trend that began in 2022. Last year, fintech attracted US$700 million in funding across 119 startups, highlighting its continued appeal to investors. Investor appetite in fintech remained strong in April, with the sector continuing to dominate the investment landscape. Fintech companies in MENA raised US$44 million last month, accounting for 19% of total funding of US$228.4 million, according to Wamda. Notable rounds included Fuse Finance's US$6.6 million seed round, Zest Equity's US$4.3 million pre-Series A, and Erad's US$16 million pre-Series A. Fuse Finance is an online fintech platform providing payout solutions for businesses from the UAE, Zest Equity is an online platform for VC investment management from the UAE, and Erad, which is based in Saudi Arabia, provides working capital to online businesses.
Zawya
04-05-2025
- Business
- Zawya
Oman Arab Bank promotes financial awareness among youth in the Sultanate of Oman
Muscat – Oman Arab Bank, in collaboration with the Ministry of Education, has launched its pioneering initiative, Money Adventures for Young Savers, to prepare future generations for financial success. His Excellency Majid bin Said Al Bahri, Undersecretary of the Ministry of Education for Administrative and Financial Affairs, inaugurated the programme during a ceremony at Al-Ula Basic Education School in Al Ghubrah. The event marked the official launch of a nationwide campaign to equip students with essential financial literacy skills, in line with the Ministry's 'Khazna' initiative. Launched at a pivotal time, Money Adventures for Young Savers aligns with the objectives of Oman Vision 2040 by fostering a financially aware and responsible generation. The programme employs a forward-thinking educational model that combines interactive learning with real-life experiences. Students explore key financial concepts such as earning, saving, smart spending, and charitable giving through age-appropriate activities and engaging, hands-on learning stations. In its first year, the programme will reach 3,000 students across 50 schools in Oman, with 60 students participating from each school. Organisers will divide students into two groups to maximise engagement and learning outcomes. Seven interactive stations will offer rich educational content and experiential learning opportunities that make financial education accessible and enjoyable. At the launch, Mr. Sulaiman Al Harthi, CEO of Oman Arab Bank, said, 'In today's rapidly evolving economic landscape, it's vital to equip young people with the financial knowledge to make informed, responsible decisions. Through Money Adventures for Young Savers, we aim to nurture a new generation that values saving, investing, and prudent financial management. Our collaboration with the Ministry of Education enables us to deliver this impactful initiative and contribute meaningfully to the financial education of Oman's youth.' This initiative reflects a strong national partnership. Skilled Omani youth from Oman Arab Bank and the Ministry of Education developed the programme's educational content, training materials, and interactive tools. Their collaboration highlights a shared commitment to nurturing local talent and investing in educational initiatives that build a solid financial knowledge foundation among students. The programme will expand to include more schools across the Sultanate, reaffirming Oman Arab Bank's and the Ministry's commitment to providing inclusive, high-quality financial education. The goal is to empower all students with the financial skills they need to navigate life confidently and responsibly. As part of its broader community investment strategy, Oman Arab Bank views financial literacy as a cornerstone of sustainable development. This initiative reinforces the Bank's role as a proactive contributor to national goals. It supports economic and social progress by helping youth make informed financial choices that positively shape their futures and communities.
Al Etihad
01-05-2025
- Business
- Al Etihad
UAE company to build data centre in Ankara
1 May 2025 21:26 ABU DHABI (ALETIHAD)Khazna Data Centers, UAE-based digital infrastructure company, has announced its expansion into Türkiye with plans to build a new AI-capable data centre in Başkent, OIZ, Ankara. The facility will have a potential capacity of up to 100 megawatts (MW), reinforcing Türkiye's ambitions to become a regional hub for artificial move follows a surge in AI investment in Türkiye, underpinned by a 198% rise in AI talent concentration between 2016 and 2024, as recorded in Stanford University's 2025 AI Index. It also comes on the heels of over $50 billion worth of agreements signed between Türkiye and the UAE in 2023, highlighting deepening bilateral Ankara facility will support a range of workloads, from AI to cloud computing, and will be delivered in modular phases, allowing for future scalability. Phase one will focus on cloud infrastructure, with the flexibility to adapt to emerging technology demands.'We're proud to be supporting the efforts being made in Türkiye to create an advanced economy with AI at its heart,' said Khazna CEO Hassan Alnaqbi. 'We believe this data center will add to the country's impressive economic growth.'Saeed Thani Hareb Al Dhaheri, UAE Ambassador to Türkiye, added that the expansion 'is a testament to the deepening ties between our countries' and reflects the UAE's broader strategy to strengthen international partnerships. Khazna is expected to appoint a general contractor by Q2 2025 and continue investing in Türkiye thereafter.
Arabian Business
01-05-2025
- Business
- Arabian Business
UAE data centre major Khazna to build 100MW AI-ready data center in Turkey
Khazna Data Centers (Khazna), a leading digital infrastructure player and part of G42, announced plans to build an AI-capable data center in Turkey, with a potential capacity of up to 100MW. It has secured a site in Başkent, OIZ, Ankara, for the project. The new data center has been designed with the flexibility to host a variety of workloads, ranging from AI to cloud and other critical applications, Khazna said. While the first phase will constitute a cloud-focused design, the modular facility can be expanded and adapted to meet evolving demands across diverse technological requirements, ensuring robust support for future innovations, it said. Hassan Alnaqbi, CEO of Khazna Data Centers, said the company is proud to be supporting the efforts being made in Turkey to create an advanced economy with AI at its heart. 'We hope to be able to provide the foundation layer for this,' he said. Saeed Thani Hareb Al Dhaheri, Ambassador of the UAE to Turkey, said Khazna Data Centers' expansion into Turkey is a testament to the deepening ties between the two countries. 'Relations with Turkey are of great importance within the UAE's strategy to strengthen its partnerships, expand its relations and reinforce bridges of cooperation in all fields,' Al Dhaheri said. The announcement comes against a backdrop of sustained interest and investment in AI in Turkey. Stanford University's Artificial Intelligence Index for 2025 found that Turkey had seen a 198 per cent increase in AI talent concentration between 2016 and 2024. It also follows .
