Logo of Axelerated Solutions for Information and Communication Technology Co.
Axelerated Solutions for Information Technology and Communications Co.signed an agreement on Sept. 2 to establish a Shariah-compliant, closed-ended private investment fund, the BIM Capital DC-Infrastructure Fund, to develop, own, and operate two data centers. 
Accelerated Solutions said in a Tadawul statement that the fund targets SAR 675 million, expandable based on the project’s phases, with the company investing in the fund and handling the project’s design, construction, facilities management, and operations.
The company will receive fund units in exchange for part of its design and construction fees and dues, with the percentages, valuation mechanism, and vesting terms to be set out in the fund’s terms and conditions and related framework agreement, and vesting linked to project completion milestones.
The two data centers will be Tier III-compliant and AI-ready, with a capacity of 10 MW each, expandable to 20 MW each.
The company will undertake the design and construction under a fixed-price engineering, procurement, and construction (EPC) contract with the fund or a special-purpose vehicle. It will also provide facilities management and operational services after development, with operational availability of at least 99.98%, and support the marketing and leasing of the project’s capacity.
The agreement is effective from Sept. 2 and will remain in force until the fund is launched and its terms and conditions and final agreements replace it.
If the Capital Market Authority (CMA) does not grant approval or non-objection within 180 days of signing, the agreement may be extended by mutual written agreement. Either party may decline the extension by notifying the other at least 30 days before expiry.
The financial impact is expected to extend over 10 years, with the term extendable by two one-year periods.
The company said there are no related parties to the agreement and that it will disclose any material developments as they arise.
Logo of Axelerated Solutions for Information and Communication Technology Co.
Axelerated Solutions for Information Technology and Communications Co.signed an agreement on Sept. 2 to establish a Shariah-compliant, closed-ended private investment fund, the BIM Capital DC-Infrastructure Fund, to develop, own, and operate two data centers.
Accelerated Solutions said in a Tadawul statement that the fund targets SAR 675 million, expandable based on the project’s phases, with the company investing in the fund and handling the project’s design, construction, facilities management, and operations.
The company will receive fund units in exchange for part of its design and construction fees and dues, with the percentages, valuation mechanism, and vesting terms to be set out in the fund’s terms and conditions and related framework agreement, and vesting linked to project completion milestones.
The two data centers will be Tier III-compliant and AI-ready, with a capacity of 10 MW each, expandable to 20 MW each.
The company will undertake the design and construction under a fixed-price engineering, procurement, and construction (EPC) contract with the fund or a special-purpose vehicle. It will also provide facilities management and operational services after development, with operational availability of at least 99.98%, and support the marketing and leasing of the project’s capacity.
The agreement is effective from Sept. 2 and will remain in force until the fund is launched and its terms and conditions and final agreements replace it.
If the Capital Market Authority (CMA) does not grant approval or non-objection within 180 days of signing, the agreement may be extended by mutual written agreement. Either party may decline the extension by notifying the other at least 30 days before expiry.
The financial impact is expected to extend over 10 years, with the term extendable by two one-year periods.
The company said there are no related parties to the agreement and that it will disclose any material developments as they arise.
