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Khazna to Build 100-Megawatt Data Center for Microsoft in Ajman

Jan 24, 2025•over 1 year ago

Contract Type

contract

Egypt

Description

Khazna CEO Hassan Alnaqbi announced the construction of a new Tier-III, 100-megawatt AI-optimized data center in Ajman, to be built on an accelerated timeline of 15 to 18 months. The facility will be dedicated to Microsoft and is expected to cost $272 million.

Company Information

Company

Khazna

Location

Egypt

About

The company has received a total of $47 million since its inception. The company, founded by Omar Selah, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah in 2019, provides basic banking and various financial services focusing on middle and lower-income earners. He also said the platform has 150,000 users across all its products. According to its chief executive, the startup will seek to leverage the bank’s infrastructure for some services in its pipeline.“We are aligned with CBE’s vision and Khazna, at its core, believes that world-class financial services should be available to all. The Egyptian startup has a team of 70 people, of which its leadership team comprises former executives from WorldRemit, Uber, Jumia and Match Group. One such provider is Cairo-based Khazna — a self-described “financial super app” that has raised a $38 million Series A in debt and equity. Khazna is the impact investor’s second check in an Egyptian startup after B2B retail e-commerce company Capiter.

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