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Abu Dhabi’s Khazna Announces $250M Data Center In Egypt

The new facility will be built at Maadi Technology Park in Cairo and is expected to have an IT load capacity of 25 megawatts.

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abu dhabi's khazna announces $250 million data center in egypt

Abu Dhabi-based Khazna Data Centers, one of the largest operators of its kind in the Middle East, is planning an expansion into Egypt with a new $250 million data center.

The facility will be built at Cairo’s Maadi Technology Park and is expected to have a capacity of 25 megawatts of IT load. The expansion addresses underserved markets in the MENA region, Hassan Al Naqbi explained in a recent interview.

Also Read: Emirates Just Unveiled The World’s First Robot Check-In Assistant

“We realize that to become regional and global, we must step outside the UAE,” Al Naqbi noted. “Egypt is sitting in a very good geographical location between Europe and the Middle East, sort of a gateway between East and West. A country like Egypt with a huge population has a lot of potential”.

hassan al naqbi ceo khazna data centers

Khazna was created in a 2021 merger between the Etisalat Group and Abu Dhabi AI company G42. The company currently operates 12 data centers in the UAE. It plans to double this figure over the next few years and move into other MENA markets, including Saudi Arabia, Morocco, and Kuwait.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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