NEOM, DataVolt Signs $5 billion Investment Agreement

Image Courtesy: NEOM

NEOM, the sustainable region taking shape in northwest Saudi Arabia, and DataVolt, a Saudi-based international developer, investor and operator of data centers, signed a landmark agreement, marking a significant step toward realizing the Kingdom’s vision for a sustainable, data-driven economy.

The development will take a phased approach, with phase one – funded by an initial investment of USD 5 billion – expected to be operational by 2028.

Aligning with Oxagon’s ambition, the 1.5-gigawatt factory will integrate a wide range of computing densities and energy-efficient architectures to address the global challenges posed by traditional data centers.

As part of the agreement, Oxagon will lease DataVolt the land for the development of the facility and provide the sustainable data center operator with infrastructure support. The ambition is for the facility to be entirely powered by renewable energy, providing a fully integrated, end-to-end data center solution. The project will utilize advanced cooling technologies and is designed to operate at net zero, addressing the global challenges of power availability and the carbon footprint posed by data centers.

Oxagon’s strategic location on the Red Sea coast, combined with access to sub-sea cables providing fiber connectivity, alongside cost-competitive renewable energy, green hydrogen, and a rapidly expanding industrial ecosystem, makes it the ideal location for DataVolt to develop a large-scale green AI factory.

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