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Dubai’s du to sell stake in Khazna for Dhs800m

Dubai’s du to sell stake in Khazna for Dhs800m

Abu Dhabi’s Technology Holding Company will own 100 per cent of Khazna

Dubai-headquartered telecom operator du will get Dhs800m from selling its 26 per cent stake in Khazna Data Centre to Abu Dhabi’s Technology Holding Company. Net revenue from the deal could be about Dhs521m.

Du management confirmed there were moves to divest its Khazna stake last week. Once the transaction is complete, Technology Holding will own 100 per cent of Khazna.

“The transaction is in line with the company strategy of pursuing data centre development through either full ownership or commercial partnerships and will allow it to accelerate growth in this area,” du said in a statement.

Khazna was founded in 2012, a joint venture between du and Mubadala, to offer wholesale data centre services. Operations at its two data centres, located in Dubai and Abu Dhabi, have a capacity of 28+ MegaWatt (MW) of IT load.

Khazna also operates a joint venture with EVOTEQ that operates Sharjah’s first Tier 3 data centre aimed at providing smart city services to the emirate.

Read: UAE telecom operator du reports 21% decrease in net income for Q1 2020

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