Company secures Murabaha facility from Dukhan Bank
Meeza, a data center and IT firm in Qatar, has secured new financing to fund its build-out.
The Qatari managed IT services and solutions provider, announced this week that it has secured a QAR 800 million ($219.3m) Commodity Murabaha bank facility from Dukhan Bank.
The financing will fund expansion plans to add 44MW of data center capacity. The first phase will deliver 24MW, with 6MW purpose-built to support advanced AI services.
The company didn't say where the capacity would be delivered or on what timelines.
The long-term facility was structured under Sharia-compliant Commodity Murabaha principles. Murabaha is a bank lending system that relies on cost-plus pricing rather than interest charges.
Mohamed Ali Al-Ghaithani, Meeza CEO, said: “Securing this facility from Dukhan Bank is a strategic milestone for Meeza. It equips us with the financial strength to deliver one of the most significant Data Center expansions in Qatar’s history — adding 44MW of capacity, including 6MW purpose-built for advanced AI services. This investment positions Meeza at the forefront of the region’s digital transformation, enabling us to meet the growing needs of our clients while contributing to Qatar’s vision of becoming a leading hub for technology and innovation.”
Ahmed I. Hashem, acting group CEO of Dukhan Bank, added: “We are pleased to support Meeza’s strategic expansion, which aligns with Qatar’s vision of becoming a regional leader in digital infrastructure and technology innovation. As a leading Sharia-compliant financial institution, Dukhan Bank remains committed to enabling the growth of companies that play a vital role in advancing Qatar’s economic diversification.”
Meeza has five data centers in the Gulf state, having launched its fifth in 2022. The M-VAULT 5 facility is located in the Qatar Science and Technology Park (QSTP) in Doha and was completed just a year after the inauguration of its fourth data center M-VAULT 4, also located in the technology park.
In 2023, the company announced the successful completion of an IPO, after floating 50 percent of the company’s issued share capital on the Qatar Stock Exchange, having announced plans to go public earlier that year.
Microsoft is a known customer of Meeza. The colo firm signed a 4MW hosting contract with an unnamed “major hyperscaler” earlier this year. In June, the company said it was 75 percent completed on a 4MW expansion at its M-Vault 4 data center. The facility is scheduled to launch in the first half of 2026.
