SCZONE inks $450M land usufruct contract to establish Kemet Data Center

Updated 11/5/2024 12:52:00 PM
SCZONE inks $450M land usufruct contract to establish Kemet Data Center

Arab Finance: The General Authority for Suez Canal Economic Zone (SCZONE), SCZONE Istithmar Company, and Intro Group Holding have signed a land usufruct contract to establish a tier III Kemet Data Center in SCZONE, according to a statement.

Marking the first of its kind in the SCZONE, the center is set to be established on an area of 80,000 square meters with investments of $450 million.

The center aims to provide cloud solutions, the internet of things, and digital transformation services.

The SCZONE invested in the project in exchange for the right to use the land plot via its investment arm, SCZONE Istithmar Company.

 

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