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Khazna confirms MGX and Silver Lake as shareholders

27 March 2025

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Abu Dhabi artificial intelligence (AI)-focused fund MGX and US private equity investor Silver Lake have become minority shareholders in Khazna Data Centres, one of the region’s largest data centre operators.  

This development follows the February announcement of UAE telecommunications (telco) group e &’s exit as a shareholder in Khazna.

e& agreed to divest its 40% stake in Khazna Data Centre Holdings for $2.2bn as part of a deal struck with Abu Dhabi AI firm G42, Khazna’s majority shareholder.

Silver Lake is already a minority shareholder in G42.

The deal is expected to generate a capital gain of $1.4bn before federal royalty and corporate tax for e&, formerly Etisalat. The company said the proceeds would be used to reduce its debt.

The firm said that while exiting its stake, e& will continue as a major tenant and strategic partner of Khazna Data Centres.

Khazna Data Centres has grown significantly since 2020, when it had a capacity of just 40MW, following the 2021 merger of the data centre divisions of G42 and e&.

MEED previously reported that the company had exceeded its capacity target of 300MW by the end of 2023.

It is building a 100MW AI-enhanced data centre in the UAE’s northern emirate of Ajman, which is expected to be completed by the end of 2025.

Hassan Alnaqbi, CEO of Khazna Data Centres, said the additional support of its new investors will help accelerate “our global expansion plans and enhance our AI-optimised capabilities”.

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Jennifer Aguinaldo

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