Al Moammar Information Systems received a letter of award expanding its AI data centre project with HUMAIN from 50 megawatts to 250 megawatts, adding 200 megawatts in phases. The expanded contract value exceeds 689% of the company's total 2025 revenue, which was SAR 1.27 billion; the original award announced in March represented more than 155% of 2024 revenue. Work on the first 50 MW continues while engineering, procurement and construction begin on the additional capacity, with contract procedures to be finalised within two weeks.
The company increased its capacity from 50 to 250 megawatts and reported SAR 1.27 billion in revenue last year. This rapid growth in scale exceeded the pace of business development.
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SR 3.6bn, 2,505 apartments, one fund
Alramz Real Estate established a Shariah-compliant fund of more than SR3.6bn, managed by SNB Capital, with Alramz holding 100% of the units. The vehicle covers a 90,000+ sqm site in Al Raed district, Riyadh. 2,505 residential apartments plus commercial space, on a development contract worth roughly SR1.2bn, with 10% development fees and 2.5% marketing fees over an approximately five-year term.
2,505 units delivered into a market where new residential mortgage lending has roughly halved year on year. The build is a five-year bet that the financing side normalises well before handover, and that is the assumption to interrogate, not the design.
Barq crosses the billion
Digital payments company barq closed a Series A worth more than $329.5 million, the largest Series A round in Saudi Arabia and one of the largest fintech rounds in the region, lifting its valuation to $1.85 billion and taking it into the unicorn club. Its wallet has passed 10 million users after reaching 7 million in its first year of operation, a year in which it recorded more than 500 million transactions worth SAR 73 billion and issued more than 6.5 million digital payment cards, while SAMA Governor Ayman Al-Sayari, speaking at Money20/20, said the number of fintech companies reached 371 by the end of August 2026, digital payments made up 85% of total payments in the Kingdom at the end of 2025, and cumulative fintech investment passed SAR 30 billion by the end of H1 2026.
A wallet that processed SAR 73 billion in its first year and is now valued at $1.85 billion demonstrates what happens when a payment app stops being the one people try and becomes a trusted platform for storing funds.
Six months to fund $5 billion
DataVolt expects to close financing on its Saudi AI data centre pipeline — $5 billion total — within six months, with a 1.5GW facility at Neom whose first phase is due operational in 2028. Its Uzbekistan site TAS-1 is raising up to $150 million against a $250 million project cost, including $78 million from the EBRD on a 12-year non-recourse term; the first 6MW phase has under 10% of capacity left. Parent Vision Invest manages more than $95 billion of infrastructure assets.
The Uzbekistan deal is the tell. A 12-year non-recourse structure with a development bank anchoring it is the template they'll try to replicate at Neom and 1.5GW is roughly twenty times the scale, which is where the template gets tested.
