UAE-based Khazna Data Centers has taken investment from MGX and Silver Lake.

Both firms now hold undisclosed minority stakes in Khazna, alongside majority shareholder G42. The deal was first announced in February and has now been confirmed.

The company described the news as “an exciting new chapter” in its development.

Hassan Alnaqbi, CEO of Khazna Data Centers, said: “Our ambition is to enable the growth of artificial intelligence and digital economies by delivering data centers that are designed to handle the high-density computing requirements essential for the applications powering the future economy.

“With G42, and now the additional support of MGX and Silver Lake, two leading global investors, we are well-positioned to accelerate our global expansion plans and enhance our AI-optimized capabilities for a new, digitized world.”

As the two new investors come on board, e&, the telco formerly known as Etisalat, has exited its stake in Khazna, though the company said it remains a “key business partner.” Its holding in the company has been purchased by G42 for $2.2 billion.

Khazna says it has 30 operational data centers, with more under construction. It merged with G42 and e&'s data center operations in October 2021, a deal that made Khazna the UAE’s largest data center provider. The company is also developing a facility in Cairo, Egypt.

MGX is already working with G42 and oil company Eni to build data centers in Italy. It is also an investor in OpenAI’s Stargate project in the US.

Silver Lake’s data center investments include a stake in Vantage. It was a lead investor in a $6.4 billion equity funding round announced in January.