ع
Ooredoo Group announced its $800 million investment in Zankore on August 6 as the lead partner in a collaboration that also includes Indosat Ooredoo Hutchison, Nokia and NVIDIA. The company will hold a 49 percent stake in the dedicated AI compute and neocloud platform that will initially be developed in Indonesia. Ooredoo Group said the project targets one gigawatt of NVIDIA DSX AI Factory capacity and will expand across Southeast Asia to meet rising demand for AI infrastructure.
The investment is anticipated to contribute approximately $600 million in cumulative contracted EBITDA to Ooredoo Group over the first five years according to the company’s estimates. This is expected to increase the share of earnings from digital infrastructure assets. Ooredoo Group noted that the move strengthens its exposure to the region’s rapidly growing AI and cloud market.
Thomas Chevane, Ooredoo Group’s chief strategy and M&A officer, said in the announcement, “This investment reflects Ooredoo’s disciplined approach to pursuing growth opportunities that align with our long-term strategy. Through Zankore, we are expanding our digital infrastructure portfolio into AI compute while gaining exposure to a market with significant long-term growth potential. We believe the platform is well positioned to support increasing demand for AI and cloud services across Southeast Asia.”
Georges Abi Saab, Ooredoo Group’s group general counsel, said, “This transaction marks an important milestone in Ooredoo’s digital infrastructure strategy and reflects our commitment to investing in the technologies and platforms that will underpin future growth. Zankore brings together leading partners with complementary capabilities, creating a strong foundation for the development of AI infrastructure in one of the world’s most dynamic digital markets.” He added that Baker McKenzie delivered exceptional support throughout the transaction.
Baker McKenzie advised Ooredoo Group on the transaction according to its newsroom release issued on August 25. The legal team was led by Dubai partner Adnan Doha and drew on expertise from multiple offices and practice groups including corporate, finance, trade and export controls as well as IP technology. The firm noted that the deal combined leading investors, technology providers and infrastructure experts to support AI-driven growth in Southeast Asia.
FTI acted as financial adviser to Ooredoo Group on the deal. The Ooredoo legal team was led by Georges Abi Saab. The transaction marks Ooredoo Group’s entry into the AI compute sector as part of its digital infrastructure expansion.
