DigitalBridge Announces PIF as an Investor in a New Partnership Aiming to Develop Data Centers in Saudi Arabia and the GCC Region
BOCA RATON, Fla., May 24, 2023 /PRNewswire/ -- DigitalBridge Group, Inc. (NYSE: DBRG) ("DigitalBridge"), a leading global asset manager dedicated to investing in the next generation of mobile and internet connectivity, announced today that the Public Investment Fund ("PIF") is an investor in a new partnership managed by DigitalBridge, aiming to develop data centers in Saudi Arabia and across the Gulf Cooperation Council ("GCC").
The Investment is Designed to Support the Continued Advancement of the Digital Economy in Saudi Arabia and the GCC Region
It Aims to Leverage DigitalBridge's Expertise in Investing, Building, and Operating Digital Infrastructure to the Highest Global Standards
The Investment Will Support Knowledge Transfer Through Developing and Operating Hyperscale Data Centers, and Will Help Large Local and International Corporations to Carry Out Their Business in the Region with Greater Efficiency
BOCA RATON, Fla., May 24, 2023 /PRNewswire/ -- DigitalBridge Group, Inc. (NYSE: DBRG) ("DigitalBridge"), a leading global asset manager dedicated to investing in the next generation of mobile and internet connectivity, announced today that the Public Investment Fund ("PIF") is an investor in a new partnership managed by DigitalBridge, aiming to develop data centers in Saudi Arabia and across the Gulf Cooperation Council ("GCC").
The partnership will initially prioritize investments in the data center sector, and is expected to explore other segments of digital infrastructure in the future, including macro towers, fiber, small cell, and edge infrastructure. Partnering with DigitalBridge will support the enhancement of digital infrastructure in Saudi Arabia to the highest global standards, in line with PIF's strategy.
The investment aims to localize cutting-edge technologies and support knowledge transfer to develop and operate hyperscale data centers and database servers in Saudi Arabia and the GCC region, in accordance with the best practices in this vital sector which will help large local and international corporations to carry out their business in the region with greater efficiency.
"As a global leader in digital infrastructure, we are pleased to partner with PIF to further enable the digital infrastructure buildout in Saudi Arabia and across the GCC countries. We see significant opportunity for continued growth in the sectors in which we specialize and look forward to leveraging our capabilities and expertise to capitalize on the long-term opportunities across this important region," said Marc Ganzi, Chief Executive Officer, DigitalBridge.
About PIF
The Public Investment Fund ("PIF") is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board of directors (the "Board") was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the PIF's Board has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the PIF. The PIF has a leading role in advancing Saudi Arabia's economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, the PIF has established 72 companies and created, directly and indirectly, more than 500,000 jobs as at the end of 2021.
The PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. The PIF's strategy, as set out in the PIF Program 2021-2025 - one of the Vision 2030 realization programs - aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion Saudi Arabian Riyals annually into the local economy. The PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, the PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. The PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress. More information about the PIF can be found at: www.pif.gov.sa
About DigitalBridge Group, Inc.
DigitalBridge (NYSE: DBRG) is a leading global digital infrastructure firm. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages a $69 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London, Luxembourg and Singapore. For more information, visit: www.digitalbridge.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, whether DigitalBridge will realize any of the anticipated benefits from the partnership with the PIF, including from potential investments in Saudi Arabia and across the GCC, and other risks and uncertainties, including those detailed in DigitalBridge's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect DigitalBridge's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. DigitalBridge cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. DigitalBridge is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and DigitalBridge does not intend to do so.
For Investors:
Severin White
Managing Director
(212) 547-2777
[email protected]
For Media:
DigitalBridge
Joele Frank, Wilkinson Brimmer Katcher
Jon Keehner / Aura Reinhard
(212) 355-4449
[email protected]
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SOURCE DigitalBridge Group, Inc.
