Alnaqbi exemplifies the remarkable transformation that the UAE has undergone within a single generation. Coming from a background as the son of a fruit and vegetable farmer in a small village near Fujairah, he vividly recalls the challenges of losing crops due to ineffective water management.
As the head of the company since its inception, the Emirati leader emphasizes the importance of energy management and waste reduction. He has witnessed various designs of data centers over the years; one of the initial facilities developed by Khazna featured a Barjeel-style tower, a traditional element in Middle Eastern architecture designed to enhance air circulation and lower indoor temperatures.
Khazna was established in 2012 through a partnership between Abu Dhabi’s Mubadala sovereign wealth fund and Dubai’s telecommunications company Du, in response to the UAE government’s initiative to enhance its digital infrastructure and require local data storage and computing resources. In 2022, G42 acquired a controlling interest, and this year, US private equity firm Silver Lake and Abu Dhabi AI fund MGX purchased a 40% stake from UAE telecom company e& for $2.2 billion, which values Khazna at $5.5 billion.
Although data centers might appear to be a generic service, Khazna’s extensive experience operating in some of the world’s most extreme environments, along with its reliance on a power grid that integrates nuclear and solar energy, may provide the company with a strategic advantage in an AI sector that aims to create more resilient and environmentally friendly facilities.