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
severin.white@digitalbridge.com
For Media:
DigitalBridge
Joele Frank, Wilkinson Brimmer Katcher
Jon Keehner / Aura Reinhard
(212) 355-4449
dbrg-jf@joelefrank.com
PIF
media@pif.gov.sa
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