Qatari telecom group Ooredoo committed approximately US$800 million for a 49% stake in Zankore, an AI compute platform in Indonesia, as announced on 6 August 2026. On 9 September 2026, Zankore signed a senior term loan facility of up to US$3.1 billion. Qatar National Bank (QNB) sits among the lead arrangers, alongside Citi, ING, Natixis CIB and UOB.
The commitment
Ooredoo is the founding shareholder and lead investor with a 49% stake. It will commit approximately US$800 million to the platform’s launch and initial development. Zankore targets 1 GW of NVIDIA DSX AI Factory capacity. Its first phase is approximately 200 MW in the first half of 2027.
Ooredoo expects the investment to contribute approximately US$600 million in cumulative EBITDA over the first five years. The company labels this a current estimate, not a result.
The 9 September announcement added debt. Proceeds from the loan will fund the acquisition and deployment of NVIDIA GPU infrastructure. The same document says Zankore is building an initial 100 MW.
Separately, Semafor Gulf reported on 7 August 2026, citing Bloomberg, that Mubadala is weighing the lead-investor role in a possible 500 MW data centre in Japan’s Akita prefecture, with an investment of as much as ¥1 trillion (US$6.3 billion). The Taipei Times version of the Bloomberg report says a Mubadala spokesperson declined to comment.
What is measured
- Equity: approximately US$800 million for 49%, per Ooredoo’s release of 6 August 2026.
- Capacity: 100 MW initial build, approximately 200 MW in the first half of 2027, and a 1 GW target.
- Debt: a senior term loan facility of up to US$3.1 billion, per Zankore.
- Earnings: approximately US$600 million cumulative EBITDA for Ooredoo over five years, an estimate.
- Demand: Ooredoo’s release cites growth of approximately 3.5x in Southeast Asia’s data-centre capacity demand by 2030, predominantly AI-driven.
Interpretation
Zankore’s first phase of approximately 200 MW in the first half of 2027 compares with Syntys, Ooredoo’s data-centre unit, which had 26 MW of operational IT capacity in Qatar at H1 2026. Per Ooredoo’s H1 2026 results, Syntys has a 120 MW capacity target by 2030 and a US$1 billion investment programme. The comparison is the desk’s own: neither Zankore document draws it.
Ooredoo gives its own reasons. It describes Indonesia as an entry point through scale, a growing digital economy and competitive infrastructure economics. It also cites exposure to hard-currency infrastructure earnings.
Ooredoo’s balance sheet stood at total debt of QAR 11.2 billion and a Net Debt-to-EBITDA ratio of 0.6x on 30 June 2026. Its H1 report ties lower Iraq capex to logistical challenges from the Strait of Hormuz closure.
Why it matters for the corridor: the Zankore documents show equity from a Gulf operator and bank debt from a syndicate that includes QNB and UOB. Ooredoo’s release says the platform was developed alongside Indosat Ooredoo Hutchison, Nokia and NVIDIA; neither document states Indosat’s role or stake. That is one documented example of a structure an Asian sponsor approaching Gulf capital may meet.
Data limits
- The release does not name the "industry analysis" behind the 3.5x demand figure.
- Ooredoo’s summary bullet calls the EBITDA figure "contracted". The body calls it an estimate. The contract counterparties are not disclosed.
- The 6 August release gives approximately 200 MW for the first half of 2027. The 9 September release gives an initial 100 MW build. Neither document reconciles the two.
- The loan announcement gives no pricing, tenor or shareholder support terms.
- The documents do not name the holders of the remaining equity. They also do not give Ooredoo’s investment in a currency comparable with its QAR reporting. No ratio of the commitment to Ooredoo’s cash or debt is calculated here.
- The Mubadala item rests on a news report only.
Editorial assessment
None of the points below is stated in the deal announcements; they are an assessment by the desk.
- Equity came first and bank debt followed a little over a month later. For fundraisers, this is a sequence to model: a strategic commitment first, then a syndicated loan.
- Ooredoo disclosed stake size, its lead-investor role, a five-year EBITDA estimate and a capacity timeline. Gulf strategic investors can be expected to ask Asian counterparties for the same items.
- The Zankore documents do not state that conflict or supply-chain risk drives the choice of Indonesia. The only primary-source link is the Hormuz-related logistics note in Ooredoo’s H1 report, which concerns Iraq capex.