Alibaba (NYSE:BABA) Launches Data Center in Dubai

Alibaba (NYSE:BABA) Launches Data Center in Dubai

Alibaba (NYSE:BABA) Launches Data Center in Dubai

$BABA

Alibaba Cloud, a cloud computing arm of China’s Alibaba Group (NYSE:BABA), said this week that it launched a data center in Dubai.

Operated by YVOLV, a J-V between Alibaba Cloud and United Arab Emirates (UAE) company Meraas Holdings, the data center will be the 1st “full-fledged public cloud” in the Middle East, said Alibaba Cloud and Meraas in a joint press conference.

It will serve the “increasing demand” for mission-critical, affordable and secure cloud computing in the region, they said.

Simon Hu, President of Alibaba Cloud, said that with the data center, global cloud network will be able to meet demands from enterprises which are going global.

Fahed Al-Hajeri, CEO of YVOLV, confirmed that the cloud provider’s achievements in its home market China “can be replicated in the region.”

The project, he added, is in line with the Smart City initiative and the Gulf state’s strategic master plan “UAE Vision 2021.” The latter aims to transform the UAE, a major Crude Oil supplier, to the world’s most competitive country.

Dubai, as 1 of 7  sheikhdoms forming the UAE, is considered its business and trade hub.

IT spending in the Middle East is expected to reach US$212.9-B which would represent a 3.7% Y-Y increase, Gartner, a US IT research and consultancy firm said.

Symbol Last Trade Date Change Open High Low Volume
NYSE:BABA 93.03 23 November 2016 -0.18 92.53 93.4 91.45 11,736,463
HeffX-LTN Analysis for BABA: Overall Short Intermediate Long
Bearish (-0.36) Bearish (-0.47) Bearish (-0.38) Neutral (-0.24)

Have a Happy Thanksgiving

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.