Message from the Chairman رسالة مجلس الإدارة
Sheikh Hamad Bin Abdulla Bin Jassim Al-Thani
Chairman
الشيخ حمد بن عبدالله بن جاسم آل ثاني
رئيس مجلس الإدارة
On behalf of the Board of Directors, it gives me great pleasure to present to you MEEZA’s financial results and business performance for the year ended 31 December 2025. بالنيابـة عـن مجلـس الإدارة، يسـعدني أن أقـدم لكـم النتائـج الماليــة وأداء أعمــال شــركة ميــزة للســنة المنتهيــة فــي 31 ديسمبر 2025.
Growing Data Center Pipeline تواتر مشاريع مراكز البيانات
The story of 2025 for MEEZA has been the growth of its Data Center pipeline. The M-Vault 4 4-megawatt expansion is on track to be delivered in H1 of this year, with the additional capacity already sold. MEEZA’s flagship 24-megawatt Data Center campus in Um Garn is under construction with the first 6-megawatts planned to be operational by the end of 2027. In addition, the Company has reached the final stages of design for its 16-megawatt M-Vault 7 Data Center facility located in Qatar Science and Technology Park with construction expected to begin later this year.
In total, MEEZA plans to quadruple its current capacity over the next 4 years. This large-scale Data Center expansion is part of MEEZA’s vision to enhance its Data Center offering to support the country’s ambitions under Qatar National Vision 2030 and Digital Agenda 2030. Our expansion plan will be funded through a combination of Sharia compliant financing and the deployment of cash reserves.
MEEZA also entered into an agreement in December 2025 to acquire a majority stake in Black Arrow, a systems integration company specialized in security, audiovisual and operational technology systems operating in Qatar.
تمثلت أبرز إنجازات شركة ميزة خلال عام 2025 في التوسع المتسارع في محفظة مراكز البيانات. حيث ستدشن الشركة التوسعة بسعة 4 ميجاوات في منشأة M-Vault 4 في النصف الأول من هذا العام علما بأن السعة الجديدة مباعة مسبقا. كما دخل طور الإنشاء مشروع ميزة الرائد لتطوير مجمع M-Vault 6 لمراكز البيانات بسعة إجمالية تعادل 24 ميجاوات في أم قرن شمال الدوحة، والذي سيوفر في المرحلة الأولى سعة تشغيلية تبلغ 6 ميجاوات بحلول نهاية 2027. وقد وصلت الشركة إلى المراحل النهائية من تصميم مركز البيانات M-Vault 7 بسعة 16 ميجاوات والواقع في واحة قطر للعلوم والتكنولوجيا، ويُتوقع بدء أعمال الإنشاء خلال هذا العام.
وبالإجمال، تعتزم ميزة مضاعفة قدرتها التشغيلية الحالية أربع مرات خلال السنوات الأربع المقبلة. ويأتي هذا التوسع الكبير في إطار رؤية ميزة لتعزيز عروضها في مجال مراكز البيانات، بما يدعم طموحات الدولة ضمن رؤية قطر الوطنية 2030 وأجندة قطر الرقمية 2030. وستموّل خطة التوسع من خلال مزيج من التمويل المتوافق مع الشريعة الإسلامية واستخدام السيولة النقدية.
كما أبرمت ميزة اتفاقاً في ديسمبر 2025 للاستحواذ على حصة أغلبية في شركة بلاك آرو لحلول الأنظمة المتكاملة والمتخصصة في أنظمة الأمن والأنظمة السمعية والبصرية وأنظمة التكنولوجيا التشغيلية، وتعمل في دولة قطر.
As a result of our growth potential and investor engagement, we have witnessed an increasingly diverse Shareholder base of local, regional and international investors. Today 25% of our shares are owned by international investors, reflecting the increasing prominence of the Company on the regional and global stage. In addition, MEEZA has successfully added new international financial research coverage.
MEEZA shares closed at a price of QR 3.40 on 31 December 2025, increasing by 3.8% over the last year and outperforming the local market, with a 23% increase on total annual volume. MEEZA’s market capitalization stood at QR 2.2 billion and is 56% higher since the IPO in 2023. We look to continue these trends through robust financial and operational results.
ونتيجةً لإمكانات النمو التي تتمتع بها الشركة والتواصل مع المستثمرين، شهدنا تنوعاً متزايداً في قاعدة مساهمينا لتشمل مستثمرين محليين وإقليميين ودوليين. ويملك المستثمرون الدوليون اليوم ما نسبته %25 من أسهم الشركة، بما يعكس تنامي حضور ميزة على المستويين الإقليمي والعالمي. كما نجحت الشركة في استقطاب تغطية بحثية مالية دولية جديدة.
وأغلق سهم ميزة عند سعر 3.40 ريال قطري كما في 31 ديسمبر 2025، محققاً ارتفاعاً بنسبة %3.8 خلال العام، ومتجاوزاً أداء السوق المحلي، إلى جانب نمو بنسبة %23 في إجمالي أحجام التداول السنوية. وبلغت القيمة الرأسمالية للشركة 2.2 مليار ريال بما يعادل ارتفاعا بنسبة %56 عن سعر الاكتتاب في 2023. ونتطلع إلى مواصلة هذا الزخم من خلال تحقيق المزيد من النتائج المالية والتشغيلية الايجابية.
Looking at the financial performance, MEEZA’s Net Profit reached QR 66.5 million in FY2025, representing a 10.1% (or QR 6.1 million) increase over the same period last year, with Earnings Per Share (EPS) of QR 0.10. Net Profit Margin improved by 0.4 percentage points to 16.5%.
The Company achieved Total Revenue of QR 403.3 million, increasing 7.8% (or QR 29.0 million) year-on-year due to a growth in Data Center, Managed Services and IT Solution Services revenue.
Despite a one-off Data Center electricity adjustment in 2024, gross profit improved by 5.4% year over year, reaching QR 124.7 million and EBITDA improved by 3.8% to QR 127.9 million.
MEEZA maintained a healthy financial position with a net cash position of QR 126.2 million net cash, in addition to QR 2.9 billion in future committed contract value.
Based on these results, the Board of Directors of MEEZA has proposed a cash dividend of QR 55.2 million (i.e. QR 0.085 per share) subject to the approval of the Annual General Assembly.
بالنظر إلى النتائج المالية، وصل صافي أرباح شركة ميزة خلال عام 2025 إلى 66.5 مليون ريال قطري مما يعد ارتفاعا بنسبة %10.1 وبقيمة 6.1 مليون ريال قطري مقارنة بنفس الفترة من العام الماضي، في حين بلغ العائد على السهم 0.10 ريال قطري. وقد ارتفع هامش صافي الربح الى %16.5 بواقع 0.4 نقطة مئوية.
حقّقت الشركة إيرادات بقيمة 403.3 مليون ريال قطري مما يعد ارتفاعا بنسبة %7.8 (29.0 مليون ريال قطري) عن العام الماضي مدفوعا بنمو الإيرادات في قطاعات مراكز البيانات والخدمات المدارة وخدمات الحلول التكنولوجية.
وبالرغم من بند استثنائي لتكاليف الكهرباء في مراكز البيانات في 2024 فقد حققت ميزة زيادة بنسبة %5.4 في الأرباح الإجمالية مقارنة بالعام الماضي لتبلغ 124.7 مليون ريال قطري. أما الأرباح قبل احتساب الفوائد والضرائب والاستهلاك والإطفاء (EBITDA) فقد ارتفعت بنسبة %3.8 لتبلغ 127.9 مليون ريال قطري.
وتحافظ شركة ميزة على وضع مالي قوي بفضل فائض صافي نقد يعادل 126.2 مليون ريال قطري، بينما تبلغ القيمة المستقبلية للعقود المباعة 2.9 مليار ريال قطري.
وبناء على ما سبق من نتائج، فقد اقترح مجلس إدارة شركة ميزة توزيع أرباح نقدية بقيمة 55.2 مليون ريال قطري (أي 0.085 ريال قطري لكل سهم) بشرط موافقة الجمعية العمومية السنوية.
We extend our sincere gratitude to our valued institutional partners. In particular, we thank Qatar Science and Technology Park, Qatar Financial Markets Authority, Qatar Stock Exchange, and Qatar Central Securities Depository.
On behalf of our executive team and employees, we also thank all our key business stakeholders, from clients to partners and vendors for helping us deliver at the superior quality of service that has come to be expected from MEEZA.
Finally, a heartfelt thank you is owed to our dear shareholders, for their continuing trust and support.
وننتهز هذه الفرصة للإعراب عن خالص امتناننا إلى شركائنا من الهيئات والمؤسسات، وعلى وجه الخصوص، نشكر واحة قطر للعلوم والتكنولوجيا، وهيئة قطر للأسواق المالية، وبورصة قطر، وشركة قطر للإيداع المركزي للأوراق المالية.
وبالنيابة عن فريقنا التنفيذي وموظفينا، نشكر أيضًا جميع أصحاب العلاقة الرئيسيين لدينا، من العملاء إلى الشركاء والموردين لدعمنا في تقديم خدمات عالية الجودة أصبحت اليوم شعاراً لشركة ميزة.
وأخيرًا، نتوجه بالشكر الجزيل إلى مساهمينا الأعزاء، على ثقتهم ودعمهم المستمر.
Message from the Chief Executive Officer رسالة من الرئيس التنفيذي
Mr. Mohamed Ali Al-Ghaithani
Chief Executive Officer
السيد محمد علي الغيثاني
الرئيس التنفيذي
On behalf of our leadership team and employees, I am pleased to present to you MEEZA’s operational and financial performance for the year 2025.
A Year of Acceleration and Strategic Execution تسارع في التنفيذ الاستراتيجي
2025 marked a year of strong execution and acceleration for MEEZA, underpinned by the continued expansion of our data center platform and the diversification of our service offerings. Our data center pipeline has significantly advanced, with the M-Vault 4 expansion on track for delivery with capacity already contracted, while construction of our flagship M-Vault 6 facility in Um Garn is progressing, alongside final design stages for M-Vault 7. Together, these developments position MEEZA to scale its capacity to meet growing demand from hyperscalers, government, and enterprise clients.
In parallel, we strengthened our digital capabilities with the launch of “MAI,” our sovereign artificial intelligence platform, and continued to expand our ecosystem through strategic partnerships, including agreements with global hyperscalers and technology leaders. These initiatives reinforce our role in supporting Qatar’s digital transformation and innovation agenda.
MEEZA delivered solid financial performance in 2025, with total revenue reaching QR 403.3 million, representing a 7.8% year-on-year increase driven by growth across all our segments. Net profit increased by 10.1%, reflecting improved operational efficiency and a stronger revenue mix.
Our commercial momentum remained strong, with total contract value reaching QR 1.35 billion during the year, a 7.0% increase compared to the previous year, supported by large data center agreements as well as new wins across managed services and managed security services offerings. This increased our total contract backlog to QR 2.9 billion, providing strong revenue visibility for the coming years.
We also maintained a disciplined financial position, exceeding our cash targets and enhancing finance income, while successfully arranging competitive long-term financing to support our data center expansion, including QR 800 million for M-Vault 6.
During the year, MEEZA significantly expanded its client base, securing nine new logos and entering the BFSI sector through strategic partnerships, creating a new diversified revenue stream for the Company.
A key milestone in 2025 was the successful acquisition of a 51% stake in Black Arrow, strengthening our capabilities in smart cities and operational technology. This strategic move enhances our position in high-growth segments and supports the expansion of our integrated service offerings.
At the same time, we continued to diversify and standardize our services, introducing a centralized service catalogue and enhancing our operational model through data-driven decision-making and improved order-to-cash processes. These initiatives are designed to improve efficiency, scalability, and client experience.
MEEZA remains committed to supporting Qatar’s national priorities. Our In-Country Value (ICV) score increased to 64.7, reflecting a 26.7% improvement year-on-year. We look to continue this momentum to further strengthen local value creation, empower national talent, and support sustainable economic development in Qatar.
We also delivered over 10 training programs to more than 250 participants through MEEZA Academy, strengthening local talent development and reinforcing our role in building Qatar’s digital workforce.
As demand for data centers and AI-driven services continues to grow, MEEZA is well-positioned to capitalize on this opportunity. Our plans to quadruple our data center capacity by 2029, combined with our growing portfolio of long-term contracts and strategic partnerships, provides a clear pathway for sustained growth.
We remain focused on delivering scalable infrastructure, advanced digital solutions, and sovereign AI capabilities, while maintaining financial discipline and operational excellence.
On behalf of the entire MEEZA team, I extend my sincere appreciation to our Board of Directors for their continued guidance, to our clients and partners for their trust, and to our shareholders for their ongoing support as we continue to build Qatar’s digital future.
MEEZA Portfolio محفظة خدمات شركة ميزة
MEEZA’s core mission is to simplify IT requirements while reducing costs and complexity for businesses. We are focused on customer centricity and best-in-class experience to support our client’s vision for digital transformation. MEEZA provides localized IT services and expertise, helping organizations enhance their in-house capabilities or fully outsource IT operations. With state-of-the-art facilities and 24/7 operational support, clients can focus on their strategic goals while ensuring uninterrupted performance.
These solutions drive resilience, efficiency, and innovation, creating a seamless IT ecosystem tailored to each client’s needs. Whether enabling smart city initiatives through IoT, AI, and cloud services or optimizing enterprise IT infrastructure, MEEZA ensures businesses stay agile, secure, compliant, and future-ready.
MEEZA services are designed and supported by industry best-in-class standards:
- ISO 27701: 2019: Privacy Management System
- ISO 27017: 2015: Cloud Security
- ISO 9001:2015: Quality Management System
- ISO 27001:2013: Information Security Management System
- ISO 20000-1: 2018: Service Management System
- ISO 14001:2015: Environmental Management System
- ISO 45001:2018: Occupational Health and Security Management System
- PCI- DSS - MV 2 and MV 4
- PCI-DSS- MV 3 and MV 5
- SOC 2 type 2 - MV 2 and MV 4
- SOC 2 type 2 -MV 3 and MV 5
- ISO 22301:2019
Data Centre Services
In an increasingly digital world, businesses need reliable and secure data centre solutions to ensure seamless operations and business continuity. Our services provide the infrastructure, security, support, and resilience required to keep your critical systems running efficiently.
Colocation – Secure, high-performance data centre infrastructure providing space, power, cooling, and network connectivity for hosting and managing enterprise IT equipment with maximum reliability and scalability.
Data suites – Customizable, private data centre environments offering dedicated space, power, cooling, and connectivity, designed for enterprises requiring enhanced security, compliance, and scalability.
Remote Hands Services – On-demand, expert technical support for data centre operations, including equipment installation, troubleshooting, maintenance, and monitoring, ensuring uptime and operational efficiency without on-site staff.
Workplace Recovery – Secure and resilient infrastructure enabling seamless business operations through remote access, cloud-based systems, and virtual desktops during disruptions.
Managed Services
By leveraging proactive management, automation, and expert support, we help organizations enhance efficiency, minimize downtime, and focus on core business objectives.
Managed Application – Comprehensive application management, ensuring availability, security, and performance optimization for business-critical software.
Managed Computing – Scalable compute resources tailored to meet business demands, delivering high availability and performance.
Managed OS – End-to-end operating system management, including updates, security patches, and performance monitoring for stability and security.
Managed Hardware – Proactive hardware monitoring, maintenance, and lifecycle management to ensure reliability and reduce risks.
Managed Network – Secure and resilient network management, providing continuous monitoring, optimization, and threat mitigation.
InterDC Connectivity – High-performance, low-latency connectivity solutions between data centres, ensuring seamless data transfer and business continuity.
NOC Monitoring – 24/7 network operations centre (NOC) monitoring, delivering real-time insights, rapid incident response, and proactive issue identification and resolution.
Sovereign AI Platform as a Service – Fully managed environment to build, train, and deploy AI models while ensuring data sovereignty, privacy, and regulatory compliance within national or organizational boundaries.
Managed Kubernetes / Container Management Platform – End-to-end operation of containerized environments, including cluster deployment, scaling, monitoring, and lifecycle management using platforms such as Kubernetes.
Sovereign Azure Cloud as a Managed Service – Fully managed deployment and operations of localized cloud environments built on Microsoft Azure, enabling data residency, sovereignty, and regulatory compliance within national or organizational boundaries.
Security Services
With advanced security solutions, proactive monitoring, and expert support, we help organizations safeguard their infrastructure, data, and applications while maintaining compliance and business continuity.
SOC Services – 24/7 Security Operations Centre (SOC) monitoring, threat detection, and rapid incident response to mitigate risks.
Endpoint Security – Protection against phishing, malware, and endpoint vulnerabilities, ensuring secure user access and device management.
Network Security – Advanced firewall, intrusion detection, and network security solutions to prevent unauthorized access and data breaches.
Threat Intelligence Service – Provides real-time, high-fidelity intelligence on external threats such as malware, ransomware, and APTs, offering detailed threat actor profiles, IOCs, and strategic guidance to enhance proactive security defences.
Digital Risk Protection Service – Safeguards organizations by detecting and mitigating external threats on digital platforms, including phishing, brand impersonation, and data leaks, with actionable insights and automated takedown capabilities.
Attack Surface Management Service – Identifies, monitors, and mitigates risks related to external-facing digital assets by mapping vulnerabilities, detecting misconfigurations, and prioritizing threats to enhance cybersecurity resilience.
Application Security – Comprehensive security measures to protect applications from vulnerabilities, unauthorized access, and cyber threats.
Email Security Service – Protects email systems from phishing, spam, malware, and data breaches by using secure email gateways, filtering messages, detecting malicious content, and preventing unauthorized access.
Cybersecurity Awareness Program – Educating employees on recognizing cyber threats like phishing, social engineering, and malware while promoting best security practices to reduce human error and strengthen organizational security.
Managed OT Security – Continuous monitoring, threat detection, and risk management for operational technology environments such as industrial control systems, SCADA, and critical infrastructure.
Managed Google SecOps – End-to-end operation, optimization, and monitoring of the cloud-based Google Security Operations platform, including SIEM, SOAR, and threat intelligence capabilities.
Professional and Advisory Services – Expert security consulting, assessments, and compliance-driven solutions tailored to business-specific security needs.
End-User Services
With comprehensive support for business environments, devices, and workplace services, we empower organizations to optimize IT operations and enhance user satisfaction.
End-User Devices – Deployment, management, and support for desktops, laptops, mobile devices, and peripherals to ensure seamless functionality.
Service Desk as a Service – 24/7 IT support and incident management, ensuring quick resolution of technical issues and minimizing downtime.
Solution Services
For customers with unique business needs that cannot be met by standardized service offerings, MEEZA provides tailored solutions designed to address specific challenges. We build and operate customized services that align with individual business requirements, ensuring effective problem-solving and optimal outcomes.
Business Continuity/DR – Comprehensive solutions to safeguard operations, ensuring rapid recovery and minimal downtime in the event of disruptions or disasters.
Workplace Services – Scalable and secure digital workplace solutions, enabling seamless collaboration, remote work capabilities, and enhanced productivity across teams.
Dedicated Infrastructure Provisioning and Management – High-performance, customizable IT infrastructure that supports mission-critical applications, offering enhanced control, security, and scalability.
Cloud Services
MEEZA’s cloud services enable businesses to leverage scalable, secure, and high-performance cloud environments tailored to their operational needs.
- IaaS (Infrastructure as a Service) – Flexible, scalable infrastructure solutions providing compute, storage, and networking resources on demand.
- Managed Storage – Secure, high-performance cloud storage solutions ensuring data availability, integrity, and scalability.
- Backup as a Service – Reliable, automated backup solutions to protect critical data and ensure seamless recovery.
- Government Cloud – Secure, compliant cloud environments tailored to government organizations, ensuring regulatory adherence and data sovereignty.
- Disaster Recovery – Comprehensive disaster recovery solutions enabling businesses to maintain operational resilience and recover quickly from disruptions.
- Oracle ExaCC – Dedicated cloud-based infrastructure designed to optimize Oracle workloads with high performance and security.
GPU as a Service – On-demand access to high-performance GPU infrastructure within locally hosted, sovereign cloud environments, enabling secure execution of AI, HPC, and data-intensive workloads.
Investment Case جدوى الاستثمار
MEEZA – Powering Qatar’s Digital Future
Market Leadership in a High-Growth Industry
MEEZA is Qatar’s largest and only publicly listed pure-play IT services and data center provider, commanding nearly half of the market share in the country’s rapidly expanding data center and cloud computing sector.
The Company operates five state-of-the-art, certified data centers (M-Vaults 1, 2, 3, 4, 5), providing a total of 14MW of IT capacity, with expansion plans already underway to expand M-Vault 4 and the first phase of M-Vault 6, and advanced stages of design for M-Vault 7 to meet increasing demand from enterprises, government entities, and hyperscalers.
As the first company in Qatar to provide end-to-end, SLA-bound IT services, MEEZA redefined the market by eliminating traditional multi-step IT procurement and deployment processes. Instead of relying on third-party vendors for system integration, customers can directly procure IT solutions from MEEZA, ensuring speed, efficiency, and operational simplicity.
Aligning with Qatar’s Digital Agenda & National Vision 2030
MEEZA’s strategy is deeply aligned with Qatar’s national ambitions, serving as a critical enabler of Qatar’s Vision 2030 and the Qatar National Digital Agenda. With government-backed initiatives accelerating digital transformation, MEEZA plays a central role in driving:
- Smart Cities & Infrastructure: Through projects like Msheireb Downtown Doha, MEEZA powers Qatar’s most advanced smart city ecosystem, providing managed IT services, AI-driven infrastructure, and secure cloud solutions.
- AI & Cybersecurity: MEEZA ensures sovereign cloud solutions, AI-powered cybersecurity, and digital resilience for Qatar’s government agencies and enterprises.
- Cloud-First Strategy: As a key managed cloud services provider, MEEZA supports Qatar’s ambitious cloud adoption goals, aligning with regulatory mandates for local data hosting and secure digital infrastructure.
- National Data Localization & Sovereignty: With Qatar’s strict data protection laws, MEEZA’s services are the preferred choice for government institutions and enterprises that require in-country data storage and security compliance.
Competitive Advantages of Operating in Qatar
1. Low Electricity Costs & Energy Efficiency
- Power accounts for around 40% of data center operational costs globally, but Qatar’s low-cost energy environment gives MEEZA a sustainable competitive advantage, allowing for higher margins and cost-efficient operations.
- The country’s stable power grid, access to clean energy initiatives, and cooling efficiencies further enhance operational resilience and sustainability.
2. Data Sovereignty & Market Protection
- Qatar’s strict data localization and cybersecurity regulations mandate sensitive data to be hosted within national borders, ensuring a captive customer base for MEEZA’s local cloud and data center services.
- The demand for sovereign cloud solutions is rising among government entities, financial institutions, and enterprises, reinforcing MEEZA’s role as the preferred IT infrastructure provider in the country.
3. High Digital Penetration & Strong Enterprise Demand
- Qatar ranks among the top in the world for mobile and fixed broadband penetration, driving enterprise cloud adoption, AI-driven workloads, and managed IT services demand.
- The country’s investment-friendly environment and high presence of multinational corporations, global technology firms, and hyperscalers create an expanding customer base for MEEZA’s Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and cybersecurity solutions.
Resilient Business Model with Recurring Revenues
1. Strong Multi-Year Contract Base
MEEZA benefits from long-term, multi-year contracts with Tier 1 enterprises, government agencies, and global hyperscalers, ensuring predictable cash flows and earnings visibility.
- More than 80% of total revenue is recurring, providing stability and reducing exposure to market volatility.
- Most contracts run for at least 3 years, with some extending to 10+ years before renewal, providing long-term revenue predictability.
- The Company’s focus on upselling and cross-selling services to existing clients ensures sustained revenue growth and deep customer engagement.
2. High Margins & Free Cash Flow Generation
MEEZA’s data center business contributes half of Gross Margin, a growing segment which has significantly higher margins than traditional IT services.
- The Company’s capital-efficient business model ensures strong free cash flow (FCF) generation, reinforcing its ability to fund growth initiatives while maintaining profitability.
- MEEZA’s low-maintenance cost structure enhances operational efficiency, supporting both expansion plans and shareholder value creation.
Diversified IT Services & Solutions Portfolio
MEEZA offers a wide spectrum of IT services, catering to enterprise, government, and Hyperscaler needs, including:
- Bare-metal infrastructure such as data center colocation and server hosting.
- Hands-off managed IT services, simplifying complex technical environments for customers.
- Advanced cybersecurity solutions, including AI-powered security operations and threat intelligence.
- Smart city solutions for Qatar’s flagship infrastructure projects such as Msheireb Downtown Doha.
- Business continuity and enterprise application services, ensuring seamless IT operations for critical sectors.
Ongoing Investments in IT Infrastructure & AI-Driven Services
MEEZA has consistently invested in next-generation IT infrastructure to enhance its value proposition and operational capabilities. Key investments include:
- State-of-the-art data centers with expansion in progress.
- AI-powered cybersecurity platforms to proactively detect and neutralize threats.
- Upgrades in internal IT systems, such as ERP enhancements and CRM modernization.
- A unified platform that integrates all company operations into a single interface, improving efficiency and decision-making.
Ecosystem of Long-Term Business Partnerships
MEEZA’s success is reinforced by its strong ecosystem of long-term business relationships with global technology leaders.
- Strategic alliances with hardware vendors such as Cisco, HP, and Huawei.
- Partnerships with software leaders including Oracle and Microsoft Cloud Partner Program.
- Collaborations with cybersecurity specialists such as Palo Alto and Splunk, ensuring cutting-edge security solutions.
- A dedicated business relationship management team ensures ongoing engagement with partners, vendors, and customers, enhancing market competitiveness and service reliability.
Capacity Expansion to Capture Growing Demand
With demand for data centers in Qatar far exceeding supply, MEEZA is aggressively scaling its operations:
- Expanding data center capacity with emphasis on customer pre-leasing.
- Investing in next-generation AI-ready infrastructure, supporting high-performance computing, machine learning, and cloud-native applications.
- Enhancing its managed security operations and smart city integrations, strengthening its leadership in critical IT services.
Growth Opportunity
MEEZA has shown strong fundamentals and is in favorable position to capitalize on global industry trends:
- The combination of high-growth, high-margin, and defensive revenue streams makes MEEZA a compelling long-term investment.
- With its strategic expansion, robust financial performance, and dominant market position, MEEZA is well-positioned to deliver substantial value to investors.
“MEEZA is not just Qatar’s leading IT and data center provider — it is a central component of the foundation of Qatar’s digital economy. With a scalable business model, recurring revenues, high-margin services, and strategic market advantages, MEEZA represents a unique investment opportunity in the rapidly evolving digital infrastructure sector, fully aligned with Qatar’s Digital Agenda and Vision 2030.”
Highlights of 2025 أبرز أحداث 2025
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21 JAN يناير
MEEZA Announces Expansion with New 4 Megawatts Data Centre Capacity
ميزة تعلن عن توسعة جديدة بسعة 4 ميجاوات لمراكز البيانات
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5 MAR مارس
MEEZA QSTP distributes cash dividend of %8 of nominal share value
ميزة QSTP توزّع أرباحاً نقدية بنسبة %8 من القيمة الاسمية للسهم
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22 APR أبريل
MEEZA Achieves ISO 27701 and ISO 27017 Certifications, Strengthening Commitment to Data Privacy and Cloud Security
ميزة تحصل على شهادتَي ISO 27701 وISO 27017، تعزيزاً لالتزامها بخصوصية البيانات وأمن الحوسبة السحابية
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1 JUL يوليو
MEEZA Signs Agreement with a Global Hyperscaler to Utilize the 4MW Data Centre Capacity, with over QAR 350 million in contract value
ميزة توقّع اتفاقية مع مزوّد خدمات سحابية عالمي للاستفادة من سعة مركز البيانات البالغة 4 ميجاوات، بقيمة عقد تتجاوز 350 مليون ريال قطري
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26 AUG أغسطس
MEEZA Secures QAR 800 Million Commodity Murabaha Facility from Dukhan Bank to Boost Data Centre Capacity and AI Infrastructure
ميزة تحصل على تسهيل مرابحة سلعية بقيمة 800 مليون ريال قطري من بنك دخان لتعزيز سعة مراكز البيانات والبنية التحتية للذكاء الاصطناعي
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28 OCT أكتوبر
MEEZA Signs New Landmark Data Centre Agreement worth over QAR 750 million to secure 6 megawatts of data centre services for a global hyperscaler
ميزة توقّع اتفاقية بارزة جديدة لمراكز البيانات بقيمة تتجاوز 750 مليون ريال قطري لتأمين 6 ميجاوات من خدمات مراكز البيانات لمزوّد خدمات سحابية عالمي
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2 NOV نوفمبر
MEEZA Launches MAI — an Integrated Platform of AI Capabilities from Next-Gen Managed Services to GPU-as-a-Service
ميزة تطلق منصة MAI — منصة متكاملة لقدرات الذكاء الاصطناعي من الخدمات المُدارة للجيل التالي إلى خدمة وحدات معالجة الرسومات (GPU-as-a-Service)
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12 NOV نوفمبر
MEEZA and Naufar Renew Strategic Partnership with a Focus on Artificial Intelligence to Transform Healthcare Services in Qatar
ميزة ونُفر تجددان الشراكة الاستراتيجية مع التركيز على الذكاء الاصطناعي لتطوير خدمات الرعاية الصحية في قطر
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2 DEC ديسمبر
MEEZA enters into agreement to acquire majority stake in Black Arrow
ميزة تبرم اتفاقية للاستحواذ على حصة الأغلبية في بلاك آرو
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4 DEC ديسمبر
MEEZA Signs Two Strategic MoUs with Huawei to Drive Qatar's Digital Leadership and Economic Diversification
ميزة توقّع مذكرتي تفاهم استراتيجيتين مع هواوي لتعزيز الريادة الرقمية والتنويع الاقتصادي في قطر
FY2025 Highlights
أبرز إنجازات السنة المالية 2025
Double-digit Net Profit growth and Data Center expansion continues
نمو الأرباح الصافية واستمرار التوسع في مراكز البيانات
Growth Drivers
محركات النمو
M-Vault 4: 4-megawatt expansion is on track to be delivered in 2026, with the additional capacity already sold.
M-Vault 6: MEEZA's flagship 24-megawatt Data Center campus in Um Garn is under construction with the first 6 megawatts planned to be operational and utilized by the end of 2027.
M-Vault 7: The Company has reached the final stages of design for its 16-megawatt data center facility in Qatar Science and Technology Park and expect it to begin construction in 2026.
:M-Vault 4 توسعة بقدرة 4 ميغاواط في الموعد المحدد للتسليم في عام 2026، مع بيع السعة الإضافية بالكامل.
:M-Vault 6 مجمع مراكز البيانات الرئيسي لشركة ميزة بقدرة 24 ميغاواط في أم قرن قيد الإنشاء، ومن المخطط تشغيل أول 6 ميغاواط بنهاية عام 2027.
:M-Vault 7 وصلت الشركة إلى المراحل النهائية لتصميم منشأة مركز البيانات بقدرة 16 ميغاواط في واحة قطر للعلوم والتكنولوجيا، ومن المتوقع بدء الإنشاء في عام 2026.
Financial Results
أبرز المؤشرات المالية
+8% YoY Revenue growth to QR 403.3 million
+4% YoY EBITDA growth to QR 127.9 million
+10% YoY Net Profit increase to QR 66.5 million
%8+ على أساس سنوي نمو الإيرادات إلى 403.3 مليون ريال قطري
%4+ على أساس سنوي نمو الأرباح قبل الفوائد والضرائب والإهلاك إلى 127.9 مليون ريال قطري
%10+ على أساس سنوي ارتفاع صافي الربح إلى 66.5 مليون ريال قطري
Operational Highlights
أبرز المؤشرات التشغيلية
QR 1.35 billion in total contract value added in 2025
Contractual backlog now exceeds QR 2.9 billion
Acquired 51% of Black Arrow to strengthen smart city and operational technology capabilities
تمت إضافة 1.35 مليار ريال قطري في إجمالي قيمة العقود في عام 2025
تجاوز الطلبيات التعاقدية الآن 2.9 مليار ريال قطري
الاستحواذ على %51 من شركة بلاك آرو لتعزيز قدرات المدن الذكية والتكنولوجيا التشغيلية
Financial Review
المراجعة المالية
Revenue & Gross Margin Trend | QR m
Revenue
Solutions | Master Service Integrator ServicesManaged | Workplace | Cloud ServicesData Center Services
Total revenues increased 8% backed by growth in all segments. Data Center revenues increased by 5%, Managed, Cloud, and Workplace Services revenues increased by 7%, and Solutions and MSI revenues increased by 13%.
الإيرادات وهامش الربح الإجمالي I مليون ر.ق
الإيرادات
خدمات الحلول | تكامل الأنظمة الرئيسيةالخدمات المدارة | الميدانية | السحابيةمراكز البيانات
ارتفعت الإيرادات الإجمالية بنسبة %8 مدفوعة بالنمو في جميع القطاعات. حيث ارتفعت إيرادات مراكز البيانات بنسبة %5، وارتفعت إيرادات الخدمات المدارة والسحابية والميدانية بنسبة %7، كما ارتفعت إيرادات الحلول وخدمات تكامل الأنظمة بنسبة %13.
Revenue & Gross Margin Trend | QR m
Gross Margin
Underlying gross margin increased 0.6pp over last year normalizing for one-off data center electricity actualization in 2024, while underlying Data Centre gross margin increased by 3.6pp.
الإيرادات وهامش الربح الإجمالي I مليون ر.ق
هامش إجمالي الربح
تحسّن هامش الربح الإجمالي الأساسي بمقدار 0.6 نقطة مئوية مقارنة بالعام الماضي بعد استبعاد أثر تسوية تكاليف كهرباء مراكز في عام 2024، في حين ارتفع هامش الربح الإجمالي الأساسي لمراكز البيانات بمقدار 3.6 نقطة مئوية.
Margins Trends
EBITDA Margin*
*Excluding Black Arrow
Underlying EBITDA Margin increased 0.6pp year-on-year due to favorable mix and cost optimization.
هوامش الأرباح
هامش ال.EBITDA*
الأرباح قبل الفوائد والضرائب والإهلاك والاستهلاك
*باستثناء بلاك آرو
ارتفع هامش الـEBITDA الأساسي بمقدار 0.6 نقطة مئوية على أساس سنوي مدفوعًا بفضل مزيج الإيرادات وكفاءة التكاليف.
Margins Trends
Net Profit Margin
Despite decreasing by 0.8pp on a reported basis, Net Profit Margin continues improving steadily from EBITDA flow through and higher finance income.
هوامش الأرباح
هامش صافي الربح
يواصل هامش صافي الربح تحسنه بشكل تدريجي نتيجة تدفق أرباح EBITDA وارتفاع إيرادات التمويل.
Capital Expenditures | QR m
CAPEX
CAPEXIntensity
CAPEX ramp-up in 2025 includes MV4 4MW expansion & MV6 work in progress.
النفقات الرأسمالية | مليون ر.ق
النفقات الرأسمالية
النفقات الرأسماليةكثافة النفقات الرأسمالية
تسارع الإنفاق الرأسمالي في عام 2025 يشمل توسعة MV4 بقدرة 4 ميجاواط وأعمال MV6 قيد التنفيذ.
Capital Expenditures | QR m
Return of Capital Employed (ROCE)*
* ROCE calculated as: (Net Profit + Borrowing costs) / Average (Equity + Loans)
ROCE maintained at 8% and is set to increase with MV4 expansion delivery.
النفقات الرأسمالية | مليون ر.ق
العائد على رأس المال المستخدم (ROCE)*
* يُحتسب العائد على رأس المال المستخدم كالتالي: (صافي الربح + تكاليف الاقتراض) / متوسط (حقوق الملكية + القروض)
تم الحفاظ على العائد على رأس المال المستخدم عند مستوى %8 مع توقع ارتفاعه بعد تشغيل MV4.
Cash Flow from Operations | QR m
Cash generated from Operations*
* Cash generated from operations as per statement of cash flows net off lease payments
Cash flows for the year improved by 30% primarily from higher collections and reducing receivables.
التدفقات النقدية من العمليات | مليون ر.ق
التدفقات النقدية من العمليات*
* النقد الناتج من العمليات حسب قائمة التدفقات النقدية بعد خصم مدفوعات الإيجار
تحسّنت التدفقات النقدية خلال العام بنسبة %30 مدفوعة بارتفاع التحصيلات وانخفاض الذمم المدينة.
Cash Flow from Operations | QR m
Net Cash
MEEZA holds a net cash position with QR 331 million cash on hand and QR 205 in total debt. The Company distributed QR 52 million in dividends during Q1 2025.
التدفقات النقدية من العمليات | مليون ر.ق
صافي النقد
تحتفظ ميزة بمركز نقد صاف، حيث يبلغ النقد المتاح 331 مليون ريال قطري مقابل إجمالي ديون قدرها 205 مليون ريال قطري. كما قامت الشركة بتوزيع أرباح بقيمة 52 مليون ريال قطري خلال الربع الأول من عام 2025.