HSBC has agreed to provide $550m (£408m) to a United Arab Emirates-based data centre and AI infrastructure company to support the deployment of sites across the US and Europe.
Core42, owned by the Abu Dhabi-based tech-focused holding company G42, has secured the funding across two structured trade finance facilities.
The facilities have been provided to support Core42’s hyperscale infrastructure offering as data centres continue to spring up globally to feed the massive rise in global compute demand caused by the adoption of AI technologies.
“The trade finance facilities represent a defining moment for Core42 and for the broader AI infrastructure sector, reflecting growing institutional recognition of AI architecture as long-duration, industrial-grade capacity,” said Neha Gupta, finance chief at Core42.
“The provision of the trade facilities by HSBC will strengthen our ability to deploy capacity at speed across the US and Europe while maintaining financial discipline and a long-term growth framework. As enterprises and governments scale mission-critical AI workloads, the underlying cloud and compute platforms must be resilient and built to support sustained demand.”
HSBC has invested heavily in data centres and operates several of its own.
“These pioneering structures are designed to support the financing of Core42’s current deployment, while also establishing a robust framework that enables streamlined access to funding for future initiatives,” said Shaikha AlMarri, head of banking in the UAE for HSBC.
“By providing this flexibility, HSBC demonstrates a strong appreciation of the unique requirements and dynamics within the technology sector.”
