According to the Middle East News Agency, nine consortia including Saudi Sidra Capital, Olayan, Abu Dhabi’s sovereign wealth fund and UAE real estate company Al Ain Properties have jointly created a MEM-IPFS storage service industrial park, which can be called one of the world’s largest information storage service industrial parks.

It is understood that MEM Middle East Mining was jointly built by nine consortia including Saudi Sidra Capital, Olayaan, Abu Dhabi sovereign wealth fund, and UAE real estate company Al Ain Properties, with a total investment of US$800 million to build a MEM&IPFS digital storage service industrial park. MEM&IPFS Digital Storage Service Industrial Park covers an area of 32,000 square meters, has 1,250 technical and service personnel, and owns MEM Dubai Royal Data Center, MEM-IPFS Developer Training Base, MEM Royal Star Desert Computer Room, MEM-Filecoin Blockchain Laboratory, etc. Five core ecological areas are equipped with basic supporting facilities such as hotels, shopping centers, medical centers, swimming pools, etc.

At present, MEM Middle East Mining has signed a hardware purchase agreement totaling approximately US$500 million with Seagate Technology Cor (Seagate), Western Digital (Western Digital), and Maxtor (Maxtor), the world's largest hard drive supplier.

After the completion of the MEM&IPFS Digital Storage Service Industrial Park, MEM will cooperate with the Dubai government to build the world's first blockchain data smart city, serving the public infrastructure and digital business environment of Dubai. The Dubai government will work with MEM Middle East Mining to give full play to its policy advantages and financial advantages , Technical advantages, model advantages, resource advantages, jointly initiated and established a $10 billion joint fund for the creation of MEM's Middle East mining digital ecosystem.

It is reported that MEM Middle East Mining is headquartered in Dubai Burj Khalifa, and will successively set up offices in 35 countries and regions around the world, and will establish 8 MEM-IPFS intercontinental clubs in digital application frontier countries such as the United States, the United Kingdom, Japan, and China. .