Saudi Arabia has announced that technology giants will invest more than 9 billion dollars in the kingdom – #Saudi #Arabia #announced #technology #giants #invest #billion #dollars #kingdom
RIYADH, Feb 6 (Reuters) – Saudi Arabia is embracing future technologies, including building cloud regions in the kingdom. USA 9 by giants Microsoft ( MSFT.O ) and Oracle Corp ( ORCL.N ). billion attracted more than 100,000 dollars of investment. said a government minister on Monday.
Saudi Arabia’s Minister of Communications and Information Technology, Abdullah Alswaha, said that Microsoft is 2.1 for the global superscale cloud. billion dollars will invest, and Oracle to build a new cloud region in Riyadh 1.5 billion dollars has undertaken.
“The investments … will strengthen Saudi Arabia’s position as the largest digital market in the Middle East and North Africa,” Alswaha said at the LEAP international technology forum in Riyadh.
Alswaha did not elaborate on the timeframe. Oracle told Reuters that the investment will be made over several years.
Saudi officials have forced international companies to invest in the kingdom and move their regional headquarters to Riyadh to take advantage of government contracts.
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The economic plan known as “Vision 2030” led by the de facto ruler of the kingdom, Crown Prince Mohammed bin Salman, will cost hundreds of billions. dollars spends
But it has struggled to attract foreign direct investment (FDI), one of the pillars of Vision 2030, which aims to wean the economy away from oil.
China’s Huawei ( HWT.UL ) will also partner with oil giant Aramco ( 2222.SE ) to invest $400 million in cloud infrastructure for its services in Saudi Arabia and other cloud regions, the minister said.
Alswaha added that an additional $4.5 billion was invested in global and local assets across multiple sectors at the forum.
Tonomus, a subsidiary of the crown prince’s $500 billion signature NEOM project, said last year it was investing $1 billion in artificial intelligence, including its metaverse platform, in 2022.
Growing demand for cloud computing from Oracle, Microsoft, Amazon ( AMZN.O ) and Alphabet Google It has prompted technology companies such as ( GOOGL.O ) to build data centers around the world to speed up data transfers.
Report by Aziz El Yaakubi; Edited by Sharon Singleton
Our standards: Thomson Reuters Trust Principles.
2023-02-06 19:01:55
Source – reuters
Translation“24 HOURS”