Saudi Arabia says tech giants to invest more than $9 billion in kingdom

Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by US giants Microsoft and Oracle Corp, which are building cloud regions in the Kingdom, a government minister said on Monday

Saudi Minister of Communication and Information Technology Abdullah Alswaha said Microsoft will invest $2

1 billion in a global super-scaler cloud, while Oracle has committed $1

5 billion to build a new cloud region in Riyadh

“The investments

will enhance the Kingdom of Saudi Arabia’s position as the largest digital market in the Middle East and North Africa,” Alswaha said at LEAP, an international technology forum taking place in Riyadh

Also read: Death toll in Turkiye, Syria earthquake soars past 1,700 Alswaha did not give details on the timeframe

Oracle told Reuters the investment will be made over several years

The minister said China’s Huawei will also invest $400 million in cloud infrastructure for its services in Saudi Arabia and another cloud region in partnership with oil giant Aramco

An additional $4

5 billion was invested in global and local assets across multiple sectors at the forum, Alswaha added

Tonomus, a subsidiary of the $500 billion signature NEOM project, said last year it invested $1 billion in 2022 in AI, including a metaverse platform

Increased demand for cloud computing has pushed technology companies such as Oracle, Microsoft, Amazon, and Alphabet’s Google to set up data centers across the world to speed up data transfer

Date:07-Feb-2023 Reference:View Original Link