Tech giants to invest $9 billion in Saudi Arabia: Huawei, Microsoft and Oracle
Sawako Utsumi and Noriko Watanabe
Modern Tokyo Time
Crown Prince Mohammed bin Salman intends to modernize and diversify Saudi Arabia’s economy.
News that Saudi Arabia has attracted $9 billion in new investment from big tech giants is a huge boost for the crown prince. This concerns his Vision 2030 plans.
America, China and all major economies understand the importance of the growing Saudi Arabia market. Accordingly, companies such as Huawei, Microsoft and Oracle have announced their future investment plans.
Abdullah Alswaha, Saudi Minister of Communications and Information Technology, said: “The investments…will strengthen the Kingdom of Saudi Arabia’s position as the largest digital market in the Middle East and North Africa.”
Microsoft plans to invest in a large-scale global cloud. This investment will cost $2.1 billion.
Oracle will invest $1.5 billion to create a new cloud region in Riyadh. Thus, by investing in Riyadh, companies are well placed to obtain government contracts that will reinforce the importance of this dynamic city.
Meanwhile, Huawei will invest $400 million in its cloud infrastructure and develop a cloud region with Aramco. (oil plant).
Vision 2030 is a grand economic plan to transform Saudi Arabia.
Lee Jay Walker says, “The Crown Prince intends to modernize Saudi Arabia to a new level – economically, technologically and socially.”
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