• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, June 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech

According to Saudi Arabia, tech giants would invest more than $9 billion in the country

by Sneha Singh
February 7, 2023
in Tech
Reading Time: 2 mins read
0
Saudi Arabia
TwitterWhatsappLinkedin

According to a government minister, Microsoft and Oracle Corp, which are developing cloud regions in the kingdom, have invested more than $9 billion in future technologies in Saudi Arabia. Microsoft will invest $2.1 billion in a global super-scaler cloud, according to Saudi Arabia’s Abdullah Alswaha, Minister of Communication and Information Technology. Oracle has committed $1.5 billion to construct a new cloud area in Riyadh.

You might also like

Bengaluru Rises to 14th Place in Global Startup Ecosystem Report 2025

Larry Ellison Surges to World’s Second Richest, Overtaking Jeff Bezos and Mark Zuckerberg

Viewers Face Longer Waits as YouTube Rolls Out More Unskippable Ads

At LEAP, an international technology summit in Riyadh, Alswaha stated, “The investments… will enhance the kingdom of Saudi Arabia’s position as the largest digital market in the Middle East and North Africa.”

Alswaha omitted to provide specific time information. According to Oracle, the investment would be spread over several years. Saudi officials have pushed foreign businesses to invest in the country to take advantage of government contracts and relocate their regional offices to Riyadh. Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, has been pouring hundreds of billions of dollars into an economic strategy known as Vision 2030. But one of the pillars of Vision 2030, which seeks to diversify the economy away from oil, has needed help luring foreign direct investment (FDI).
According to the minister, Chinese company Huawei would collaborate with oil tycoon Aramco to invest $400 million in cloud infrastructure for its services in Saudi Arabia.

Saudi Arabia Investment in India: Saudi Arabia to invest USD 100 billion in  India

At the meeting, an additional $4.5 billion was invested in national and international assets across several sectors, according to Alswaha. Tonomus, a division of the crown prince’s $500 billion NEOM initiative, announced last year that it would invest $1 billion in AI by 2022, including a metaverse platform.

The conference at Saudi Arabia is organized by Saudi Federation

Technology firms, including Oracle, Microsoft, Amazon, and Alphabet’s Google, have set up data centres worldwide to speed up data transit in response to the rising demand for cloud computing.

The second LEAP technology conference, which runs from Monday through Thursday at the Riyadh Front Expo Center, will feature more than 700 top specialists in technology investment from 50 different nations.

The Saudi Federation for Cybersecurity, Programming, and Drones, the Ministry of Communications and Information Technology, and the UAE-based IT services and consulting firm Tahaluf are all organising the conference.

It seeks to ignite dialogues on artificial intelligence, the digital transition, and breakthroughs in technical and innovative entrepreneurship through immersive learning, narrative sessions, and lectures.

During the conference, executives from well-known companies like Saudi Aramco, NEOM, Microsoft, Oracle, Huawei, Zoom, Ericsson, and Hewlett Packard Enterprise are scheduled to give speeches.

Tags: ConferenceHuaweiInvestmentSaudi ArabiaTech Giants
Tweet54SendShare15
Previous Post

Diablo 4 Open Beta Dates May Be Revealed Soon

Next Post

Here are the CEO paycuts that have become popular in the wake of layoffs in 2023

Sneha Singh

Sneha is a skilled writer with a passion for uncovering the latest stories and breaking news. She has written for a variety of publications, covering topics ranging from politics and business to entertainment and sports.

Recommended For You

Bengaluru Rises to 14th Place in Global Startup Ecosystem Report 2025

by Rounak Majumdar
June 15, 2025
0
Bengaluru Rises to 14th Place in Global Startup Ecosystem Report 2025

Bengaluru, India’s renowned tech capital, has made an impressive leap in the Global Startup Ecosystem Report (GSER) 2025, climbing seven spots to secure the 14th position worldwide. This...

Read more

Larry Ellison Surges to World’s Second Richest, Overtaking Jeff Bezos and Mark Zuckerberg

by Rounak Majumdar
June 15, 2025
0
Larry Ellison Surges to World’s Second Richest, Overtaking Jeff Bezos and Mark Zuckerberg

Larry Ellison, the co-founder and chairman of Oracle Corporation, has made global headlines by becoming the world’s second richest person, surpassing tech titans Jeff Bezos and Mark Zuckerberg....

Read more

Viewers Face Longer Waits as YouTube Rolls Out More Unskippable Ads

by Sneha Singh
June 15, 2025
0
Viewers Face Longer Waits as YouTube Rolls Out More Unskippable Ads

YouTube watchers, prepare to wait a little longer before your favorite videos begin playing. The Google-owned site is experimenting with a new ad format that may make your...

Read more
Next Post
Layoffs

Here are the CEO paycuts that have become popular in the wake of layoffs in 2023

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?