Oracle Corp plans to invest $1.5 billion in Saudi Arabia in the coming years as it builds up its cloud footprint in the kingdom and opens its third public cloud region in Riyadh, a company official said.
The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital.
The kingdom has been devoted hundreds of billions of dollars to an economic transformation, known as Vision 2030, led by its de facto ruler Crown Prince Mohammed bin Salman. FDI reached just under $4.1 billion in the first half of 2022, a fraction of the ambitious $100 billion target set for the end of this decade.
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