Tech giants to invest $9 billion in Saudi Arabia: Huawei, Microsoft, and Oracle
Sawako Utsumi and Noriko Watanabe
Modern Tokyo Times
Crown Prince Mohammed bin Salman is intent on modernizing and diversifying the economy of Saudi Arabia.
The announcement that Saudi Arabia attracted $9 billion in new investments from major tech giants is an enormous boost to the Crown Prince. This relates to his Vision 2030 plans.
America, China, and all leading economies understand the importance of the growing market in Saudi Arabia. Accordingly, companies including Huawei, Microsoft, and Oracle announced their future investment plans.
Abdullah Alswaha, the Saudi Minister of Communication and Information Technology, said, “The investments… will enhance 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 global super-scaler cloud. This investment will cost $2.1 billion.
Oracle will invest $1.5 billion to create a new cloud region in Riyadh. Hence, by investing in Riyadh, companies are well-placed to obtain government contracts that will boost the importance of this dynamic city.
Meanwhile, Huawei will invest $400 million in its cloud infrastructure and develop a cloud region with Aramco (oil powerhouse).
Vision 2030 is a grand economic plan to transform Saudi Arabia.
Lee Jay Walker says, “The Crown Prince is intent on modernizing Saudi Arabia to a new level – economically, technologically, and socially.”
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