Saudi Arabia is focusing on future technology, turning its attention slightly away from the oil business alone. To this end, the country has announced to invest 6.4 billion dollars. The country’s communications and information technology minister made the announcement on Tuesday. News Reuters.
Saudi Arabia wants to make a difference in the country’s economy by taking regional competition into account. In addition, pressure from environmentalists and the rapid fluctuation in oil prices are creating doubts in the government’s financial system. Prince Mohammed Bin Salman has already announced an investment of hundreds of billions of dollars in an economic transformation called ‘Vision 2030’.
The investment plan announced on Tuesday includes a total of $ 2 billion in joint ventures among EWTP Arabia Capital, Public Investment Fund, Alibaba and China’s J&T Express Group.
Saudi oil giant Aramco will invest $ 1 billion in creating a transformative startup and supporting entrepreneurs through their Prosperity7 venture. Saudi Telecom, on the other hand, will invest $ 1 billion in submarine cable and data center infrastructure.
The government will also invest $ 1 billion in metaverse technology and $ 1.4 billion in digital content.
Saudi Arabia’s current technology and digital market is about $ 40 billion, the largest in the region. Communications and Information Technology Minister Abdullah Al Soha said e-commerce, gaming, digital content and the cloud in particular are experiencing tremendous growth.
