Saudi Arabia replaces the oil economy with technology

Microsoft, Huawei and Oracle are the biggest technology companies that have invested in the project of turning Saudi Arabia into the new home of cloud computing.

The country of Saudi Arabia has attracted several billion dollars of capital from large technology companies that are interested in building cloud computing centers in the region. according to what Reuters It is reported that the Saudi Minister of Communications and Information Technology, Abdullah Al-Sawaha, announced this investment for the first time in his speech at the LEAP International Technology Conference, which will be held in Riyadh, the capital of Saudi Arabia, and will last for three days.

Big American companies like Microsoft and Oracle plan to invest billions of dollars in this country. The figure of Microsoft’s investment reaches more than 2.1 billion dollars, while Oracle has allocated 1.5 billion dollars to invest in this country. On the other side of the planet, the Chinese company Huawei, which is considered as one of the largest telecommunication companies and phone manufacturers, will also invest 400 million dollars according to the report.

Al-Sawaha said in his speech at the LEAP technology conference:

Although the time frame of these investments is not clear, Oracle said in response to Reuters’ question that the company’s investment amount will be distributed over several years. Al-Sawaha is said to be attracting these companies with tempting government contracts, although details of the contracts are still scarce; But Saudi Arabia is likely to give these companies prime real estate for a small fee to build their cloud computing centers in Riyadh.

These investments are part of Saudi Arabia’s plans to move away from and reduce dependence on oil markets and replace it with technology markets, which the country calls the 2030 vision.

The shift from oil to technology has already begun as Tonomus, one of Saudi Arabia’s government-owned architectural and engineering firms, NOEM, has invested $1 billion in artificial intelligence and the metaverse.

If the name Neom sounds familiar, it is because this project was made news by the Crown Prince of Saudi Arabia himself with a plan to build a narrow and mirrored megacity about 170 kilometers long in the Arabian desert known as The Line.

The Line Project is an absolutely massive engineering feat, just one of the few future cities of the massive Neom project. However, with all the criticisms and doubts that came to this project, its construction started in December 2022 (Azer 1401).

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