Oracle Corp. (NYSE: ORCL) has announced its plan to invest USD 1.5 Billion to meet Cloud Computing Demand in Saudi Arabia. The rapid demand for cloud services has opened a third public cloud region in Saud Arabia. In Riyadh, the new cloud region will be a segment of the planned USD 1.5 Billion investment from Oracle to expand its cloud infrastructure capabilities. The Riyadh Region will join Oracle’s existing Cloud Jeddah region and the planned cloud region located in the city of NEOM.
“In the last century, Saudi Arabia transformed its economy by developing the infrastructure needed to produce, refine, process and transport hydrocarbons. This century we are committed to creating the digital infrastructure that will underpin future economies,” said His Excellency Khalid Al-Falih, Minister of Investment. “Oracle’s decision to expand its cloud computing capacity in the Kingdom will play a key role in unlocking the opportunities that rapid technological advancements are creating. MISA will continue in its quest to enable the building of a robust digital infrastructure, by creating an attractive environment for these investments—for example, by establishing special economic zones that are tailored to particular industries such as cloud computing and digital transformation.” “Oracle’s investment will rapidly accelerate the cloud transformation across Saudi Arabia’s business and public sector,” said Richard Smith, Executive Vice President, Technology – EMEA, Oracle. “Oracle Cloud delivers pioneering innovation in technologies like AI, Machine Learning, and IoT, and it will help fuel the economic growth and digital transformation that is an integral part of the Saudi Vision 2030.”