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Saudi Arabia announces $6.4 billion investment in future technology

How did Saudi Vision 2030 boost the Kingdom's tech sector?

Saudi Arabia’s Minister of Communications and Information Technology, Abdullah Al-Sawaha, revealed that the kingdom has invested $6.4 billion in future technology at a time when the country is trying to diversify its economy away from oil in the face of severe regional competition.

According to “SPA,” the Saudi minister added that the announced investments include a $2 billion joint venture between eWTP Arabia Capital, a vehicle supported by Saudi Arabia’s sovereign wealth fund, and Alibaba. As well as the Chinese J&T Express Group.

Aramco, the Saudi oil firm, will use its $1 billion funds to assist entrepreneurs throughout the world in creating breakthrough start-ups.

STC will spend $1 billion on data centers and underwater cable infrastructure.

According to the Minister of Communications, the Kingdom’s technology and digital market are presently valued at $40 billion, making it the largest in the region.

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