PARIS, France - Oracle Corp plans to invest $1.5 billion in Saudi Arabia in the coming years as it builds up its cloud footprint in the kingdom and opens its third public cloud region in Riyadh, a company official said.
Increased demand for cloud computing has pushed technology companies such as Oracle, Microsoft, Amazon, and Alphabet's Google to set up data centres across the world to speed up data transfer.
Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts.
''We are finalising the plans for opening the Riyadh. We are still working with our suppliers before we can announce the actual date'', Nick Redshaw, a senior vice president at Oracle, said in an interview from Dubai.
Redshaw said the investment will be made over several years without providing detail. He added that Oracle would also expand the capacity of its cloud region in Jeddah, which the company first opened in 2020.
The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital.
Though Oracle legs its bigger rivals in the race the corner the cloud computing market, it was among the first large tech companies to open a data centre in Saudi Arabia.
The kingdom has been devoted hundreds of billions of dollars to an economic transformation, known as Vision 2023, led by Crown Prince Mohammed bin Salman.
