News

Saudi Arabia plans $15bn tech fund

Technology abstractThe Saudi Arabian government is reportedly planning to launch a US$15 billion fund focused on technology in order to boost digital infrastructure in the kingdom. The fund will be a public-private partnership, according to an announcement by vice minister of the ministry of communications, Haytham Al-Ohali. Investment will be focused on technology like artificial intelligence, robotics and wireless technology. It is estimated that tech and telecom operators in the kingdom currently invest between US$3 and $4 billion annually on digital infrastructure – a figure which Al-Ohali said is not enough for Saudi Arabia to become a leader in the field. “We will transform Saudi Arabia into an economy based on technology, information, capabilities and skills, and it will pay off for the future with huge investments of more than ten thousand industrial facilities worth $25 billion,” said the minister. ©2021 funds global mena

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