Oracle Eyes Expanding Footprint In Saudi Arabia With Third Data Center - Oracle (NYSE:ORCL)

Oracle Corp (NYSE:ORCL) weighed a $1.5 billion multi-year investment in Saudi Arabia as it built up its cloud footprint in the kingdom and launched its third public cloud region in Riyadh.
Oracle would also expand the capacity of its cloud region in Jeddah, which the company first opened in 2020, Reuters reports citing Oracle SVP Nick Redshaw in an interview.
Oracle broke the news at a major tech conference in the Saudi capital.
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Higher demand for cloud computing has pushed technology companies like Oracle, Microsoft Corp (NASDAQ:MSFT), Amazon.Com Inc (NASDAQ:AMZN), and Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google to set up global data centers to speed up data transfer.
Saudi officials lured international companies with government contracts into investing in the kingdom and migrating their regional headquarters to Riyadh.
Saudi Arabia committed hundreds of billions of dollars to an economic transformation led by its de facto ruler Crown Prince Mohammed bin Salman.
However, the country's FDI reached just under $4.1 billion in the first half of 2022, a fraction of the ambitious $100 billion target set for the end of this decade.
Oracle has also won contracts from the crown prince's $500 billion flagship NEOM project, a futuristic mega city and economic zone that the crown prince is building on the Red Sea coast.
Price Action: ORCL shares closed higher by 0.29% at $89.64 on Friday.

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