What's Going On With Oracle Stock Thursday?

Zinger Key Points
  • Oracle plans two new cloud regions in Morocco, underscoring commitment to Africa's digital transformation.
  • Expansion aims to facilitate data migration, ensure regulatory compliance, and support modernization of Moroccan public services.

Oracle Corporation ORCL shares are trading lower in the premarket session on Thursday.

The tech giant announced plans to open two Oracle Cloud Regions in Morocco, offering enterprise cloud services to local and regional organizations across Africa. 

The planned public cloud regions in Casablanca and Settat underscore Oracle’s commitment to Africa.

“As one of the largest economies in Africa, and with strong business and cultural connections with West Africa, Maghreb, and Europe, Morocco offers unique growth opportunities for businesses that are aiming to accelerate their expansion by deploying the latest digital technologies,” said Richard Smith, executive vice president, Technology, EMEA, Oracle.

They will help drive the digital transformation of enterprises, startups, universities, and investors in Morocco and the region.

The forthcoming new regions on Oracle Cloud Infrastructure (OCI) will facilitate Oracle customers and partners in migrating vital workloads from their data centers.

The new regions will also serve as the foundation for the Moroccan government’s modernization of its public services to better serve its people, the company said.

“This strategic expansion, with a hyperscaler like Oracle, positions Morocco as a unique player in the region and allows an even more dynamic development of skills, and growth opportunities,” said Ghita Mezzour, Minister Delegate to the Head of Government in charge of Digital Transition and Administrative Reform. 

Price Action: ORCL shares are trading lower by 2.48% to $120.67 premarket at last check Thursday.

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