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Report: Google's Alphabet Explores Joint Venture Opportunity With Saudi Aramco

Report: Google's Alphabet Explores Joint Venture Opportunity With Saudi Aramco

Alphabet Inc (NASDAQ: GOOGL) is in talks with Saudi Aramco, a government-owned oil company, related to a potential joint venture to build large technology hubs in Saudi Arabia, according to The Wall Street Journal.

The opportunity unites two of the most valuable companies in the world and gives Google deeper exposure to a region of particular interest.

Earlier Thursday reports revealed Google’s intended expansion in Saudi Arabia and plan to increase internet content in the Arabic language. The company sees opportunity to seize 400 million global users through Arabic language YouTube content, search responses and news.

“We are going deep into enabling the digital transformation of Saudi Arabia with a multi-year, multi-project initiative,” Lino Cattaruzzi, the managing director of Google Mena, told The National.

Lino and a Dubai-based team will develop initiatives to implement over the next three years.

Google's involvement in the region well aligns with Saudi aims. The country committed $45 billion in November to invest in global technology companies and establish a domestic startup scene that would rival the world's Googles.

Google could not be immediatley reached for comment.

Shares were trading down marginally at $1,173.98 ahead of the company's quarterly earnings release after Thursday's close.

Related Links:

Saudi Arabia Details 'Vision 2030' To End The Country's 'Addiction To Oil'

The Kingdom Enters Another ETF

Posted-In: Saudi Arabia Saudi Aramco YouTubeNews Emerging Markets Rumors Markets Media Best of Benzinga


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