- 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.
- Also Read: Google, Oracle, Amazon And Microsoft Jointly Win US DoD Cloud Contract Worth $9B
- 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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