Saudi Arabia plans $15bln technology fund with private investors- report

A public-private partnership will launch a $15 billion technology fund to advance the digital infrastructure in Saudi Arabia, Arab News reported on Thursday quoting Haytham AlOhali, vice minister of the Ministry of Communications & Information Technology (MCIT).

The minister made the announcement on Wednesday, during the Saudi 4th Industrial Revolution (4IR) conference held in Riyadh, the report said.

Telecom and technology operators invest between $3 billion and $4 billion annually in digital infrastructure, fiber infrastructure, Internet networks and 5G services, and this is not enough for the kingdom to take a lead, said AlOhali.

The public-private partnership will deploy the $15 billion in the kingdom's infrastructure, he said. It will invest in robotics, artificial intelligence, and wireless technology.

The investments in the fourth industrial technology are expected to reach $200 billion in the Kingdom, with value creation coming from improved efficiency and reduction in cost over a 10-year period, said AlOhali, according to Arab News.

 

 

Source: https://www.zawya.com/mena/en/wealth/story/Saudi_Arabia_plans_15bln_technology_fund_with_private_investors_report-ZAWYA20210729130031/

 

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