Saudi Arabia intends to launch a $15 billion fund in partnership with the private sector to invest in technology projects, a senior Saudi official has said. 

The fund will devote $3-4 billion for overseas investment covering digital and fibre infrastructure, Internet projects and 5G services, said Deputy Minister of Communications and Information Technology Haitham Al-Ohali. 

“There are plans to launch a joint fund in partnership with the private sector with a capital of $15 billion to invest in technology projects,” Ohali told the Saudi Forum for the Fourth Industrial Revolution in Riyadh on Wednesday. 

In his address, carried by the Saudi Arabic language daily Aliqtisadia on Thursday, Ohali said the Gulf Kingdom is pushing ahead with plans to switch to transform Saudi Arabia into an economy based on technology and information, adding: "This will bear fruit in the future with investment of nearly $25 billion by more than 10,000 industrial facilities.” 

“We expect investment in the industrial technology to reach nearly $200 billion in 10 years,” he added. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com) 

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