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

Investments in the fourth industrial technology to reach $200bln

  
Image used for illustrative purpose. Aerial view of cityscape at night, Riyadh, Saudi Arabia.

Image used for illustrative purpose. Aerial view of cityscape at night, Riyadh, Saudi Arabia.

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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.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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