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Oracle is investing $1.5 billion in Saudi Arabia over several years.
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The investment is for building up its cloud presence in the kingdom and opening its third public cloud region in Riyadh.
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The investment is due to increased demand for cloud computing globally.
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The company is finalizing plans for opening its data centres in Riyadh region.
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Oracle will also expand the capacity of its cloud region in Jeddah.
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The announcement was made during a major tech conference in the Saudi capital.
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Oracle was among the first large tech companies to open a data centre in Saudi Arabia.
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The kingdom is encouraging foreign firms to set up headquarters in the country through its Vision 2030 initiative.
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FDI reached just under $4.1 billion in the first half of 2022, a fraction of its target of $100 billion by the end of the decade.
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Oracle has won contracts from the $500 billion NEOM project and is working closely with the Saudi government.