Saudi Arabia to set up $15 billion technology fund to advance digital infrastructure

Saudi Arabia will set up a $15 billion technology fund to enhance digital infrastructure, reports say, citing Haytham AlOhali, vice minister of the Ministry of Communications & Information Technology (MCIT).

The fund, a public-private partnership, will go into robotics, artificial intelligence, and wireless technology, AlOhali reportedly said Wednesday at the Saudi 4th Industrial Revolution (4IR) conference held in Riyadh.

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, the minister added. The kingdom according to AlOhali, will drive $200 billion in the fourth industrial technology, in improving efficiency and reduction in cost over a 10-year period.

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