A Saudi public-private partnership will launch a $15 billion technology fund “to advance the digital infrastructure in the Kingdom,” a report in Arab News said, based on an announcement at a conference in Riyadh on Wednesday.
The announcement was made by Haytham Al-Ohali, vice minister of the Ministry of Communications and Information Technology, during the Saudi 4th Industrial Revolution conference held in Riyadh.
The move is needed, Al-Ohali said, because the current annual investment in digital infrastructure, fiber infrastructure, Internet networks and 5G services is not enough for Saudi Arabia to power ahead into a global leadership role in these areas.
“We will transform in Saudi Arabia into an economy based on technology, information, capabilities and skills, and it will bear fruit for the future with huge investments from more than 10,000 industrial facilities worth $25 billion,” he said, during the two-day-conference.
The report added that 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.
