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Saudi Arabia … Establishment of a $ 15 billion technology investment fund

Reuters

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Saudi Vice Minister of Communications and Information Technology Haitham Al-Ohali announced a partnership between the public and private sectors to launch a $ 15 billion fund to invest in technology.

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The Saudi official indicated that the fund’s operators will externally invest between three and four billion dollars in digital infrastructure, fiber infrastructure, internet networks and 5G services.

Al-Ohali indicated, during the business session of the first Saudi Forum for the Fourth Industrial Revolution, that there are 13,000 solar power centers that depend on 5G to implement the service, with ten million smart meters in the Kingdom.

He said: “We will transform Saudi Arabia into an economy based on technology, information, capabilities and skills, and it will pay off for the future with huge investments of more than ten thousand industrial facilities worth $ 25 billion.”

He explained that investment in the fourth industrial technology is expected to reach $ 200 billion in the Kingdom and reduce costs for the industrial sector within ten years, as well as for the retail sector, healthcare sector and smart cities. , as will the figures. greatly exceed that.

He noted that various Saudi authorities have signed agreements and cooperation between themselves and major international companies such as “Ali Baba” and “Google” and others, which will soon be reflected in the development and investment in the Kingdom in various fields. .

Al-Ohali promised that data is the true fuel for development, as well as artificial intelligence, as it will reach very advanced stages in the industrial revolution, indicating that government agencies use this data to build their overall strategy.

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The Vice Minister of Communications and Information Technologies pointed out the training of 54,000 students, highlighting the need to develop indicators of fourth industrial technology to measure what has been achieved in this revolution.

He added that they will depend on renewable energy and alternative technology, and it will be used widely; Aiming at the development of artificial intelligence devices to calculate the percentage of pollution that technology leaves, since it needs a lot of energy to store it and benefit from it in the future.

Source: formerly