Oracle to invest $1.5B in Saudi Arabia to boost cloud position in region

An Oracle (NYSE:ORCL) executive said the IT giant would invest $1.5B in Saudi Arabia over the next several years in an effort to boost its cloud position in the region.
Oracle (ORCL) senior vice president Nick Redshaw told Reuters that the company was finishing up its plans to open a public cloud region in Riyadh and that it was still working with suppliers.
Redshaw added that Oracle (ORCL) would also expand its cloud region in Jeddah, which was initially opened in 2020.
Oracle (ORCL) shares were fractionally lower in premarket trading on Monday at $88.82.
Last month, Oracle (ORCL) signed a deal with SymphonyAI to offer SymphonyAI solutions on Oracle Cloud Infrastructure.

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