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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