How do you attract investment? You invest, of course! And in Saudia Arabia’s case, you invest $238m.
Saudi Telecom Co has invested $238.3m with tech giant Alibaba. The new Riyadh-based company, Alibaba Cloud, would tap into the growing cloud computing market, as well as help organizations in the nation digitize their business.
The investment is expected to attract additional foreign investments into Saudi Arabia, not to mention positioning Saudi on the market map in terms of cloud computing.
Why it matters
The global cloud computing market is projected to reach $1554.9b (woah!) in less than 10 years, and Saudi Arabia is jumping hot on the bandwagon.
