ORCL

By Will Feuer

Oracle Corp. said it plans to make a $1.5 billion investment to expand cloud-computing infrastructure in Saudi Arabia.

The California-based company will open a third public cloud region in Saudi Arabia, a move that the company said will help meet growing demand in the region for cloud services.

The new region will be based in Riyadh and join another one operated by Oracle that is based in Jeddah. Oracle also has agreed to expand the capacity of the cloud region based in Jeddah. A planned third one will be located in Neom, a megadevelopment project planned by the country.

Oracle said it has signed a memorandum of understanding with Saudi Arabia's Ministry of Communications and Information Technology to help local businesses take advantage of the latest cloud offerings.

"Oracle's decision to expand its cloud computing capacity in the Kingdom will play a key role in unlocking the opportunities that rapid technological advancements are creating," said Khalid Al-Falih, Saudi Arabia's minister of investment.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 06, 2023 06:27 ET (11:27 GMT)

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