Trump's Saudi visit: Oracle pledges $14bn investment in Saudi Arabia
Image: Getty Images
US tech giant Oracle said on Tuesday it will invest $14bn in Saudi Arabia over the next decade, reaffirming its support for the kingdom's Vision 2030 economic diversification plan.
The investment aims to bring Oracle's latest cloud computing and artificial intelligence technologies to the Gulf nation, with the company saying the move will support innovation, economic growth, and improved public services in Saudi Arabia.
'Thanks to the decisive actions and strong leadership of President Trump and his administration, Oracle is providing the world's most advanced cloud and AI technology to Saudi Arabia,' said Safra Catz, CEO of Oracle.
Oracle committed to supporting US-Saudi ties
The announcement comes as Saudi Arabia pushes forward with its ambitious Vision 2030 strategy, a multi-sector reform plan aimed at reducing the kingdom's dependence on oil and positioning it as a regional hub for technology and innovation.
Read:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
an hour ago
- Khaleej Times
Photos: Umm Al Quwain Crown Prince holds wedding reception at Amiri Diwan
On Tuesday, Sheikh Saud bin Rashid Al Mu'alla, Member of the Supreme Council and Ruler of Umm Al Quwain, hosted a reception on the occasion of the marriage contract of the Crown Prince. Sheikh Rashid bin Saud bin Rashid Al Mu'alla has married the daughter of Sheikh Mohammed bin Hamdan bin Hamdan Al Nahyan. Sheikh Rashid is also the Chairman of the Executive Council and holds a leading role in the emirate's governance and development. The event was held in the presence of Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, and Sheikh Ahmed bin Saud bin Rashid Al Mu'alla, Deputy Ruler of Umm Al Quwain. The Ruler of Umm Al Quwain received congratulations and blessings from the attending sheikhs and guests on the occasion. Take a look at some photographs from the evening: Among those who attended the reception were His Excellency Sheikh Humaid bin Ahmed Al Mu'alla; Sheikh Khalid bin Rashid Al Mu'alla, Head of the Amiri Diwan; Sheikh Maktoum bin Rashid Al Mu'alla; Sheikh Saif bin Rashid Al Mu'alla, Chairman of the Department of Economic Development; Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman; Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Municipality and Planning Department in Ajman; and a number of other sheikhs.
The National
2 hours ago
- The National
Lebanon looks to visitors from Gulf as it pushes to increase tourism
Lebanon is looking forward to a boost in tourism from Gulf countries as its new leadership works to rebuild ties after years of estrangement. The UAE and Kuwait have lifted bans on their citizens travelling to Lebanon after recent visits by President Joseph Aoun, who has also travelled to Saudi Arabia and Qatar after taking office in January. 'Lebanon is moving in the right direction, getting back to the Arab fold – and that's a Lebanese demand before anything else,' Fouad Dandan, Lebanon's ambassador to the UAE, told The National. Gulf tourists and investors − particularly from Saudi Arabia, Kuwait and the UAE − were significant contributors to the economy for decades before relations soured over the increasing influence of Iran over the country through Hezbollah. However, the Lebanese armed group and political party has been considerably weakened after a year-long war with Israel that led to them signing a peace deal last November. Preparations for an increase in arrivals are already under way, with an additional terminal to be built at Beirut's international airport. Plans for a new airport are also in the works, with Prime Minister Nawaf Salam announcing last month that the master plan would be unveiled shortly and the project thrown open to foreign investors. To be called the Rene Mouawad Airport, the new airport in Qlayaat 'could play a strategic role in facilitating cargo movement and affordable travel', Mr Salam told a conference in Beirut on Tuesday. At the same time, flag carrier Middle East Airlines is looking at setting up a low-cost carrier to serve destinations in the Middle East and Europe. The budget airline would be a wholly owned subsidiary of the wider MEA group but fully independent, Mohamad El Hout, chairman of MEA, told The National. He said MEA had seen 'significant growth in passenger traffic' this month, and was forecasting year-on-year growth of 10 per cent to 15 per cent in the second half of 2025. Given its history of conflict, Lebanon's security forces have also been rallied to encourage more foreign visitors. 'Preparations are under way to welcome tourists, though the state is working with a limited budget. Efforts have been made to improve visitors' experience. The road from the airport to Beirut has been repaired, and political banners and posters were removed months ago,' a senior security official involved in the operations told The National. 'What's new is the increased police presence near airport routes, especially at night. Police staffing has recently expanded to accommodate these new duties, and additional checkpoints are now active, with clear instructions to search suspicious vehicles and fine violators.' In the long run, drawing more visitors to its beaches, mountains and nightlife could play a key role in Lebanon's efforts to rebuild an economy hit by mismanagement, corruption and war, with the tourism sector estimated to account for 20 per cent of GDP. 'Eid Al Adha gives a glimpse of how this summer will look,' Jean Abboud, president of the Association of Travel and Tourist Agents in Lebanon, told The National. 'We're seeing new nationalities this year: Emiratis, Kuwaitis and Qataris. Gulf tourists tend to spend more time and money in the country. 'In May, airport traffic rose 11 per cent compared to the same period last year. The momentum is encouraging.'
Arabian Business
2 hours ago
- Arabian Business
Sheikh Hamdan meets UAE space sector startups as country emerges as out-of-this-world hub
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of the Supreme Space Council, met with representatives of leading space sector startups operating in the UAE. The meeting is part of. Sheikh Hamdan's keenness to advance the national space ecosystem and further promote its role as a global leader in the space industry. Sheikh Hamdan underscored the importance of strong partnerships and strategic collaboration between the public and private sectors as a foundation for developing an advanced and innovative space ecosystem. UAE space sector He highlighted that continuous innovation and long-term investment in future technologies are essential to this progress. Sheikh Hamdan also expressed confidence in the capabilities of UAE-based companies and entrepreneurs, noting their crucial role in driving the growth of the local space industry and strengthening the country's position as a leading global hub in this strategic field. Sheikh Hamdan also highlighted the space sector as a vital driver of the future and sustainable economic growth. He stressed the UAE's ongoing efforts to build a supportive environment that fosters the growth of national companies and unlock new opportunities for investment and innovation, boosting the country's global competitiveness and leadership in space. The private sector is leading the space scene in the UAE, reaffirming the maturity of national investments that have been established over the past three decades A number of the UAE based companies took part in the meeting, representing a wide range of specialisations, including: Locally developed Internet of Things (IoT) solutions Artificial intelligence and remote sensing Commercial space ecosystem development Edge computing for robotics applications High-resolution Earth observation via microsatellites AI systems Robotics Interactive simulation technologies Reusable space launch systems Participants shared insights into their current projects, long-term strategies, and future investment plans in support of the national economy. Discussions focused on strengthening public-private collaboration, expanding operations both locally and internationally, and exploring promising opportunities within the UAE's growing space sector—highlighting the private sector's central role in shaping a globally competitive and integrated space industry. UAE startups play crucial role in developing space sector Company representatives reaffirmed their commitment to the UAE's space ambitions and outlined plans to expand their operations within the country. They praised the UAE's flexible regulatory framework and advanced infrastructure as key enablers of sustained investment. Attendees also welcomed initiatives such as the Space Economic Zones Programme, which they said play a vital role in enabling collaboration and fostering long-term, sustainable growth across the space ecosystem. The meeting was attended by: Dr. Ahmad Belhoul Al Falasi, Minister of Sports, Secretary-General of the Supreme Space Council, and Chairman of the Board of Directors of the UAE Space Agency Khalid Al Awadi, founder of Rimal Ibrahim Al Obaidly, founder of Ardhiyat Al Ibdaa Information Solutions David Critchley, CEO of 4EI Dr. Hamdullah Mohib, CEO of Marlan Space Alex Lapir, CEO of Aliensense Abdulhalim Jallad, co-founder of Oryx Space
