Saudi Arabia to launch public-private tech fund worth $15 bln: official

Haytham AlOhali, Vice Minister of Communications & Information Technology

Haytham AlOhali, Vice Minister at Ministry of Communications & Information Technology (MCIT), announced a public-private partnership to launch a $15 billion technology fund, Al-Eqtisadiah newspaper reported. 

The fund operators will invest $3-$4 billion in the digital infrastructure, fiber infrastructure as well as the 5G service and internet networks, AlOhali said on the sidelines of the First Saudi Forum for the Fourth Industrial Revolution.

He also noted that 13,000 solar power centers depend on 5G to apply the service, along with 10 million smart meters across the Kingdom.

Saudi Arabia will turn into an economy that is based on technology, information, capabilities and skills. This is likely to draw mega investments from more than 10,000 industrial facilities at a total value of $25 billion.

Investment in the Fourth Industrial Revolution is forecast to reach $200 billion in the Kingdom, AlOhali added, noting that it will also reduce costs in the industrial sector over 10 years. Moreover, retail and healthcare sectors as well as smart cities will exceed these figures.

MCIT will largely depend on renewable and alternative energy in technology. It will also use artificial intelligence (AI) devices to calculate the pollution arising from technology, the top official concluded.