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Saudi Arabia is investing $1 billion in Metaverse

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Minister of Communications and Information Technology Saudi Arabia Referring to the country’s decision to reduce its economic dependence on oil, he said the country was making worthwhile investments $ 6.4 billion Roy Future technologies Has begun to include a $ 1 billion investment on Metaverse.

Saudi $ 1 billion investment in Metavars

Saudi Arabia’s total investment totals more than $ 6.4 billion, including $ 1 billion in state-of-the-art metropolis نیوم (Neom) is currently under construction on the shores of the Red Sea. The official Saudi news agency reports that the country intends to launch its Metawares with reference to a three-dimensional digital world in which users can interact with each other.

also AramcoThrough its fund, Saudi oil giant will help entrepreneurs around the world build transformative startups by investing $ 1 billion. Meanwhile Saudi Telecommunication Company (STC) will invest $ 1 billion in submarine cable infrastructure and data centers.

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“Al-Suwaha, the Saudi Minister of Communications and Information Technology, said in an interview with Reuters:

“Currently, the Kingdom’s technology and digital market is worth about $ 40 billion and is the largest market in the region. “We are very proud of the growth we have experienced in this region, especially in the areas of e-commerce, gaming, digital content and the cloud.”

The Saudi government also expects to $ 1.4 billion Entrepreneurship should be funded and funded to support digital content, including an initiative called Garage (The Garage), a space in Riyadh, the capital of Saudi Arabia, will host startups specializing in new technologies.

Wealthy Gulf states have launched initiatives to boost non-oil growth and reduce their dependence on crude oil, as climate change activists and oil price fluctuations have put pressure on governments. Saudi Arabia has previously stated that as part of the program “Vision 2030 Saudi ArabiaIt will invest hundreds of billions of dollars in its economic transformation.

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Adib

Adib Zahedi is the CEO and Founder of mazhd.com. He has nearly a decade of experience in IT, including two years spent working on a Youtube Chennal. He is also an author and writes articles for mazhd.com. Has articles include tutorials and covers everything from Windows PCs to smartphone's software.

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