Saudi Arabia To Invest $6.4 Billions in Technology Including Blockchain and Metaverse

ReiGroup - A KYC Assured Project, Will it Connect DeFi, NFTs, Real Estate?
  • One billion dollars will be invested in Prosperity7 Ventures.
  • Reduced reliance on oil is a goal for Saudi Arabia in the near future.

In all, the kingdom plans to spend about $6.4 billion. The NEOM Tech & Digital Company, named after the futuristic Saudi Arabian metropolis of the same name, received a $1 billion investment as part of this deal. According to the official Saudi Press Agency, the corporation intends to develop its own metaverse, a 3D digital environment in which users may interact with one another.

One billion dollars will be invested in Prosperity7 Ventures by Saudi Arabia’s state-owned oil corporation Aramco. According to the agency, by focusing on future technologies, including blockchains, the company plans to invest. Information saved digitally may be encrypted using this sort of technology.

Leap-Technology Conference

Abdullah Alswaha, Saudi Arabia’s IT minister, claimed that these expenditures showcase Saudi Arabia’s “push toward the growth of the digital economy.” As reported by the Saudi Press Agency, he further added: “For the greater good” of Saudis and people in the Middle East and North Africa as a whole.

Leap, a technology conference in Riyadh, Saudi Arabia, was the platform where the Gulf state made the statement. An array of cutting-edge technologies will be discussed during the meeting, including artificial intelligence, 5G internet, and more.

Reduced reliance on oil is a goal for Saudi Arabia in the near future. People and governments throughout the globe are turning away from oil in favor of cleaner types of renewable energy, even as oil prices continue to rise. It is no secret that Saudi Arabia has historically relied on money from oil sales. The Crown Prince Mohammed bin Salman’s Vision 2030 plan aims to diversify the economy by focusing on emerging technology.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.