Saudi’s stc Group has said Alibaba Cloud, with capital totaling $238 million (SAR894 m) will be established in the capital Riyadh through a partnership with Chinese technology giant Alibaba Group.
The new cloud computing company, which will focus on digital infrastructure development in the kingdom, came “in response to the significant increase in demand for cloud computing services and solutions in the region,” a statement from the company said.
Saudi Arabia’s ambitious Vision 2030 development plan aims to transform the kingdom, economically and socially. Billions has been invested in infrastructure and technology development.
Alibaba Cloud in Riyadh will “enable local companies and institutions to digitise their businesses, employ the technologies of the Fourth Industrial Revolution, raise work standards and enhance businesses,” a statement from the company said.
Some estimates suggest that the global cloud computing market is expected to hit $947.3 billion by 2026.
