Just a couple of months ago news broke out that Apple and Amazon are planning to set up in Saudi Arabia. And, now news has come in that another tech giant will also be making a foray into the Kingdom.
According to the Wall Street Journal, Google’s parent company Alphabet Inc. is in talks with Saudi Aramco to set up data centers across Saudi Arabia.
The talks between the two giants have been going for months as per the report.
There is a possibility that the joint venture between the two could be listed on the Tadawul stock exchange.
Saudi Aramco has primarily been dealing with oil and its byproducts. A shift towards the tech sector would help the company diversify. Nonetheless, it is still not clear how many data centers will be set up or the amount of money that will be invested by the two companies.
Sources, however, have told the Journal that another tech giant Amazon would be setting up three data centers across Saudi Arabia with an investment of about $1 Billion.
Saudi Aramco’s much talked about IPO is expected to take place this year, which is anticipated to be the largest share-sale of all time. The county plans to use the proceeds from the IPO in building a massive sovereign wealth fund.