Saudi Arabia to Invest Billions in Metaverse Technology – The statement was made at the futuristic LEAP technology event in Riyadh, where the country is attempting to reduce its reliance on oil.
In total, the kingdom will invest more than $6.4 billion. A $1 billion investment was made in the NEOM Tech & Digital Company, which is named after the future city of the same name in Saudi Arabia.
According to the official Saudi Press Agency, the corporation aims to build its own metaverse, a 3D digital world where users can interact with one another.
Aramco, Saudi Arabia’s state-owned oil firm, will also invest $1 billion in Prosperity7 Ventures, its startup capital fund.
According to the agency, the firm will invest in companies focused on futuristic technology, particularly those working on blockchains. This is a sort of technology that encrypts digitally stored information.
Also, according to the Saudi Press Agency, Saudi Information Technology Minister Abdullah Alswaha said the investments show the kingdom’s “drive toward the growth of the digital economy,” and that the effort will be “for the better good” of Saudis and people across the Middle East and North Africa.
The statement was made at the LEAP technology event, which took place in Riyadh, Saudi Arabia’s capital. The conference features talks on artificial intelligence, 5G internet, and other technologies.
Saudi Arabia is attempting to lessen its reliance on oil. Despite current high oil prices, demand for fossil fuels is dropping around the world as individuals and governments shift to cleaner renewable energy sources.
Saudi Arabia has historically relied on revenue from oil sales. Through his Vision 2030 project, Crown Prince Mohammed bin Salman is particularly interested in diversifying the economy toward new technology.
The country’s diversification attempts have yielded some results. Saudi Arabia expanded its mineral production capacity and claimed a rise in non-oil exports at the end of 2021.
Saudi Arabia’s Public Investment Fund has poured billions of dollars into Silicon Valley firms, despite being chastised for its lack of openness.