Oracle Opens 2nd Public Cloud Region in Saudi Arabia to Meet Growing Demand for AI

Oracle is looking to capitalize on the growing demand for cloud and AI to launch three public could regions in Saudi Arabia (Asharq Al-Awsat)
Oracle is looking to capitalize on the growing demand for cloud and AI to launch three public could regions in Saudi Arabia (Asharq Al-Awsat)
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Oracle Opens 2nd Public Cloud Region in Saudi Arabia to Meet Growing Demand for AI

Oracle is looking to capitalize on the growing demand for cloud and AI to launch three public could regions in Saudi Arabia (Asharq Al-Awsat)
Oracle is looking to capitalize on the growing demand for cloud and AI to launch three public could regions in Saudi Arabia (Asharq Al-Awsat)

Oracle on Tuesday announced the opening of its second public cloud region in Saudi Arabia to meet the rapidly growing demand for its AI and cloud services.

“The new Riyadh cloud region will help public and private sector organizations migrate all types of workloads to Oracle Cloud Infrastructure (OCI), giving them access to a wide range of cloud services to modernize their applications and innovate with data, analytics, and AI,” the US company said in a statement.

Center3 is the host partner for the new Oracle Cloud Riyadh Region.

As part of Oracle’s distributed cloud strategy and Oracle’s $1.5 billion investment to expand cloud infrastructure capabilities in the Kingdom, the new region will help boost Saudi Arabia’s AI economy, which is expected to reach $135.2 billion by 2030, the statement said.

The Oracle Cloud Riyadh Region joins the existing Oracle Cloud Jeddah Region and the planned Oracle Cloud Region in NEOM to extend Oracle’s footprint in Saudi Arabia, it added.

“The opening of Oracle’s new cloud region in Riyadh reflects the Kingdom’s continuous efforts in boosting the digital economy based on modern technologies and innovation,” said Eng. Haytham Alohali, Deputy Minister of the Ministry of Communications and Information Technology. “This step will significantly enable international and local companies to achieve innovation and promote the adoption of AI and cloud computing technologies in various sectors, which enhances Saudi Arabia’s competitiveness at the regional and international level.”

For his part, Richard Smith, executive vice president and general manager in Europe, the Middle East, and Africa Cloud Infrastructure at Oracle, said: “With the rapid expansion of our cloud footprint in Saudi Arabia, Oracle is committed to helping the country achieve its goal of developing one of the strongest digital economies in the world.”

“As part of our wider investment in cloud capabilities in Saudi Arabia, the Oracle Cloud Riyadh Region will help accelerate adoption of cloud and AI technologies to boost innovation across all sectors of the Saudi economy, while helping organizations addressing local data hosting requirements,” he added.



Gulf Markets Rebound with Federal Reserve Allaying Investor Fears

The Tadawul All Share Index (TASI) rose 2.1 percent. (Reuters)
The Tadawul All Share Index (TASI) rose 2.1 percent. (Reuters)
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Gulf Markets Rebound with Federal Reserve Allaying Investor Fears

The Tadawul All Share Index (TASI) rose 2.1 percent. (Reuters)
The Tadawul All Share Index (TASI) rose 2.1 percent. (Reuters)

Most Gulf stock markets advanced on Tuesday after Federal Reserve officials made comments easing investor jitters, following a global sell-off on fears of a possible recession in the United States.

San Francisco Federal Reserve Bank President Mary Daly said on Monday that it was too early to determine whether the July jobs report indicated a real slowdown or weakness, but emphasized that it was “critically important” for the central bank to prevent the labor market from sliding into recession.

Market expectations remain intact that the Fed will cut interest rate by 50 basis points at its September meeting, as futures indicate a 71 percent chance of this major adjustment.

The market anticipates approximately 100 basis points of easing this year, with a similar expectation for 2025.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Federal Reserve decisions, with most regional currencies linked to the dollar. The standard Saudi stock market index (TASI) rose by 2.1 percent, with the shares of the aluminum products manufacturing company Al-Tayseer Group rising by 7.1 percent.

Saudi Aramco rose by 2.4 percent, after it announced a net profit in the second quarter amounting to SAR109.01 billion ($29.04 billion), exceeding the company’s average estimate of $27.7 billion.

Dubai’s main market index jumped 2.4 percent, recovering some of its losses from Monday when it fell more than 4 percent. The shares of the leading real estate development company, Emaar Properties, advanced 4.9 percent. In Abu Dhabi, the index rose by 1.4 percent.

The Qatari benchmark index fell by 0.5 percent, with the largest bank in the Gulf, Qatar National Bank, losing 1.4 percent.