Saudi Puts Its Money on Tech as It Prepares for Life After Oil - Bloomberg:
The world’s biggest crude exporter is attempting to future-proof itself against oil’s decline by investing in futuristic technologies.
Saudi Arabia has accumulated a stake in electric car maker Tesla Inc. for about $2 billion through its Public Investment Fund and aims to be part of any investor pool that emerges to take the company private. That’s on top of a $3.5 billion investment in ride-sharing company Uber Technologies Inc., a $45 billion commitment to SoftBank Group Corp.’s $100 billion technology fund and a planned investment of about $1 billion in Virgin Group’s space companies.
Neom, a planned $500 billion futuristic city that it’s hoped will host more robots than people on a desolate peninsula in the kingdom’s northwest is also part of the plan. The metropolis will have a link “with artificial intelligence, with the internet of things — everything,” Crown Prince Mohammed bin Salman said in October, when Neom was announced.
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