Saudi Arabia’s curious romance with Silicon Valley | Financial Times:
A Gulf country splashing billions of dollars on overseas investments is a familiar tale. Remember Dubai before leverage brought it to the brink of financial collapse? How new investment vehicles proliferated in Abu Dhabi over the past decade and how Qatar’s sovereign wealth fund became, in record time, one of the most courted global investors?
The city-states of the Gulf have gone quieter in recent years. But now their big brother has stepped in. Saudi Arabia, the largest oil exporter long dismissed as lethargic and excessively prudent, is rushing to catch up with its neighbours in a variety of ways.
Its overseas investment targets are so far not the usual Gulf favourites: iconic buildings, financial services or a football club (though it is said to be eyeing a Premier League team). Instead, the absolute monarchy is betting big on technology.
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