US tech company Oracle unveiled plans for a new cloud region in Riyadh, which will become its third in Saudi Arabia, the company said in a statement on February 6.
The new cloud region will be part of a planned $1.5bn investment from Oracle to expand cloud infrastructure capabilities across the country, the statement reads. Oracle already runs a cloud region in Jeddah, and is already working on a new one in Neom.
“In the last century, Saudi Arabia transformed its economy by developing the infrastructure needed to produce, refine, process and transport hydrocarbons,” minister for investment Khalid Al-Falih said in the statement.
“This century we are committed to creating the digital infrastructure that will underpin future economies.”
He added that Oracle’s decision will play a “key role” in the country’s quest for robust digital infrastructure.
Saudi Arabia has set in motion assertive policies to lure foreign investors, while it is also boosting outbound foreign investment to increase its influence abroad.
BMW electrifies in Mexico
German automaker BMW will invest €800m to electrify its plant in San Luis Potosí, Mexico, the company said in a statement on February 3, and expects the plant to start producing electric vehicles from 2027.
The investment will create 1000 new jobs, the company said, with €500m going towards a new high-voltage battery assembly plant over 85,000 square metres.
“Our plant in San Luis Potosí will play a central role in BMW Group’s transition to electromobility,” says Harald Gottsche, president of the San Luis Potosí plant.
US automotive giant General Motors has also bet on Mexico, announcing a $1bn plan last year to expand the Ramos Arizpe plant for its own electric vehicle push.
Russia mines copper in Kazakhstan
The Russian Copper Company (RCC) will invest around $1bn in Kazakhstan to develop the Aidarly copper deposit in the eastern part of the country, local sources confirm to fDi.
The plan, which regional leader Nurlan Urankhaev spoke about at a press conference on January 30, was first fielded in a July meeting last year between RMC executives and Kazakhstan’s prime minister, Alikhan Smailov.
RMC's largest shareholder is Igor Altushkin, who is one of Russia's richest businessmen and is currently under sanctions in the West following the Kremlin's invasion of Ukraine.
Kazakhstan is endowed with abundant mineral resources, highlights a research note by the US Commerce department. The country is the world’s largest uranium producer, accounting for about a third of the world’s output, and has extensive coal, gold, and manganese reserves. The country’s current reserves of copper are estimated at 36 million tonnes.