American tech giant Alphabet Inc and state-owned Saudi Arabian Oil Co have been in talks for months about a potential joint investment in a technology hub in the Arab kingdom, Wall Street Journal reported on Thursday. Chief executive officer of Google's parent company Larry Page (pictured) is taking part in the talks. Sources say that exact location of the hub, as well as the value of the venture, are still not determined. According to the report, Alphabet would also help Saudi Arabia build data centers across the country.
Meanwhile, Amazon is close to finalizing a $1 billion deal to build three data centers in Saudi Arabia, people familiar with the matter told WSJ.
Saudi Crown Prince Mohammed bin Salman has been planning to reduce the kingdom's dependence on oil exports, by investing in the technology sector, which is the essential part of his plan Vision 2030. He is also one of the main proponents of listing Aramco publicly on the New York stock market, through what could be one of the biggest IPO's ever.