Saudi Puts Money on Tech as It Prepares for Life After Oil
- Kingdom may raise its investment in electric car-maker Tesla
- Investments to help Saudi grow into ‘knowledge-based economy’
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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 carmaker 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.