Oracle Corp plans to invest $1.5 billion in Saudi Arabia in the coming years as it builds up its cloud footprint in the kingdom and opens its third public cloud region in Riyadh, a company official said.  Increased demand for cloud computing has pushed technology companies such as Oracle, Microsoft, Amazon and Alphabet's Google to set up data centres across the world to speed up data transfer.

The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital.

Though Oracle lags its bigger rivals in the race to corner the cloud computing market, it was among the first large tech companies to open a data centre in Saudi Arabia.

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