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Alphabet and Saudi Arabia mulling plans to build tech hub

Saudi Deputy Crown Prince, Defence Minister and Chairman of the Council for Economic and Development Affairs Mohammed bin Salman. Photo: FAYEZ NURELDINE/AFP/Getty Images

Google parent company Alphabet Inc. and Saudi Arabia’s state-owned oil giant are holding talks about the possibility of constructing a massive technology hub in the country, sources told the Wall Street Journal.

Why it matters: This comes as the country’s 32-year-old Crown Prince Mohammed bin Salman is pushing social reforms and seeking to unleash new investment opportunities to reduce the country’s reliance on oil by diversifying its revenue streams.