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(Reuters) – Oracle Corp (NYSE:) said on Thursday it will invest more than $1 billion over the next 10 years in artificial intelligence and cloud computing in Spain, as it looks to meet growing demand for its services in the country.
This investment will be used to create a new cloud region that allows customers to move workloads from their data centers to Oracle Cloud Infrastructure, while also helping them address regulations such as the EU’s Digital Operations Resilience Act (DORA) and the European Outsourcing Guidelines. .
This will be Oracle’s third cloud region in Madrid and the company will collaborate with Telefonica (NYSE:) España on the project. The first cloud area will open in 2022.
“We are reaffirming our commitment to helping Spanish organizations of all sizes and industries” and accelerating the adoption of cloud technologies to enhance business performance, said Albert Triola, Oracle Spain Leader in Spain.
“The investment… will help Spanish companies and public sector organizations to innovate using artificial intelligence and continue progressing on the path to digital transformation,” said José Luis Escrivá, Spain’s Minister of Digital Transformation and Public Administration.
Last week, Oracle expected revenues for fiscal year 2025 to grow by double digits, exceeding analyst estimates, indicating strong demand for its cloud services powered by artificial intelligence.
The company also announced partnerships with OpenAI, maker of ChatGPT, and Google (NASDAQ:) Cloud to expand customers’ cloud infrastructure.
