Saudi Aramco Partners with PIF-backed U.S. Startup Magic Leap
Magic Leap, a U.S.-based augmented reality startup backed by the Public Investment Fund, has announced its collaboration with Saudi Aramco during the Future Investment Initiative carried out this week. Although similar to virtual reality, Magic Leap’s augmented reality technology differs in that it involves “placing digital content in the physical space around you,” as explained by its CEO Peggy Johnson. The partnership will allow Saudi Aramco to use augmented reality technology for remote collaboration and 3D visualization by permitting smooth exchange of content between users in different parts of the world. Vice Chairman and CEO of Saudi Basic Industries Corporation (SABIC), Abdullah Al-Benyan, states that speed, agility, and effective communication are essential for businesses post-COVID, and that augmented reality and other digital innovations have assisted with these goals. This partnership is consistent with Vision 2030 objectives as Saudi Arabia experiences a greater shift towards digital transformation that is creating the landscape for Industry 4.0.