(Reuters) – Oracle (NYSE:) on Thursday said 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.
The investment will be used to create a new cloud region that will enable customers to move workloads from their data centers to Oracle’s cloud infrastructure, while also helping them comply with regulations such as the European Union’s Digital Operational 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 this project. The first cloud region was opened in 2022.
“We reaffirm our commitment to helping Spanish organizations of all sizes and industries” and accelerating the adoption of cloud technologies to improve business performance, said Albert Triola, head of Oracle Spain.
“This investment… will help Spanish businesses and public sector organizations innovate using artificial intelligence and continue on their digital transformation journey,” said José Luis Escriva, Spain’s Minister of Digital Transformation and Public Administration.
Oracle last week forecast revenue would grow by double digits in fiscal 2025, beating analysts’ estimates, indicating strong demand for its artificial intelligence-powered cloud services.
The company also announced partnerships with ChatGPT maker OpenAI and Google (NASDAQ:) Cloud to expand its cloud infrastructure for customers.