US-based software giant Oracle plans to invest more than $1 billion over the next 10 years in artificial intelligence (AI) and cloud computing in Spain.
Oracle announced on Thursday that it will be opening a third cloud region in Madrid.
The investment will support Spain's financial sector and other key industries in enhancing their resilience and take advantage of Oracle Cloud Infrastructure's high performance, built-in security and distributed cloud capabilities, the company said.
The Spanish telecommunications company Telefonica España will be the host partner for the planned cloud region.
Oracle noted that it also offers a separate EU Sovereign Cloud with one region in Madrid. This is designed to assist public and private sector customers in migrating sensitive, regulated, or strategically important regional data and applications to the cloud.
The Oracle EU Sovereign Cloud in Madrid is operated by EU-based personnel and supports workloads that fall under EU guidelines and requirements for sovereignty and data privacy.