article thumbnail

Saudi Arabia Gains Majority Stake in Magic Leap in $450M Deal

Road to VR

Saudi Arabia has taken majority share of the US-based augmented reality company Magic Leap, The Telegraph reports, widening the stake via its state-owned sovereign wealth fund with a deal amounting to $450 million. The investment puts the country’s ownership of Magic Leap over 50 percent, giving it overall majority control.

article thumbnail

Magic Leap Gets Half-billion Dollar Boost Ahead of Vision Pro Launch

Road to VR

Saudi Arabia has recently injected more than half a billion dollars into augmented reality company Magic Leap, which it hopes will rival Apple’s Vision Pro mixed reality headset.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Fountain of Youth May Be Flooded With Oil Money From Saudi Arabia

GizModo VR

The obnoxiously affluent Saudi Arabia is trying to prove that maybe money can buy everything after all, pouring $1 billion a year into researching ways to slow down the effects of aging. The gulf state’s royal family started a non-profit organization that would grant funds to scientists to understand the underlying… Read more.

article thumbnail

Saudi Arabia Says Pink Hydrogen Is for Girlbosses

GizModo VR

Calling all ladies: Saudi Arabia wants you to work to develop some special forms of energy, just for girls. Saudi Energy Minister Abdulaziz bin Salman made comments last week about the country’s supposed clean energy strides that also promote gender equality. That right, gals. We’re talking about pink hydrogen. Read more.

article thumbnail

Saudi Arabia to Boost Tourism Sector with AR Navigation Technology

XR Today - Augmented Reality tag

announced a partnership with AI Safer to enhance customer experiences for visitors to Saudi Arabian museums and tourist attractions. The region is undergoing Saudi Arabia’s “Vision 2030 “, an initiative to boost its cultural and tourism sector. Today, ARway.ai

article thumbnail

Saudi Arabia Acquires $3.3 Billion Stake In EA, Take-Two, Activision Blizzard

GizModo VR

Saudi Arabia has utilized its Public Investment Fund to invest over $3.3 billion (that’s $3,300,000,000 for the more visual learners out there) in Electronic Arts, Take-Two Interactive, and Activision Blizzard, Al Jazeera reported (h/t Eurogamer ). Read more.

article thumbnail

Report: Meta in Talks with Magic Leap for Multiyear AR Headset Tech Deal

Road to VR

Its majority stakeholder is Saudi Arabia’s state-owned sovereign wealth fund. .” Since it exited stealth in 2014, Magic Leap has released two AR headsets, Magic Leap 1 and Magic Leap 2, which have been compared in functionality to Microsoft’s HoloLens AR headsets.