Gulf CountriesTechnique

Saudi Arabia Pumps $590 Million into Magic Leap

A new report published by The Telegraph reveals that Saudi Arabia has injected $590 million into Magic Leap, resulting in the kingdom acquiring a majority stake in the company in 2022. According to the report from the British news site, Magic Leap, an emerging technology company, has managed to raise investments totaling $4.5 billion to date. As of the time of the report, Magic Leap has not officially announced this latest round of funding. This announcement comes two weeks before the anticipated launch of the Apple Vision Pro glasses.

The company has specialized in developing augmented reality glasses since 2010. However, its first model, Magic Leap One, launched in 2018, did not achieve the expected success in the market. Conversely, the launch of its second version, Magic Leap 2, in 2022 marked a significant strategic shift for the company towards focusing on corporate clients rather than the consumer market. In another important development, October 2023 saw a change in the company’s executive leadership, with CEO Peggy Johnson stepping down and being replaced by Ross Rosenberg.

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