Saudi Arabia is investing $6.4 billion in future technologies, Saudi Communications and Information Technology Minister Abdullah Alswaha said as the kingdom seeks to diversify its economy away from oil given fierce regional competition.

Rich Gulf countries have taken initiatives to boost non-oil growth and reduce dependence on crude oil as climate change campaigners and oil price volatility put pressure on public finances.

The kingdom has already announced it is investing hundreds of billions of dollars in an economic transformation known as Vision 2030, led by its de facto ruler, Crown Prince Mohammed bin Salman.

The announced investment includes a $2 billion joint venture between eWTP Arabia Capital, a fund backed by Saudi Arabia's sovereign wealth fund, the State Investment Fund (PIF) and Alibaba, and China's J&T Express Group, Abdullah Alswaha said.

Saudi oil giant Aramco will invest $1 billion through its Prosperity7 Ventures fund to help entrepreneurs around the world create transformative startups, while Saudi Telecom Co (STC) will invest $1 billion in submarine cable and data center infrastructure, he said.