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Saudi Arabia Invests $1 Billion in Magic Leap's Future

10/19/2025

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Summary

Story summary

Saudi Arabia's Public Investment Fund (PIF) has invested over $1 billion in Magic Leap to diversify Saudi Arabia's economy.
Magic Leap, founded in 2010 and backed by $4 billion, suffered a 2018 product launch failure and layoffs.
This investment aligns with Crown Prince Mohammed bin Salman's Vision 2030 to develop technology and entertainment.
Magic Leap recently signed a deal with Google to leverage its optics and manufacturing for immersive experiences.

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Story summary

Saudi Arabia's Public Investment Fund (PIF) has invested over $1 billion in Magic Leap to diversify Saudi Arabia's economy.
Magic Leap, founded in 2010 and backed by $4 billion, suffered a 2018 product launch failure and layoffs.
This investment aligns with Crown Prince Mohammed bin Salman's Vision 2030 to develop technology and entertainment.
Magic Leap recently signed a deal with Google to leverage its optics and manufacturing for immersive experiences.