Saudi Arabia has announced billions of dollars of investment in advanced technologies.

The kingdom will invest more than $6.4 billion in total. This includes a $1 billion investment in the NEOM Tech & Digital Company, which is named after the eponymous futuristic city in Saudi Arabia. The company plans to launch its own metaverse, referring to the 3D digital world where users can interact with one another, the official Saudi Press Agency reported, according to Al-Monitor.

Saudi Arabia’s state-owned oil company Aramco will also invest $1 billion in its venture capital fund Prosperity7 Ventures. The firm will invest in companies with a focus on futuristic technology, including those working on blockchains, according to the agency. This is a type of technology that encrypts information that is stored digitally.

Saudi Information Technology Minister Abdullah Alswaha said the investments demonstrate the kingdom’s "push toward the growth of the digital economy.” He added that the endeavor will be “for the greater good” of Saudis and people across the Middle East and North Africa, according to the Saudi Press Agency.

The Gulf state made the announcement at the LEAP technology forum that is currently being held in the capital Riyadh. The event includes lectures on a range of technologies, including artificial intelligence, 5G internet and more.