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Saudi Arabia’s Public Investment Fund Takes Control of Magic Leap

XR Today - Augmented Reality tag

To close 2022, Magic Leap’s leadership team underwent a major restructuring following a significant investment from Saudi Arabia’s sovereign wealth fund. The augmented reality (AR) headset manufacturer gained $450 million from the Saudi Arabian Public Investment Fund (PIF). Head pose and eye-tracking.

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IGS 2022 Miami: XR Today Expert Round Table

XR Today - Mixed Reality tag

The Jena, Germany-based firm has also collaborated with the Khronos Group and Metaverse Standards Forum along with some of the world’s top tech firms. According to AlMuawad, Midwam’s solutions were key to developing Saudi Arabia as a strategic tech and metaverse incubator.

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