The Public Investment Fund (PIF) of Saudi Arabia has made a significant investment exceeding $590 million in Magic Leap, a Florida-based company specializing in virtual reality headsets. This strategic move positions Magic Leap to compete directly with industry behemoths like Apple and Meta in the rapidly evolving virtual and augmented reality market.

Established in 2010, Magic Leap gained prominence in 2015 with the introduction of its sophisticated augmented reality glasses. Despite initial excitement and backing from major players such as Google and AT&T, the company encountered challenges in achieving widespread commercial success.

The recent infusion of funds from PIF, totaling over $4.5 billion in capital for Magic Leap, not only validates the company’s potential but also strengthens its competitive stance in the industry. Magic Leap’s primary competitors in the virtual and augmented reality landscape are Apple and Meta, both of which have established formidable positions with their respective headsets. Apple’s much-anticipated Vision Pro headset, set to launch at $3,499, has garnered considerable attention within the industry.