Investments in Saudi Arabia’s growing tech sector worth $580m have been announced at LEAP23 in Riyadh.
Following a reported $9bn of investment at the global technology event earlier in the week, firms including Amazon, Zoho and Wipro have unveiled a series of investment and funding programmes designed to accelerate Saudi Arabia’s digital transformation.
The announcements include the launch of a major new data centre and two dedicated academies to develop the technical skills of homegrown talent, and provide them with the tools of the future.
Saudi tech investment
Powered by Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) in conjunction with Tahaluf, LEAP23 has been making headlines all week as investment after investment has been announced at the Riyadh Exhibition and Conference Centre.
One of the most prominent announcements was revealed by Ignite, a programme under Saudi’s Digital Content Council, which launched several initiatives, a package of financing programmes, and pioneering private sector partnerships amounting to $170m.
Elsewhere, technology consulting services company Wipro announced investments of $110m to expand its cloud studio service, develop digital healthcare solutions, and support the development of local talent.
Unity, the global games development platform, also announced the establishment of its first regional academy and a centre for developing electronic games, in partnership with the MCIT, to create and foster technical talents.
Zoho, a leading IT, software development, and cloud computing company, outlined plans to expand its presence in the Kingdom with new office openings and the establishment of a cloud area for its services.
Zoho also confirmed an allocation of $300m over the next 10 years as a portfolio balance to support Saudi startups aiding the country’s digital transformation.
Having entered the data centre arena in 2021, DAMAC Group announced the expansion of investments in large data centres in the Kingdom with a total capacity of more than 55 megawatts.
Amazon announced the establishment of its first regional academy to develop and train more than 30,000 talents.
The academy will provide more than 35,000 professional certificates in the fields of cloud computing and artificial intelligence.
The academy is part of a national partnership with MCIT that encompasses the Ministry’s Future Skills initiative, affiliated Saudi Digital Academy, Human Capacity Development Programme, and Tuwaiq Academy.
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