Saudi Arabia has announced more than $9bn in technology investments on the sidelines of the LEAP23 event in Riyadh.
LEAP23 began in Riyadh on Monday with the announcement of more than $9bn in investments to support future technologies, digital entrepreneurship, tech start-ups, and enhance Saudi Arabia’s position as the largest digital market in the Middle East and North Africa.
The investments were revealed by Abdullah bin Amer Alswaha, the Minister of Communications and Information Technology (MCIT), during a keynote address.
Saudi tech investments
Investments unveiled by Alswaha include:
- Microsoft investing $2.1bn in a global super-scaler cloud in the Kingdom
- Oracle investing $1.5bn to expand its MENA business by launching new cloud areas in the Kingdom
- Huawei investing $400m in cloud infrastructure for its services in the Kingdom
- Zoom launching a cloud area in the Kingdom in partnership with Aramco.
An additional $4.5bn has been invested in global and local assets across multiple sectors at LEAP23.
Alswaha emphasised that the huge investment packages come with the full support of Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.
The investments are part of the Crown Prince’s empowerment of the technology sector, which is one of Saudi Arabia’s most promising sectors amid unprecedented growth in the Kingdom’s digital economy, Internet of Things, biological and healthtech, quantitative science, space, satellites, fintech, and open sources.
With LEAP23 set to fast-track the country’s digital transformation, Alswaha explained that the Crown Prince remains committed to accelerating development that will help Saudi Arabia achieve the objectives of Vision 2030 by leveraging technologies of the future in promising sectors.
LEAP23 is rapidly evolving into a global tech movement, with the event expected to attract more than 250,000 visitors from around the world this year.
The tech industry magnet comes as the Kingdom continues its leadership as the MENA region’s largest digital market, with more than $42bn in active investments.
Across Saudi Arabia, more than 340,000 people currently work in the digital, telecommunications and information technology sectors, with female participation now standing at 32.5% – a higher rate than both the EU and Silicon Valley.
Alswaha confirmed plans to strengthen the outcomes of LEAP23 in diversifying the economy, localising technology, and advancing industries.
Citing the two-year-old event’s standing as one of the world’s most important annual global technology platforms, Alswaha said LEAP23 connects innovators with entrepreneurs and thought leaders, and drives investment funds to launch partnerships in new investment areas.
Other major announcements on the first day of LEAP23 included Meta launching the opening of the first Metaverse Academy in MENA, WEO Technology and Camel Lab launching Hektar, a multi-content social media app; and MENA Communication and STC launching Beem – a new application for instant messaging, high-quality voice and video calls, and business features.
The goal is to reach 1000 individuals in the Metaverse Academy through the pilot during the first 18 months. The first activities of the Metaverse Academy are set to begin in the first half of 2023.
“The Middle East and North Africa region has all the assets to become an essential player in the development of the metaverse and embrace the benefits it will bring to the economy. The business landscape is already in high demand for skills and we are committed to collaborate with educational institutions and policymakers across the region to accelerate the development of the ecosystem and train the future builders of the metaverse,” said Kojo Boakye, VP Public Policy, Africa, Middle East and Turkey, Meta.
We’re excited to be embarking on this journey through our partnership with Tuwaiq Academy to launch MENA’s first regional Metaverse Academy out of Riyadh, KSA as a stepping stone to help accelerate the development of the ecosystem,” he added.
Taking place alongside LEAP and starting Tuesday, February 7, the inaugural DeepFest – in partnership with the Saudi Data & AI Authority (SDAIA) – will gather drivers of the global Artificial Intelligence eco-system to unveil initiatives in a thought-leadership conference and sector-specific tracks, trainings, live-demos, startup pitches and an exhibition featuring companies transforming the world we live and work in.
LEAP23 has garnered support from numerous leading government and private sector organisations. Strategic partners and sponsors for LEAP23 include NEOM, STC, Saudi Aramco, Mobily, IBM, Microsoft, Ericsson, Huawei, and Najm Insurance.
The 2023 edition will also host country pavilions from the United Kingdom, Finland, Japan, Pakistan, Indonesia, Oman and India.
Follow us on
