LEAP 24 Conference Wraps Up With $13.4 Billion Investments, Boosting Saudi Vision 2030

The third edition of the International Tech Conference LEAP24 has successfully wrapped up, marking a significant milestone as the region's largest global technological event by turnout. Supported by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, LEAP24 is a testament to the Kingdom's ambitious Saudi Vision 2030. This vision aims to establish Saudi Arabia as the leading digital market in the Middle East and North Africa.

Organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and Tahaluf Company, LEAP24 witnessed an unprecedented participation of 1,800 international and local entities. Faisal Al-Khamisi, Chairman of the Board of Directors of the Saudi Federation for Cybersecurity, Programming and Drones, emphasized the conference's role in supporting Saudi Vision 2030 and fulfilling the aspirations of the Crown Prince.

Al-Khamisi shared his contentment with the conference's outcome, noting it as the most attended technological conference globally, with an impressive turnout of 215,000 visitors. The event also significantly impacted Riyadh's hospitality sector, pushing hotel occupancy rates to a staggering 99%.

Throughout LEAP24, over $1.5 billion in launches and investments were announced, culminating in a total of $13.4 billion in projects and investments for this edition. Michel Champion, CEO of Tahaluf, highlighted a 25% increase in attendance compared to last year and noted that the conference space spanned an area equivalent to 37 football fields. Additionally, there was a 60% increase in investor participation.

LEAP24 has played a pivotal role in drawing investments and ventures into the technology sector. Among the significant announcements were Amazon Web Services' investment of $5.3 billion to establish a high-capacity cloud zone in the Kingdom, IBM's $250 million investment to set up the first global software development center, and ServiceNow's $500 million investment to launch its first data hub in the region.

The conference also spotlighted venture investment funds in gaming and e-sports, initiatives supporting digital entrepreneurship, and investment funds for technology startups. Oasis announced its second fund, "The Second Fund," with $100 million dedicated to supporting company founders in the Middle East.

LEAP conferences have become crucial platforms for innovation, technological investment, and exploring opportunities within the Fourth Industrial Revolution. The Kingdom of Saudi Arabia is reinforcing its position as a regional hub for technology, innovation, and investment. This contributes significantly to the growth of the digital economy and leading companies in the field.

With inputs from SPA