LEAP24 Event Marks A Record $11.9 Billion Investment In Technology Sector

In a significant move to bolster the digital economy and technological innovation, Eng. Abdullah Alswaha, Minister of Communications and Information Technology, announced a substantial $11.9 billion investment at the LEAP24 exhibition's opening. This event, which commenced today and will continue until March 7, aims to support deep and emerging technologies, innovation, and cloud computing both in Saudi Arabia and globally. The announcement was made through a press release by the organizing committee.

The investments underscore the commitment of HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, towards enhancing the digital economy as part of the Kingdom’s Vision 2030. These funds are expected to solidify Saudi Arabia's status as the premier market and digital economy in the Middle East and North Africa (MENA) region, attracting leading technology companies like Amazon Web Services, IBM, Datavolt, and ServiceNow.

One of the highlights from the first day of LEAP24 was Amazon Web Services revealing a $5.3 billion investment plan for a new cloud zone in Saudi Arabia. Similarly, Datavolt announced its intention to invest $5 billion in Saudi data centers with a capacity exceeding 300 megawatts. IBM is set to invest $250 million in establishing a global software development center in the Kingdom. Moreover, ServiceNow has committed $500 million to localize its regional services in Saudi Arabia, including training programs aimed at upskilling Saudi talent.

Dell is also contributing to this technological leap by planning to open a manufacturing and fulfilment center in Saudi Arabia, marking it as the first facility of its kind in the MENAT region. In addition, Aramco has taken a significant step by launching the Saudi Accelerator Innovation Lab (SAIL), co-founded with MCIT to enhance Saudi Arabia's digital capabilities. This initiative includes launching "Metbrain" GenAI model and "Aramco LLM", touted as the world’s first industrial-grade GenAI.

Furthermore, Datadog is establishing the Kingdom's first cloud application security solutions academy. Uipath is also making strides by setting up its first-in-the-region automation academy dedicated to training, upskilling, and fostering Saudi talent.

These investments not only aim at developing Saudi digital skills but also at supporting tech start-ups, thereby contributing significantly to the Kingdom's vision of becoming a leading digital economy. With such substantial investments and initiatives, Saudi Arabia is set to become a hub for technological innovation and digital transformation in the MENA region.

With inputs from SPA