Saudi Press

Saudi Arabia and the world
Thursday, Oct 02, 2025

Saudi Arabia ploughs $6.4bn into future tech, Minister tells LEAP

Saudi Arabia ploughs $6.4bn into future tech, Minister tells LEAP

Saudi Arabia has invested $6.4 billion in future technologies, the Kingdom’s information technology minister Abdullah Al-Swaha told delegates at LEAP 2022.

Speaking from the stage at the forum in Riyadh, Al-Swaha set out how the money was flowing from companies in the Kingdom into the sector:

*  Saudi Aramco - $1 billion invested in developing start-ups, through entrepreneurship support fund Prosperity7 Ventures.

*  NEOM Tech & Digital Holding Company - $1billion in future technologies and the launch of M3LD and XVRS products

*  Ignite - $1 billion in quality funds and initiatives to support and stimulate digital content.

*  stc - $1 billion in Mena Hub, which seeks investments in the digital infrastructure to consolidate Saudi Arabia's position as a hub for connectivity, communication and cloud computing.

*  J&T Express, and eWTP Arabia Capital - $2 billion in the smart logistics sector in the region.

*  There was also more than $300 million of investments in digital entrepreneurship, venture capital and startup funds

Reflecting on homegrown advances, the minister hailed the Kingdom’s start-up ‘unicorns’ — firms which have gone on to achieve a market value of at least $1 billion — saying that of the six such companies in the past two years, two are from Saudi Arabia: stc pay and Jahez.

Talking up established Saudi companies, Alswaha said: “When we’re talking about the future tech, you’re talking about the only company in the region that have pledged a billion dollars towards the future of tech, cognitive AI solutions: Neom Tech and Digital.

“When we’re talking about…we can consume this kind of technology for the planet and the people, you’re talking about the largest tech and digital customer on the face of the earth: Aramco.

“They are leveraging talent and technology to sustain innovation within the energy sector to become number one in maintaining the lowest uplift costs when it comes to extracting oil, but more importantly pivoting to climate tech and green tech to make sure that we also have the lowest carbon intensity and cleanest activities.”

Al-Swaha also set out how global tech firms including Apple, Microsoft, and Google are making their presence felt in Saudi Arabia.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
×