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Saudi Arabia Unveils $14.9 Billion Investments at LEAP 2025 Tech Conference
Key stakeholders announce major investment deals to bolster the Kingdom's technological infrastructure and align with Vision 2030.
On the opening day of the LEAP 2025 Tech Conference, Saudi Arabia announced a series of investments totaling $14.9 billion, underscoring the Kingdom's ongoing efforts to diversify its economy through technological advancements.
Abdullah Al-Swaha, Minister of Communications and Information Technology, highlighted a significant increase in job creation within the sector, noting that employment in the tech industry surged from 150,000 in 2021 to a projected 381,000 by 2024.
The LEAP 2025 event is seen as pivotal for Saudi Arabia as it seeks to establish itself as a global technology hub in alignment with the goals set forth in the Vision 2030 initiative.
"Under the leadership of His Royal Highness (Crown Prince Mohammed bin Salman), and in partnership with global innovators, we continue to break historical barriers by announcing $14.9 billion worth of investments," said Al-Swaha during the conference.
He also reported that the Middle East and North Africa (MENA) digital economy has expanded significantly, with an increase of 73% to $260 billion between 2021 and 2024, with Saudi Arabia accounting for approximately 50% of this growth.
Currently, Saudi Arabia is home to seven unicorns, while the entire region boasts 15.
Several key investment announcements were made during the conference:
Groq, a US-based artificial intelligence firm, declared an investment of $1.5 billion in a project in collaboration with Saudi Aramco to create the world’s largest AI inferencing data center.
Alat, backed by Saudi Arabia’s Public Investment Fund, partnered with Chinese tech giant Lenovo to establish an advanced AI and robotics manufacturing center, while Lenovo also announced plans to set up its regional headquarters in Saudi Arabia.
Alibaba, a Chinese e-commerce entity, committed to launching an AI empowerment program with the Tuwaiq Academy, the training arm of the Saudi Federation for Cybersecurity.
Databricks, a US-based software company, pledged to invest $300 million over three years to enhance skills among Saudi citizens and develop its business locally.
SambaNova, another US technology firm, agreed to invest $140 million to enhance the Kingdom's AI infrastructure.
Gulf Data Hub, in partnership with London-based investment firm KKR, will develop data centers with a capacity of 300 megawatts to further establish Saudi Arabia as a destination for AI.
Salesforce, a US cloud-based software company, announced a $500 million investment in the region along with the establishment of a regional headquarters in the Kingdom.
Tencent Cloud, based in China, committed $150 million to enhance local tech infrastructure.
Google, represented by Tara Brady, its president for the Europe, Middle East, and Africa region, announced a $70 billion contribution to the Kingdom’s economy over the next decade, alongside plans to skill one million Saudi nationals.
The LEAP 2025 conference also saw a substantial influx of strategic investments targeting infrastructure and AI, including startup funding rounds totaling over $10.9 billion.
Minister Al-Swaha emphasized the importance of inclusivity within the tech sector, aiming to bridge divides exacerbated by differing economic conditions globally.
"The digital economy is currently valued at $16 trillion, yet 2.6 billion people remain excluded, with significant numbers from both the Global North and Global South," he stated.
Additionally, he noted the need to reduce the gender gap within the tech industry, asserting that women's empowerment in Saudi Arabia's tech sector has outpaced that of the EU, G20, and Silicon Valley.
The conference concluded with a call for collective effort in the evolving technological landscape, advocating for collaboration rather than division as advancements continue.
Abdullah Al-Swaha, Minister of Communications and Information Technology, highlighted a significant increase in job creation within the sector, noting that employment in the tech industry surged from 150,000 in 2021 to a projected 381,000 by 2024.
The LEAP 2025 event is seen as pivotal for Saudi Arabia as it seeks to establish itself as a global technology hub in alignment with the goals set forth in the Vision 2030 initiative.
"Under the leadership of His Royal Highness (Crown Prince Mohammed bin Salman), and in partnership with global innovators, we continue to break historical barriers by announcing $14.9 billion worth of investments," said Al-Swaha during the conference.
He also reported that the Middle East and North Africa (MENA) digital economy has expanded significantly, with an increase of 73% to $260 billion between 2021 and 2024, with Saudi Arabia accounting for approximately 50% of this growth.
Currently, Saudi Arabia is home to seven unicorns, while the entire region boasts 15.
Several key investment announcements were made during the conference:
Groq, a US-based artificial intelligence firm, declared an investment of $1.5 billion in a project in collaboration with Saudi Aramco to create the world’s largest AI inferencing data center.
Alat, backed by Saudi Arabia’s Public Investment Fund, partnered with Chinese tech giant Lenovo to establish an advanced AI and robotics manufacturing center, while Lenovo also announced plans to set up its regional headquarters in Saudi Arabia.
Alibaba, a Chinese e-commerce entity, committed to launching an AI empowerment program with the Tuwaiq Academy, the training arm of the Saudi Federation for Cybersecurity.
Databricks, a US-based software company, pledged to invest $300 million over three years to enhance skills among Saudi citizens and develop its business locally.
SambaNova, another US technology firm, agreed to invest $140 million to enhance the Kingdom's AI infrastructure.
Gulf Data Hub, in partnership with London-based investment firm KKR, will develop data centers with a capacity of 300 megawatts to further establish Saudi Arabia as a destination for AI.
Salesforce, a US cloud-based software company, announced a $500 million investment in the region along with the establishment of a regional headquarters in the Kingdom.
Tencent Cloud, based in China, committed $150 million to enhance local tech infrastructure.
Google, represented by Tara Brady, its president for the Europe, Middle East, and Africa region, announced a $70 billion contribution to the Kingdom’s economy over the next decade, alongside plans to skill one million Saudi nationals.
The LEAP 2025 conference also saw a substantial influx of strategic investments targeting infrastructure and AI, including startup funding rounds totaling over $10.9 billion.
Minister Al-Swaha emphasized the importance of inclusivity within the tech sector, aiming to bridge divides exacerbated by differing economic conditions globally.
"The digital economy is currently valued at $16 trillion, yet 2.6 billion people remain excluded, with significant numbers from both the Global North and Global South," he stated.
Additionally, he noted the need to reduce the gender gap within the tech industry, asserting that women's empowerment in Saudi Arabia's tech sector has outpaced that of the EU, G20, and Silicon Valley.
The conference concluded with a call for collective effort in the evolving technological landscape, advocating for collaboration rather than division as advancements continue.
