The LEAP 24 exhibition, a significant event in the tech calendar, has been a launchpad for a staggering $11.9 billion in investments. These funds are earmarked for advancing deep tech, innovation, and cloud computing both within the Kingdom of Saudi Arabia and on a global scale. The event, which commenced today, is set to continue through March 7.
During the opening ceremony, Eng. Abdullah Alswaha, Minister of Communications and Information Technology, shed light on the strong encouragement the tech sectors have received from HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister. This support is part of a broader initiative to cultivate a thriving digital economy in alignment with the Kingdom’s Vision 2030.
These investments are expected to solidify Saudi Arabia’s stature as a foremost digital economy and tech market in the Middle East and North Africa (MENA) region. Top-tier tech giants, including Amazon Web Services, IBM, Datavolt, and ServiceNow, are among the beneficiaries.
The capital infusion aims to bolster digital competencies within the Kingdom and nurture burgeoning tech enterprises. Notably, Amazon Web Services announced a substantial $5.3 billion investment in a new cloud zone in Saudi Arabia on the first day of LEAP 24. Additionally, Datavolt revealed plans for a $5 billion investment in data centers that will generate over 300 megawatts.
IBM is setting its sights on a $250 million global software development center in Saudi Arabia, while ServiceNow has committed $500 million to regional service localization, including training initiatives designed to enhance and develop Saudi talent.
In a groundbreaking move for the region, Dell will inaugurate a manufacturing and fulfillment center in the Kingdom, the first in the MENAT area.
Aramco’s announcement of the Saudi Accelerator Innovation Lab (SAIL) creation, in collaboration with MCIT, marks a pivotal stride in fortifying the nation’s digital prowess. The establishment of the ‘Metbrain’ GenAI model and the ‘Aramco LLM’, the world’s premier industrial-grade GenAI, were also disclosed.
Moreover, Datadog is set to launch the Kingdom’s inaugural academy dedicated to cloud application security solutions. Echoing this focus on education, Uipath has announced the region’s first automation academy aimed at training and cultivating Saudi talent.