The conclusion of the LEAP24 International Tech Conference in Riyadh marks another milestone for the Middle East’s burgeoning technological landscape. The event, now in its third installment, has seen a significant rise in attendance, attributing its success to the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.
Reflecting the ambitions of Saudi Vision 2030, the Kingdom aspires to become the leading digital market in the Middle East and North Africa. The conference was a collaborative effort by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and Tahaluf Company. This year, the event boasted a record-breaking participation of 1,800 international and local entities.
Faisal Al-Khamisi, the Chairman of the Saudi Federation for Cybersecurity, Programming and Drones, highlighted the Crown Prince’s support in his closing address. He emphasized the event’s alignment with Saudi Vision 2030 and the country’s ambition to establish itself as a premier technological and digital hub globally.
We were thinking of a conference that would change the calendar of the technological world forever, simply because we are in Riyadh, the capital of achieving “the impossible”, and in light of Saudi Vision 2030 led by HRH the Crown Prince.
Al-Khamisi announced that the conference welcomed 50,000 international guests and has officially become the most attended technological conference worldwide, with 215,000 visitors. This surge in attendance also translated to a hotel occupancy rate in Riyadh soaring to 99%. Moreover, the conference was a stage for announcing investments and project launches exceeding $1.5 billion, culminating in a total of $13.4 billion for this year’s LEAP edition.
Michel Champion, CEO of Tahaluf, noted a 25% increase in attendance from the previous year, with the conference area spanning the size of 37 football pitches and a 60% rise in the number of investors. LEAP24 has rapidly evolved into a major technological force, doubling its financial footprint to $12 billion in binding agreements from CEOs in just three years. It has also become a central hub for venture capital and entrepreneurship, claiming a 52% share of the regional market and 40% of the digital market.
Significant announcements included a $5.3 billion investment by Amazon Web Services to establish a high-capacity cloud zone in the Kingdom. IBM followed suit with a $250 million investment to set up the first global software development center in Saudi Arabia. ServiceNow also made waves with a $500 million investment to launch its first data hub in the region.
Other highlights from the event included a joint venture between the National Development Fund and the Social Development Bank to establish two venture funds in gaming and e-sports worth 450 million riyals ($120 million). The National Information Technology Development Program (NTDP) introduced five initiatives to support digital entrepreneurship. More than $888 million were pledged for technology startups through funds and financing rounds, with private investments such as Oasis’s second fund of $100 million and Plug & Play’s first $50 million fund for tech startups in the region.
LEAP has positioned itself as a critical platform for innovation, technological investment, and exploration of new opportunities presented by the Fourth Industrial Revolution. The Kingdom of Saudi Arabia continues to solidify its role as a regional tech, innovation, and investment hub, bolstering the digital economy and fostering the growth of leading companies.