During the recent LEAP technology conference held in Saudi Arabia, a staggering $11.9 billion was committed to investments across various sectors. The kingdom’s bold initiative to transform into a leading global technology hub was evident with the emphasis on artificial intelligence (AI) and cloud services receiving a substantial portion of the financial commitments as the event concluded.
The conference, which took place from March 4-7 in Riyadh, attracted a massive turnout with over 600 startups on display and more than 1,300 investors in attendance. Major global tech firms were also present. In a noteworthy move, Saudi Arabia announced an investment of $1 billion into a regional AI start-up accelerator named GAIA—a joint effort between the Saudi Data and Artificial Intelligence Authority, New Native, and the Saudi National Technology Development Program. This initiative has already secured the involvement of over 50 AI startups.
Abdullah Alswaha, the Saudi Minister of Communications and Information Technology, revealed the total investments made during the summit. This figure represented a significant increase from the previous year’s $9 billion, aligning with Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the nation’s economy beyond oil dependency.
Alswaha highlighted the resilience of Saudi Arabia’s venture capital funding in contrast to global trends, noting a 33% growth despite the rest of the world experiencing a downturn in VC funding ranging from negative 30 to 40%. This growth is attributed to the strategic adjustments made under the leadership of the Crown Prince, turning challenges into opportunities for the kingdom’s burgeoning tech industry.