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  • Ahmed Saleh

LEAP 24 exhibition opening sees Minister Alswaha announce $11.9 billion investments

Riyadh, March 04, 2024, During the opening of the LEAP 24 exhibition, Minister of Communications and Information Technology, Eng. Abdullah Alswaha, announced an impressive $11.9 billion in investments. The investments are geared towards supporting deep and emerging technologies, innovation, and cloud computing both in Saudi Arabia and globally. This announcement aligns with the Kingdom's Vision 2030 and demonstrates the strong support extended by HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, for the growth of the digital economy.

The investments are expected to solidify Saudi Arabia's position as the largest market and digital economy in the Middle East and North Africa (MENA) region. Leading technology companies, including Amazon Web Services, IBM, Datavolt, and ServiceNow, are set to benefit from these investments. The funds will be allocated to the development of digital skills in Saudi Arabia and support for tech start-ups.

On the first day of the LEAP 24 event, significant investment announcements were made by key players in the tech industry:

1. Amazon Web Services declared a $5.3 billion investment in a new cloud zone in Saudi Arabia.

2. Datavolt announced a $5 billion investment in Saudi data centers with a capacity of more than 300 megawatts.

3. IBM is planning a $250 million investment in a global software development center in the Kingdom.

4. ServiceNow will invest $500 million to localize its regional services in Saudi Arabia, including training and development programs to upskill and train Saudi talent.

5. Dell will open a manufacturing and fulfillment center in Saudi Arabia, the first of its kind in the MENAT region.

6. Aramco announced the establishment of the Saudi Accelerator Innovation Lab (SAIL) to strengthen Saudi Arabia's digital capabilities and introduced the "Metbrain" GenAI model. Aramco also unveiled "Aramco LLM," the world's first industrial-grade GenAI.

7. Datadog will establish the first cloud application security solutions academy in the Kingdom.

8. UiPath announced the establishment of its first-in-the-region automation academy to train, upskill, and foster Saudi talent.

These investments underscore the commitment to advancing technology, fostering innovation, and building a robust digital ecosystem in Saudi Arabia.

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