May 20, 2024
PRESS RELEASES GCC Saudi Arabia

LEAP 2023: Saudi Arabia’s Tech Sector, $9 Billion in Investments

Every year, Saudi Arabia holds one of the most significant lt events for Saudi Arabia’s tech sector. It is a 3-day event that offers stakeholders the chance to present new and disruptive technologies to over 100,000 attendees worldwide. The country always commits to expending significant investment infrastructure to the tech sector; this year’s edition is no exception. Saudi Arabia’s government and other stakeholders have declared intentions to invest varying sums amounting to $9 billion in the tech sector. More details about LEAP 2023 and Saudi Arabia’s $9 billion investment are below.

About Leap 2023

Leap 2023 was held successfully from the 6th to 9th February at the Riyadh International Convention and Exhibition Center in Saudi Arabia. The annual event featured various national and international technological exhibitions and related projects. LEAP 2023 is an initiative featuring more than 700 international speakers on technology, artificial intelligence, and web 3.0 tech issues. The event has garnered attention over the years from various stakeholders and investors. More importantly, the kingdom of Saudi Arabia is determined to utilize the conference to enhance its technological capacities and digital security while benefitting local entrepreneurs and the technology sector. The Saudi Federation for Cybersecurity, Programming, and Drones coordinates the annual event.

Projects of Saudi Arabia for LEAP 2023

The Kingdom of Saudi Arabia announced at the recent edition of LEAP 2023 that it plans to invest about $9 billion in its tech sector to promote its position as the most prominent digital market in the Middle East and North Africa region. This investment comes conveniently after the kingdom has successfully pulled chunks of investment from the big guns of the global tech industry. Microsoft, for one, has shown its interest in investing $2.1 billion in a super-scaler cloud. In contrast, Oracle Corporation has plans to institute a long-term plan to build a new cloud facility in Riyadh. To be included, Huawei intends to advance $400 million to develop the kingdom’s cloud facilities.

The Minister of Communications and IT, Abdullah Alswaha, has rightly remarked that the prospective investments are set to enhance the position of Saudi Arabia as the digital capital of the Middle East and Northern Africa. The minister also declared that the country intends to invest about $4.5 billion in global and local assets across Saudi Arabia’s Tech Sector.

Asides from cloud-related projects, the country also plans to focus on other areas such as IoTs, satellites, space technology, fintech, and health technology. These initiatives prove that Saudi Arabia remains fully dedicated to bringing its economic diversification plans to life; the country aims to make technology a key pillar of its vision for 2023. As such, its financial projects for Saudi Arabia’s $9 billion investment range up to about $3.95 trillion by 2030.

Conclusion

LEAP 2023 is more than an edition of an annual conference; it was explicitly designed to converge, entrepreneurs, Techsters, investors, leaders, and innovators for initiatives, startups, enterprises, and innovations that are sure to change the global sector. A beautiful example is seen in Meta’s opening of the first Metaverse Academy in the Middle East and North Africa region. Indeed, there is much to look for regarding Saudi Arabia. The following months are filled with milestones waiting to happen, and we are here for it!

Last Updated on 2 months by newseditor

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