July 18, 2024

LEAP 2022: Saudi Arabia unveiled more than $6.4 billion investment in technology and startups

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Saudi Arabia unveiled recently during the LEAP 2022 an investment of more than USD $6.4Bn in future technologies, entrepreneurship further securing the kingdom’s position as the MENA territory’s largest digitalized economy.

The announcement happened at the recently concluded LEAP 2022 event, also the latest global technology platform that took place in Riyadh from February 1st-3rd.

The investments and initiatives comprised the unveiling of Aramco Venture’s Prosperity7 fund with US$1 billion and a billion-dollar investment from NEOM Tech & Digital Company with a focus on future technologies. 

As part of its investment, NEOM unveiled the launch of the global first cognitive metaverse, XVRS which will serve residents and visitors of the smart giga-project, and M3LD, a personal data management platform that gives back control of data to the user.

LEAP also witnessed the unveiling of The Garage, a new platform for start-ups, investment, and entrepreneurship by King Abdulaziz City for Science and Technology (KACST). Stc unveiled MENA Hub, which is a US$1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector.

As per the estimates, Saudi Arabia’s technology arena is valued at more than US$40 Billion. The latest investments announced at LEAP22 are an initiative of the Kingdom’s ongoing plans to transform it into an innovation-based economy, which have already witnessed the nation transforming as one of the swiftest-growing emerging markets for Fintech and digital content in the region.

LEAP has become the global largest debut technology platform. The spotlight will be on the entire innovation ecosystem, connecting pioneers and disruptors with business and government leaders, entrepreneurs, investors, and more to experience and learn about the technologies of the future.

H.E. Eng. Abdullah Alswaha, Saudi Minister of Communications and Information Technology stated: “These investments and initiatives are a manifestation of the Kingdom’s push toward the growth of the digital economy for the greater good of people, the planet, and the prosperity of the MENA region. They mark the next level of growth for the digital economy in Saudi Arabia, the MENA region’s largest technology and digital market.”

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