LEAP in Riyadh unveils over $6b investments in tech

By TECHx Desk

Saudi Arabia has announced over $6 billion investments in technology and startups at the inaugural LEAP conference being held in Riyadh from today till Thursday.

The Ministry of Communication and Information Technology, which organise the three-day event, has unveiled projects and investments worth over $6.4 billion today.

While Aramco will invest $1 billion in disruptive technology, J&T Express and eWTP Arabia Capital will spend $2 billion on high-tech logistic management in the country.

Saudi Arabia will set up its own innovation district, The Garage, and each startup in the ecosystem will receive 500,000 riyals. Investments include STC: $1 billion for creating a premier digital hub for content, cloud services, etc., and NEOM: $1 billion for the development of AI-enabled services. 

LEAP is a global platform for future technologies and an event for the most disruptive technology professionals from around the world.

It brings together some of the world’s greatest minds; from leading technology corporations, inspiring pioneers from global start-ups and venture capitalists.

“Technology and innovation have enormous potential to transform economies and societies. We live in a time when you either leap or be left behind. We are proud to host LEAP to help the region lead and leapfrog with technology and innovation,” said  Abdullah A Alswaha, Minister of Communication and Informational Technology, Saudi Arabia.

With over 350 speakers from 80 countries, LEAP is already dubbed the ‘Digital Davos’. One of the aims of the event is to give a fillip to the kingdom’s digital economy by expanding it by 50 percent and making it a considerable contributor to the country’s economy.

LEAP programme covers fintech, health tech, robotics, satellites and smart cities.