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LEAP 2023 Announces KSA Tech Investments Of US$580 Million To Add To The $9 Billion Announced At The Event's Launch The latest string of investments will be allocated across a plethora of sectors to help Saudi Arabia make greater strides towards digital transformation.

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LEAP

The latest edition of the Saudi Arabia-based annual technology conference LEAP, running from from February 6-9, 2023, has announced a series of new investments totaling US$580 million that follow the $9 billion that was announced at the launch of the event.

This latest string of investments will be allocated across a plethora of sectors to help Saudi Arabia make greater strides towards digital transformation.

One of these is by Ignite, a program under Saudi Arabia's Digital Content Council, which has launched a package of financing programs and private sector partnerships amounting to $170 million. Meanwhile, India-headquartered technology consulting services firm Wipro has said that it will be investing $110 million to expand its cloud studio service, develop digital healthcare solutions, and support the development of local talent in the Kingdom.

Another India-headquartered firm Zoho, an information technology, software development, and cloud computing company, confirmed an allocation of $300 million over the next 10 years as a portfolio balance to support Saudi startups aiding the country's digital transformation. Zoho also outlined plans to expand its presence in the Kingdom by establishing new offices, as well as a cloud area for its services.

Ignite launched several initiatives, a package of financing programmes, and private sector partnerships amounting to US$170 million. Source: LEAP

Emirati property development company Damac Group, which first endeavored into the world of data centers in 2021 by launching projects in Europe, has also announced the expansion of its investments in large Saudi Arabia-based data centers, which have a total capacity of over 55 megawatts.

These investment announcements were accompanied by news that US-based cross-platform game engine Unity will be launching its first regional academy as well as a center for developing electronic games, in partnership with the Saudi Arabia's Ministry of Communications and Information Technology (MCIT), to empower homegrown talent.

Global e-commerce platform Amazon also announced the establishment of its first regional academy to develop and train more than 30,000 people in Saudi Arabia, with it expected to provide more than 35,000 professional certificates in the fields of cloud computing and artificial intelligence. Amazon's academy comes as part of a national partnership with MCIT that encompasses the Ministry's Future Skills initiative which has been affiliated with the Saudi Digital Academy, Human Capacity Development Program, and Tuwaiq Academy.

Related: LEAP 2023 In Riyadh Sees US$9 Billion Worth Of Investments Made In Saudi Arabia's Tech Sector

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