LEAP 2023 In Riyadh Sees US$9 Billion Worth Of Investments Made In Saudi Arabia's Tech Sector The huge investment packages are said to come with the full support of Saudi Arabia Crown Prince HRH Mohammed bin Salman bin Abdulaziz Al Saud, who remains committed to accelerating tech developments in Saudi Arabia.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

His Excellency Eng. Abdullah bin Amer Alswaha, the Minister of Communications and Information Technology (MCIT)

More than US$9 billion will be invested to enhance Saudi Arabia's position as the largest digital market in the MENA region, it was announced at the launch of the second edition of LEAP, which is running at the Riyadh Front Exhibition and Conference Centre from February 6-9, 2023.

The investments were revealed by H.E. Eng. Abdullah Alswaha, Saudi Arabia's Minister of Communications and Information Technology, with it including Microsoft's $2.1 billion to establish in a global super-scaler cloud in the Kingdom, Oracle's $1.5 billion to expand its MENA business by launching new cloud areas in KSA, Huawei's $400 million in cloud infrastructure for its services in the Kingdom, as well as the launch of a Zoom cloud area in the Kingdom, in partnership with Aramco. An additional $4.5 billion has also been invested in global and local assets across multiple sectors at the event.

H.E. Alswaha emphasized that the huge investment packages come with the full support of Saudi Arabia's Crown Prince HRH Mohammed bin Salman bin Abdulaziz Al Saud, who remains committed to accelerating developments that will help the Kingdom achieve the objectives of Vision 2030 by leveraging technologies of the future in promising sectors. H.E Alswaha also confirmed plans to strengthen the outcomes of LEAP 2023 in diversifying the economy, localizing technology, and advancing industries.

Other major announcements on the first day of LEAP 2023 included Meta announcing the opening of the first Metaverse Academy in the MENA in Saudi Arabia, the launches of multi-content social media app Hektar by WEO Technology and Camel Lab, as well as of Beem, a new application for instant messaging, high-quality voice and video calls, and business features developed by MENA Communication and STC.

An annual event that brings together the world's most important tech experts, LEAP is expected to attract more than 250,000 visitors from around the world this year. The conference's second edition is happening as the Kingdom continues its leadership as the MENA region's largest digital market with more than $42 billion in active investments. Indeed, across Saudi Arabia, more than 340,000 people currently work in the digital, telecommunications, and information technology sectors.

Related: Talking Shop With LEAP 2023 Speakers Baroness Karren Brady, Gitanjali Rao, And Steven Bartlett

Related Topics


The 4 Stages of Burnout, and How to Turn Them to Your Advantage

The first three are worrying but remediable, the last job-ending, but there are valuable lessons in all stages of work exhaustion.

Side Hustle

He Launched His Creative Side Hustle Out of a Garage. Now It's Worth $225 Million.

Tom Humble, CXO and founder of E.C.D. Automotive Design, followed his passion for custom auto design into big business.

Side Hustle

Anyone Can Start a Passive Income Side Hustle For Easy Money — But Only If You Know These 5 Essential Tips First.

The rise of digital automation technology has made starting a passive income side hustle easier and more accessible than ever before.


The Recap: Leaders In Fintech Awards 2023

The Leaders in Fintech Awards 2023 was staged by Entrepreneur Middle East with the support of in5, Idealz One, Numei Real Estate and Fluidmeet.


Why Most People Fail at Giving Presentations — and How to Make Your Next One Successful

Here's what I learned guest lecturing at Stanford: You can become a better presenter by following the "Two Points per Hour Rule."

Starting a Business

7 Lessons I Learned From Selling a 6-Figure Blogging Business

Here are a few critical lessons from my experience building and selling a successful blogging business.