LEAP23 announces investments of more than $9bln to support future technology and startups

Riyadh, Saudi Arabia: LEAP23, the world’s most visionary technology event, opened a four-day run in Riyadh on Monday by announcing more than US$9 billion in investments to support future technologies, digital entrepreneurship, tech startups, and enhance the Kingdom of Saudi Arabia's position as the largest digital market in the Middle East and North Africa (MENA).


The investments were revealed by His Excellency Eng. Abdullah bin Amer Alswaha, the Minister of Communications and Information Technology (MCIT), during a keynote address on the opening morning of LEAP23, which runs at Riyadh Front Exhibition & Conference Centre until Thursday, February 9th.


H.E Alswaha confirmed the investments included Microsoft's US$2.1 billion investment in a global super-scaler cloud in the Kingdom, Oracle investing US$1.5 billion to expand its MENA business by launching new cloud areas in the Kingdom, Huawei’s US$400 million investment in cloud infrastructure for its services in the Kingdom, and the launch of a Zoom cloud area in the Kingdom in partnership with Aramco. An additional US$ 4.5 billion has been invested in global and local assets across multiple sectors at LEAP23, added H.E Alswaha.

LEAP23 has garnered support from numerous leading government and private sector organisations. Strategic partners and sponsors for LEAP23 include NEOM, STC, Saudi Aramco, Mobily, IBM, Microsoft, Ericsson, Huawei, and Najm Insurance. The 2023 edition will also host country pavilions from the United Kingdom, Finland, Japan, Pakistan, Indonesia, Oman and India. 

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