LEAP 24 Investments in New Technologies, Cloud Computing and Data Centers Reach Record $11.9 Billion

Minister of Communications and Information Technology Eng. Abdullah Alswaha announced today at the opening of LEAP 24 exhibition $11.9 billion in investments during the event, which started today and will run until March 7, to support deep and emerging technologies, innovation, and cloud computing in Saudi Arabia and worldwide, according to a press release issued today by the organizing committee.
Alswaha highlighted "the unwavering support" that HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, has shown Saudi and global tech sectors, to help the digital economy grow and prosper, as part of the Kingdom’s Vision 2030.
The release said that the investments will help consolidate the Kingdom’s position "as the largest market and digital economy in the Middle East and North Africa (MENA)" for leading technology companies such as Amazon Web Services, IBM, Datavolt and ServiceNow.
The investments will go toward developing Saudi digital skills and supporting tech start-ups.
According to the release, on the first day of LEAP 24, Amazon Web Services announced a $5.3 billion investment in a new cloud zone in Saudi Arabia. Datavolt also announced a $5 billion investment in Saudi data centers with a capacity of more than 300 megawatts.
IBM plans to invest $250 million in a global software development center in the Kingdom. ServiceNow will invest $500 million to localize its regional services in Saudi Arabia, with training and development programs to upskill and train Saudi talent.
Dell will open a manufacturing and fulfilment center in Saudi Arabia, the first of its kind in the MENAT region.
Aramco announced the establishment of the Saudi Accelerator Innovation Lab (SAIL). Aramco and MCIT co-founded SAIL to strengthen Saudi Arabia's digital capabilities and to launch the "Metbrain" GenAI model; it also announced "Aramco LLM", the world’s first industrial grade GenAI.
Datadog will establish the first cloud application security solutions academy in the Kingdom, and Uipath announced the establishment of its first-in-the-region automation academy to train, upskill, and foster Saudi talent.