Saudi Arabia has pledged over US$6.4 billion in investments in future technologies and entrepreneurship to cement its position as the Middle East and North Africa’s (MENA) region’s most prominent digital economy. The announcement was made in the capital city Riyadh, during a major new tech event known as LEAP.
At the event, several contracts were made, allowing enterprises to raise funds and investors to connect with start-ups. Mozn, Nana, and venture capitalist businesses like Khwarzimi (raised SR 262 million in funds) have benefited from these contracts. Saudi Company Quant, a specialist in artificial intelligence solutions, secured SR30 million in investments.
Leading hyper-scale cloud providers such as Google, Alibaba, Oracle, and SAP have invested more than $2.5 billion in the Kingdom’s cloud infrastructure. In Saudi Arabia, entrepreneurship is thriving, with venture capital investment in 2021 exceeding that of 2019 and 2020 combined. With deals and investments worth hundreds of millions of dollars, LEAP 2022 demonstrates that Saudi Arabia’s endeavors for technological advancements are paying off.
The event also saw the launch of The Garage, a new platform for start-ups, investment, and entrepreneurship; The Garage will provide a broad range of services to local and international start-ups in order to assist them in becoming tomorrow’s leading technological enterprises.
According to Abdullah Alswaha, the Minister of Communications and Information Technology, “These investments and initiatives are a manifestation of the Kingdom’s push toward the growth of the digital economy for the greater good of people, the planet, and the prosperity of the region.”
Saudi Arabia, like other Middle Eastern countries, is reducing its economic reliance on oil and gas. The utilization of advanced technology within Saudi companies and investment in new start-ups is considered a vital aspect of these strategies.
Source: Arab News, Gulf News, Arabian Business