KSA: LEAP 2022: Saudi announces investments worth $6.4 billion in future technologies – Gulf Digital News

KSA: LEAP 2022: Saudi announces investments worth $6.4 billion in future technologies – Gulf Digital News

RIYADH: Saudi Arabia has announced investments worth $6.4 billion in future technologies to cement the kingdom’s position as the MENA (Middle East and North Africa) region’s largest digital economy.

Saudi Communications and Information Technology Minister Abdullah Alswaha made the announcement yesterday (Feb 1), on the opening day of LEAP, the largest debut technology event ever, which is taking place at Riyadh Front exhibition centre until tomorrow (Feb 3).

The investments and initiatives include the launch of Aramco Venture’s Prosperity7 fund with $1 billion, and $1 billion investment from NEOM Tech & Digital Company with a focus on future technologies.

As part of its investment, NEOM announced the launch of the world’s first cognitive metaverse, XVRS, that will serve residents and visitors of the smart giga-project, and M3LD, a personal data management platform that gives back control of data to the user.

Saudi Telecommunications Company (stc) announced MENA HUB, a $1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector.

The government also expects $1.4bn to be spent in entrepreneurship and allocated funds to support digital content, including an initiative known as The Garage, a space in Riyadh that will host start-ups specialised in new technologies.

J&T Express Group, one of the world's fastest-growing logistics companies, announced an investment of $2 billion with eWTP Arabia Capital and other partners.

The investment will see J&T establish its MENA headquarters in Riyadh, and set up an extensive