Saudi Arabia unveils whopping $6.4 billion investments in future technologies – ITP.net

Saudi Arabia unveils whopping $6.4 billion investments in future technologies – ITP.net

Saudi Arabia will invest more than $6.4 billion in future technologies, the Kingdom’s Minister for Communications and Information Technology, HE Engr. Abdullah Alswaha announced during his keynote address at LEAP22.

Today, the Kingdom’s technology market is worth more than $40 billion with over 318,000 jobs in the sector and the rate of participation of women in the ICT workforce at 28 percent.

The latest multi-billion-dollar investment is in line with the Kingdom’s drive towards becoming the region’s largest digital and innovation-based economy.

As part of the investments, Aramco Venture’s newly launched Prosperity7 fund will inject $1 billion to support entrepreneurs in building transformative companies and solving some of the world’s toughest problems.

NEOM Tech & Digital Company will also invest $1 billion in future technology projects, including 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.

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

LEAP also saw the launch of The Garage, a new platform for start-ups, investment and entrepreneurship by King Abdulaziz