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

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

His Excellency Eng. Abdullah bin Amer Alswaha, the Minister of Communications and Information Technology (MCIT) for the Kingdom, kickstarted LEAP23 in Riyadh announcing more than US$9 billion in investments to support future technologies, digital entrepreneurship, tech startups, and enhance the Saudi Arabia’s position as the largest digital market in the Middle East and North Africa (MENA).

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.

The investments are part of the HRH Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud’s empowerment of the technology sector, which is one of Saudi Arabia’s most promising sectors amid unprecedented growth in the Kingdom’s digital economy, Internet of Things, biological and healthtech, quantitative science, space, satellites, fintech, and open sources.