Riyadh: The LEAP 23 Conference, which began in Saudi Arabia on Monday, announced more than $9 billion investments to support future technologies, digital entrepreneurship, and tech startups.
According to Saudi Press Agency, the investments were announced by Microsoft with a $2.1 billion investment in a hyperscale cloud in the Kingdom, Oracle with $1.5 billion invested to expand its business by launching a new cloud areas in the Kingdom, HUAWEI with a $400 million investment in cloud area for its services in the Kingdom, and the launch of a Zoom cloud area in the Kingdom in partnership with Aramco. Investments amount to $434 million, also with $4.5 billion in global and local investments in multiple sectors.
Saudi Minister of Communications and Information Technology Eng. Abdullah Al-Swaha hoped that the outcomes of LEAP 23 would enhance diversifying the economy, localizing technology, and advancing industries.
He added that the event has become one of the most important annual global tech gathering, awaited by innovators eager to meet with entrepreneurs and thought leaders, where bold investment funds open up prospects in new investment areas and launch quality partnerships, just as expected during LEAP 23.