A series of announcements on various investments and initiatives were made at the ongoing LEAP22 conference in Riyadh
Abdullah Alswaha outlines the $6.4bn investment plan of Saudi Arabia during LEAP22. (Credit: LEAP22)
The government of Saudi Arabia has committed to investing over $6.4bn in future technologies and entrepreneurship to secure the country’s position as the largest digital economy in the Middle East and North Africa (MENA) region.
A series of announcements in this regard was made at the ongoing LEAP22 technology conference in the country’s capital Riyadh.
Saudi Arabia’s investments and initiatives include the official launch of the $1bn Prosperity7 fund by Aramco Venture. Prosperity7 will invest in the development of next-generation technologies and business models designed to bring prosperity and positive impact on a huge scale.
NEOM Tech & Digital, a subsidiary of the planned Saudi Arabian smart city Neom, has announced an investment of $1bn with a focus on technologies of the future.
The company has launched a cognitive metaverse called XVRS, which has been designed to serve residents and visitors of the $500bn smart giga-project at Neom. At LEAP22, NEOM Tech & Digital had also introduced a personal data management platform called M3LD that is said to give back control of data to the user.
Meanwhile, stc, a Saudi Arabian telecom and technology services provider, will invest $1bn in its MENA hub. The investment to be made in regional connectivity and infrastructure is expected to support the quickly growing digital and cloud sector of Saudi Arabia.
The Saudi Arabian government also said that King Abdulaziz City for Science and Technology (KACST) has launched a new platform for start-ups, investment, and entrepreneurship under the name The Garage.
According to the government, Riyadh will see an investment of $2bn from Indonesia-based logistics firm J&T Express Group, eWTP Arabia Capital, and other partners, to open its MENA headquarters in the city. The investment will also help the Indonesian firm to establish a network of smart logistics in Saudi Arabia.
Saudi Arabian Communications and Information Technology Minister Abdullah Alswaha said: “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 MENA region.
“They mark the next level of growth for the digital economy in Saudi Arabia, the MENA region’s largest technology and digital market.”