Arab Press

بالشعب و للشعب
Friday, Aug 01, 2025

Microsoft, Huawei and Oracle among $9bn of tech deals announced during LEAP23 in Riyadh 

Microsoft, Huawei and Oracle among $9bn of tech deals announced during LEAP23 in Riyadh 

Saudi Arabia witnessed the signing of $9 billion worth of investment contracts on the first day of the global tech event LEAP23 that began on Feb. 6 in Riyadh.
Aimed at supporting future technology, digital entrepreneurship and tech startups, the deals were announced by Saudi Arabia’s Minister of Communications and Information Technology, Abdullah Al-Sawaha, during his opening speech at the event that will run till Feb. 9.

These deals include Microsoft’s $2.1 billion investment that the tech giant is putting in to develop a super-wide cloud in the Kingdom, while Oracle’s agreed to invest $1.5 billion to establish a new cloud region in the country.

Chinese tech firm Huawei also pumped in $400 million to offer cloud services in the Kingdom, while state oil firm Aramco formed a partnership with Zoom worth $434 million to establish a cloud area. In addition, the event saw the signing of $4.5 billion worth of other deals with a wide range of global and local firms for various sectors.

These investments aim to strengthen the Kingdom’s position as the largest digital economy in the Middle East and North Africa region aligned with Crown Prince Mohammed bin Salman’s goal to empower the technology sector.

Al-Sawaha stated that hosting the LEAP23 conference is a global affirmation of the great support directed by the Kingdom to transform the economy into a digital landscape that promises rapid developments in line with Vision 2030.

The conference also witnessed some major announcements including Meta launching the opening of the first Metaverse Academy in MENA, headquartered in Saudi Arabia; WEO Technology and Camel Lab launching Hektar, a multi-content social media app. In addition, MENA Communication and STC announced the launching of Beem – a new application for instant messaging, high-quality voice and video calls, and business features.

Al-Sawaha stressed that the technology sector holds unprecedented opportunities supported by the Crown Prince in sub-sectors including digital economics, Internet of Things, health tech, quantitative sciences, space and satellites, fintech and open sources.

In his opening speech, the minister stated that the event is set to host more than 250,000 attendees, as opposed to 100,000 last year, and will continue to see more investments as the Kingdom holds a $42 billion opportunity platform and stands as the largest technology market in the region.

He added that Saudi Arabia continues to lead the human technical workforce with more than 340,000 workers in the market and female participation in the technical sector reaching 32.5 percent, higher than the average of the EU and Silicon Valley.

Taking place at the Riyadh Front Center for Exhibitions and Conventions, the conference was launched under the title “Towards New Horizons” with more than 400 global and local technology companies.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
×