Arab Press

بالشعب و للشعب
Sunday, Apr 02, 2023

Saudi Arabia pledges $9bn to support tech, startups, digital entrepreneurship at LEAP23

Saudi Arabia pledges $9bn to support tech, startups, digital entrepreneurship at LEAP23

Riyadh’s LEAP23 Conference on Monday announced more than $9 billion in investments to support future technologies, entrepreneurship, and tech startups to enhance the Kingdom’s position as the largest digital economy in the Middle East and North Africa region.
The investments were announced by the Saudi Minister of Communications and Information Technology, Abdullah bin Amer Al-Swaha.

He added: “The LEAP23 Conference has become an annual occasion that brings together the most important international technology experts.”

Al-Swaha said that the financial backing included Microsoft’s $2.1 billion investment in a global super-scale cloud in the Kingdom; Oracle’s $1.5 billion aimed at expanding its MENA business by launching new cloud areas in Saudi Arabia; Huawei’s $400 million toward cloud infrastructure for its services; and the launch of a Zoom cloud area in the Kingdom, in partnership with Aramco, worth $434 million.

He added that an additional $4.5 billion had been invested in global and local assets across multiple sectors.

Al-Swaha said the investments were part of Crown Prince Mohammed bin Salman’s empowerment of the technology sector, adding that the Kingdom continues to lead when it comes to manpower, with more than 340,000 people working in the sector.

He added that the country is also witnessing exceptional progress in female participation in the telecommunications and information technology sector, as it stands now at 32.5 percent — a rate higher than both the EU and Silicon Valley.

Outcomes of the conference will contribute to diversifying the economy, according to Al-Swaha.

It has now become one of the most important annual global technical events, connecting people with entrepreneurs and decision-makers, creating scores of opportunities.

Meta announced on the conference’s first day the opening of the first Metaverse Academy in the MENA region, headquartered in Saudi Arabia.

WEO Technology and Camel Lab announced the launch of Hektar, a multi-content social media app; and MENA Communication and STC publicized the launch of Beem, a new application for instant messaging, high-quality voice and video calls, and business features.

The conference is expected to attract more than 250,000 visitors from around the world.

Related Articles

Arab Press
The G-7 aims to make global crypto regulations tougher
Don’t Dismiss China’s Peacemaking Bid
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
If this was in Tehran, Moscow or Hong Kong
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Spain officials quit over trains that were too wide for tunnels...
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
European MP Clare Daly condemns US attack on Nord Stream
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.