With investments exceeding $11.9 billion… “LEAP 2024” conference was launched within the framework of Saudi Vision 2030, with the aim of transforming into a global technological power. This event aims to attract the most advanced technology companies and products, as well as investors and businessmen from all over the world to the heart of the Arabian Peninsula.
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Away from the traditional distinctions of Saudi oil wealth, the huge technology event “LEAP 2024” will be launched, which is considered an exceptional platform that brings together innovators and investors in the field of technology, with a focus on supporting innovation and entrepreneurship.
This is through joint organization between the Saudi Ministry of Communications and Information Technology and other strategic partners, as the conference seeks to enhance the position of the region and the world in the technological field.
During the LEAP 2024 conference in Riyadh, Amazon Web Services announced an investment of $5.3 billion to create a high-capacity cloud region. Datavolt will also invest $5 billion to build sustainable and innovative data centers within the Kingdom of Saudi Arabia.
The Minister of Communications and Information Technology, Abdullah Sawaha, expected that the event this year would witness the signing of contracts with investments worth over $11.9 billion dollars.
New Horizons in LEAP 2024
Under the slogan “New Horizons” and banners titled “The future is drawn by your imagination… and we are here today for tomorrow”.
LEAP 2024 will be held over a period of 4 days (4 to 7 March 2024) as one of the largest technology exhibitions and conferences in the world, as the edition includes… The third this year more than 1000 speakers, with the participation of more than 1.8 thousand exhibitors from the world’s largest technology companies.
The LEAP Conference discusses the most prominent global technical achievements and ways to integrate them into other services, whether governmental or commercial.
International Entities Announce Billion-Dollar Investments in Saudi Arabia During LEAP 2024 Conference
The conference’s session program includes interventions by heads and officials of major technology entities in the world, including “Amazon,” which announced an investment of $5.3 billion through its “Amazon Web Services” arm to establish a high-capacity cloud region in Saudi Arabia.
This is in addition to DataVolt, which will invest $5 billion to build sustainable and innovative data centers in Saudi Arabia.
In addition to “IBM“, which will pump $250 million to establish a global software development center in the Kingdom, ServiceNow, which will invest $500 million in Saudi Arabia to establish its first data center in the region.
In addition to technology, communications and digital transformation giants such as “Google, Alibaba, Tencent, Ericsson, and Zoom.
Saudi Arabia’s Plans Regarding The Digital Economy’s Contribution to the GDP
According to the results of a survey carried out by the General Authority for Statistics for the first time in 2023, the major investments that the Kingdom of Saudi Arabia will witness during the current year in the technology market in general come within the framework of plans that the Kingdom previously announced over recent months.
The announcement revealed a plan to invest up to $20 billion in artificial intelligence by 2030, and these investments contributed to increasing the digital economy’s contribution to the Kingdom’s gross domestic product, reaching 14% in 2022.
It is noteworthy that the “LEAP” conference returns for its third edition this year, after the great success of the first and second editions, with the participation of more than a thousand speakers, more than 600 startup companies, and an expected attendance of more than 200 thousand visitors.
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Source: Bloomberg
