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The World’s Eyes Turn to Riyadh for Launch of LEAP 24

The second edition of LEAP (SPA)
The second edition of LEAP (SPA)
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The World’s Eyes Turn to Riyadh for Launch of LEAP 24

The second edition of LEAP (SPA)
The second edition of LEAP (SPA)

LEAP24, the world’s largest technological exhibition, kicked off on Monday in Riyadh, with the participation of more than 1,800 international and local exhibitors, and more than 1,000 technical experts and 600 startup companies.

Organized by the Ministry of Communications and Information Technology and the Saudi Federation for Cybersecurity, Programming and Drones, the exhibition, which runs from March 4 to 7, highlights the latest technology industries and unveils government AI initiatives and the newest innovations.

In its current edition, the conference has expanded the number of participants from major technical exhibitors in the world, in addition to the presence of an elite group of expert speakers and international companies.

The current version will see the participation of world tech giants, including Google, Microsoft, Oracle, Dell, Cisco, SAP, Amazon Web Services, Alibaba, Huawei, Ericsson, and others.

More than 30 government agencies are competing to showcase their advanced digital services, through the “Digital Saudi Arabia” exhibition, organized by the Digital Government Authority within the activities of LEAP 24, with the participation of many government and private agencies.

The event aims to enhance the Kingdom’s international position as an innovative digital environment, highlight success stories in the digital transformation journey, and its importance at the regional and international levels, in addition to unveiling the most prominent digital government services aimed at raising the quality of life and enhancing competitiveness.

The exhibition will see government agencies and national companies showcasing their digital products and services based on innovative models using emerging technologies, in addition to the signing of strategic agreements and the launching of new services, dialogue sessions for a number of ministers and officials, and workshops in the field of digital transformation.

The LEAP conference witnessed rapid developments over its years, as the total number of launches increased from $6.4 billion in the first edition to more than $9 billion in the second edition, while the number of attendees increased from 100,000 visitors in the first edition to more than 172,000 in the second year.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.