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LEAP 24 Investments in New Technologies, Cloud Computing, Data Centers Reach Record $11.9Bln

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha speaks at the launch of LEAP 2024 in Riyadh. (SPA)
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha speaks at the launch of LEAP 2024 in Riyadh. (SPA)
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LEAP 24 Investments in New Technologies, Cloud Computing, Data Centers Reach Record $11.9Bln

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha speaks at the launch of LEAP 2024 in Riyadh. (SPA)
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha speaks at the launch of LEAP 2024 in Riyadh. (SPA)

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha announced on Monday investments worth $11.9 billion to support deep and emerging technologies, innovation, and cloud computing in Saudi Arabia and the world.

He made the announcement at the launch of the LEAP 24 exhibition in Riyadh. The event runs until March 7.

Alswaha highlighted "the unwavering support" that Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, has shown Saudi and global tech sectors to help the digital economy grow and prosper as part of the Kingdom’s Vision 2030, read a statement from the exhibition organizers.

The investments will help consolidate the Kingdom’s position "as the largest market and digital economy in the Middle East and North Africa (MENA)" for leading technology companies such as Amazon Web Services, IBM, Datavolt and ServiceNow.

The investments will go toward developing Saudi digital skills and supporting tech start-ups.

On the first day of LEAP 24, Amazon Web Services announced a $5.3 billion investment in a new cloud zone in Saudi Arabia. Datavolt also announced a $5 billion investment in Saudi data centers with a capacity of more than 300 megawatts.

IBM plans to invest $250 million in a global software development center in the Kingdom. ServiceNow will invest $500 million to localize its regional services in Saudi Arabia, with training and development programs to upskill and train Saudi talent.

Dell will open a manufacturing and fulfilment center in Saudi Arabia, the first of its kind in the MENAT region.

Aramco announced the establishment of the Saudi Accelerator Innovation Lab (SAIL). Aramco and MCIT co-founded SAIL to strengthen Saudi Arabia's digital capabilities and to launch the "Metbrain" GenAI model; it also announced "Aramco LLM", the world’s first industrial grade GenAI.

Datadog will establish the first cloud application security solutions academy in the Kingdom, and Uipath announced the establishment of its first-in-the-region automation academy to train, upskill, and foster Saudi talent.

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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova

In the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman, GE Vernova Inc. has announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT.

GESAT, a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components.

The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia.

By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals.

The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

President of GE Vernova in Saudi Arabia Hisham Al-Bahkali said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030.”

He added: “GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

“The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system,” said Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa.

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank.

Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.