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LEAP25 Concludes in Riyadh with Multibillion-Dollar Investments

The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat
The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat
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LEAP25 Concludes in Riyadh with Multibillion-Dollar Investments

The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat
The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat

The fourth annual LEAP25 conference, the region's premier technology event, concluded on Wednesday after it marked another success for Saudi Arabia as a global hub for investments in artificial intelligence (AI), infrastructure, and cloud computing, with total investments exceeding $14.9 billion.

The conference was held at the Riyadh Exhibition and Convention Center in Malham under the theme "Into New Worlds,” reflecting Saudi Arabia's position as a key center for innovation and advanced technologies, as well as its growing role in the digital economy.
Its success also reflects the support and empowerment provided to the sector by Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince and Prime Minister, reinforcing the Kingdom’s commitment to achieving the goals of the Saudi Vision 2030 and solidifying its global leadership in technology, AI, and entrepreneurship.
LEAP is considered a global platform that brings together leading thinkers and practitioners in the digital field, empowering entrepreneurs, fostering innovation in the era of AI, and driving the transition toward a thriving and sustainable digital economy.

Saudi Federation for Cybersecurity, Programming, and Drones board Chairman and Tahaluf Company board chairman Faisal Al-Khamisi emphasized that LEAP25 was not just a tech conference but a global platform that hosted its largest edition yet, contributing to innovation, connecting startups with investors, and opening new opportunities for entrepreneurs.
He pointed out that the conference was not only about major investments of nearly $15 billion but witnessed dynamic interactions between startups and investors, leading to significant deals and support for new entrepreneurial projects.
Al-Khamisi indicated that LEAP has become a global benchmark for the speed of deal-making and project launches, enabling major tech companies to close deals in just a few days—processes that would typically take a year.
Additionally, he announced that LEAP will expand beyond the Kingdom, with two editions set for next year—one in Riyadh and another in Hong Kong—further solidifying Saudi Arabia’s role as a global hub for digital economy, innovation, and AI.

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Business

Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.

Business

Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.

Business

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.