عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025
TT
TT

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

The International Telecommunication Union (ITU) announced that the Kingdom of Saudi Arabia has ranked second globally in the Digital Regulatory Maturity Index 2025, placing just behind Germany among 193 countries, and maintaining its position in the highest “Leading” category of the global classification, according to a press release issued by the Communications, Space and Technology Commission (CST).

CST Acting Governor Eng. Haitham bin Abdulrahman Alohali stated that this achievement is the result of the support and enablement of the wise leadership, alignment of national digital economy directions with international multi-stakeholder initiatives, and strong collaboration between public and private sector entities through cooperative and participatory regulation, SPA reported.

He added that the Kingdom’s progress was further driven by adopting regulatory policies based on measuring social and economic impact, launching digital inclusion programs to empower all segments of society, implementing policies that promote development and innovation across sectors such as science, agriculture, and finance, and joining the Tampere Convention to facilitate the provision of telecommunications resources for disaster mitigation.

Alohali highlighted that attaining the highest “Leading” maturity level has contributed to accelerating the growth of Saudi Arabia’s digital economy, expanding the telecom and technology market, stimulating competition, attracting investment, and strengthening the Kingdom’s leading and active role within the ITU.

The release added that this achievement reflects the efforts led by CST in collaboration with the National Regulatory Committee, Ministry of Communications and Information Technology, Ministry of Health, Ministry of Education, Ministry of Economy and Planning, Ministry of Environment, Water and Agriculture, Digital Government Authority, Saudi Central Bank, Saudi Data and Artificial Intelligence Authority, Transport General Authority, General Authority of Media Regulation, National Cybersecurity Authority, Saudi Water Authority, Saudi Electricity Regulatory Authority, General Authority for Competition, and Consumer Protection Association.

Business

Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
TT
TT

Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)

Saudi Arabia's largest telecoms operator STC on Thursday announced a joint venture with the kingdom's artificial intelligence company Humain to develop and operate data centers.

The companies signed a memorandum of understanding to establish the venture, in which Humain will hold a 51% stake, while STC will own 49%, Reuters reported.

Humain, an AI company backed by Saudi Arabia's sovereign wealth fund PIF, has secured several agreements including deals with Elon Musk's xAI and Blackstone-backed AirTrunk for data center projects in the country, and is targeting a capacity of about 6 gigawatts by 2034.
The joint venture will aim to develop infrastructure capable of supporting operations with a required load of up to 1 gigawatt, beginning with an initial deployment of up to 250 megawatts.

Business

Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
TT

Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Brent crude rose 32 cents or 0.54% to $60 per barrel at 0910 GMT. US West Texas Intermediate crude was up 38 cents, or 0.68%, at $56.32 per barrel.

US intentions to impose more sanctions against Russia and its threatened blockade of tankers under sanctions and carrying Venezuelan oil pushed prices higher, PVM analyst John Evans said.

On Wednesday, Bloomberg reported that the US is preparing another round of sanctions on Russia's energy sector in the event Moscow does not agree to a peace deal with Ukraine, citing people familiar with the matter. A White House official told Reuters President Donald Trump had not made any decisions on Russian sanctions. Further measures targeting Russian oil could pose an even bigger supply risk to the market than Trump's announcement on Tuesday that the US would blockade tankers under sanctions entering and leaving Venezuela, ING analysts said in a note.

The Venezuela blockade could affect 600,000 barrels per day of Venezuelan oil exports, mostly to China, but 160,000 bpd of exports to the US would likely continue, ING said. Chevron vessels were continuing to depart for the US under a previous authorisation from the US government.

Most other Venezuelan exports remained on hold on Wednesday, although state oil company PDVSA restarted loading crude and fuel cargoes after suspending operations because of a cyberattack, sources and customs data indicated.

It was not clear how a US blockade would be enforced. The US Coast Guard last week took the unprecedented step of seizing a Venezuelan oil tanker and sources said the US was preparing for more such interdictions.

Venezuelan crude makes up around 1% of global supplies.