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LEAP 2026: Saudi Arabia Leads AI Era with Over $15 Bn in Technology Launches, Investments

LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)
LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)
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LEAP 2026: Saudi Arabia Leads AI Era with Over $15 Bn in Technology Launches, Investments

LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)
LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)

LEAP 2026, the fifth edition of the world's largest tech event, kicked off in Riyadh on Monday under the theme "Into New Worlds," bringing together leading technology and artificial intelligence (AI) figures, investors, and innovators from around the world.

The conference saw the announcement of major launches, investments, and partnerships worth more than $15 billion in AI and advanced technologies, strengthening Saudi Arabia's leadership in digital infrastructure and advanced computing and reinforcing its position as a global destination for technology investment in the intelligent era.

Saudi Minister of Communications and Information Technology Abdullah Alswaha said in his opening speech that the launches and investments were made possible through the support and empowerment of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

Saudi Arabia is steadily advancing toward leading the AI era in partnership with major companies, innovators, and investors from around the world, he added.

Alswaha stressed that Saudi Arabia has established a global model for turning technological ambitions and commitments into tangible achievements, underpinned by agility, reliability, and speed of execution.

Technology and national talent, particularly young people, are driving the Kingdom's progress, he went on to say.

The launches and investments are contributing to the development of an integrated AI ecosystem spanning energy, connectivity, semiconductors, data centers, accelerated computing, AI models, cloud services, and sector-specific applications, supporting the growth of the digital economy and enhancing its global competitiveness.

The conference is organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and Tahaluf, a joint venture between SAFCSP, global events company Informa, and the Events Investment Fund.

LEAP 2026 will run until September 3 at the Riyadh Exhibition and Convention Center in Malham, featuring more than 1,000 speakers, 1,900 investors, 1,800 global technology brands, and 600 startups across 16 stages and more than 20 tracks exploring the future of AI, cloud computing, cybersecurity, smart cities, fintech, healthcare, space, gaming, and mobility.

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Business

Saudi-Jordanian Business Council Recommends Boosting Economic Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi-Jordanian Business Council Recommends Boosting Economic Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

Meetings of the Joint Saudi-Jordanian Business Council were held in Jordan’s capital, Amman, to strengthen bilateral partnerships, promote joint projects, and address obstacles to trade and investment flows, SPA reported.

The council’s sectoral committees recommended a package of practical measures and initiatives to strengthen economic and investment cooperation, boost bilateral trade, and facilitate the movement of investors, businesspeople, and goods between the two countries.

Business

Japan Seeks Record $55.6 bln Defense Budget, with AI Focus, Says Ministry

This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
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Japan Seeks Record $55.6 bln Defense Budget, with AI Focus, Says Ministry

This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)

Japan's defense ministry requested a record budget of 8.9 trillion yen ($55.6 billion) on Monday as Tokyo looks to artificial intelligence to speed up decision-making in the face of a tense security environment.

But the final budget reportedly could reach 10 trillion yen as Tokyo undergoes a sweeping upgrade of its defense in order to navigate growing tension with neighbors such as China, North Korea and Russia.

Business

Turkish Economy Grows Less-Than-Forecast 2.3% in Q2 as Domestic Demand Shrinks

24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
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Turkish Economy Grows Less-Than-Forecast 2.3% in Q2 as Domestic Demand Shrinks

24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)

Türkiye’s economy expanded 2.3% year-on-year in the second quarter, data showed on Monday, below forecasts as domestic demand shrank amid tight monetary policy and the Iran war impact. 

In a Reuters poll, economic growth was estimated to have risen by 2.9% in the second quarter and was forecast to expand by ‌3.05% in 2026. ‌It was the fourth consecutive quarter of slower ‌growth. 

Treasury ⁠and Finance Minister ⁠Mehmet Simsek said that growth would rise after the "balanced" second-quarter growth. 

"Thanks to progress in the disinflation process and more supportive global conditions, we expect growth to gradually increase in the coming period," Simsek said in a statement after the data. 

Second-quarter gross domestic product grew 1.1% from the previous quarter on a seasonally and calendar-adjusted basis, the Turkish ⁠Statistical Institute data showed. 

The strongest growth by ‌activity was shown by agriculture, forestry ‌and fishing, which expanded 13.3%, while information and communication grew 8.6%, the data ‌showed. 

Haluk Burumcekci from Burumcekci Research and Consultancy said there was ‌an "increasingly evident loss of momentum in domestic demand", adding that the "positive contribution from net external demand after six quarters suggests that the first signs of the 'rebalancing among demand components,' one of the key objectives of the economic ‌program, have begun to emerge". 

External demand contributed 0.6 percentage points to second quarter growth, while domestic ⁠demand shrank ⁠1.3% quarter-on-quarter, economists said, noting that this was a disinflationary development. 

Turkish annual consumer price inflation stood at 31.75% in July, underscoring the challenges for the central bank, which has held rates at 37% in the last four policy meetings as it monitors Iran war fallout. 

While tight monetary and fiscal policies implemented to balance domestic demand and combat high inflation put pressure on economic growth, the economy grew by 2.6% in the first quarter, according to revised figures. 

Growth in 2025 was revised to 3.7% from 3.6%. 

The government's current medium-term program projected growth of 3.8% in 2026. A new medium-term program will be announced on September 7.