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Saudi Arabia to Organize Landmark Event to Encourage Investment in Emerging Technologies

The Kingdom to host the landmark event, "Leap" (Asharq Al-Awsat)
The Kingdom to host the landmark event, "Leap" (Asharq Al-Awsat)
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Saudi Arabia to Organize Landmark Event to Encourage Investment in Emerging Technologies

The Kingdom to host the landmark event, "Leap" (Asharq Al-Awsat)
The Kingdom to host the landmark event, "Leap" (Asharq Al-Awsat)

Saudi Arabia has announced plans to host LEAP 2021, a landmark technology event to support its Vision 2030’s goals to transform the country into a diversified, knowledge-based economy and boost foreign investment in this vital sector.

The digital economy in the Kingdom tends to contribute to its non-oil GDP by three percent.

Powered by Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) and organized by Informa Tech, the event will take place from February 1-3 next year at the Kingdom’s largest Riyadh Front Exhibition Center.

LEAP is an initiative to transform the national economy and Saudi Arabia’s position as a visionary tech hub connecting three continents with the global industry.

Backed by the government, major investors, and mega infrastructure projects, LEAP aims to reform business opportunities and empower the funding of ideas and nurturing of tech start-ups – from Saudi Arabia to San Francisco, and everywhere in between.

LEAP arrives as Saudi’s investment in the domestic and international start up ecosystem is forecast to exceed the multi billion dollars mark in coming years, with Saudi Venture Capital Company (SVC), a government-backed venture capitalist, pledging $750 million to stimulate new businesses in the Kingdom; Saudi Technology Ventures (STV), the Middle East’s largest venture capital fund, launching a $500 million tech fund to back start up founders, young entrepreneurs and Public Investment Fund (PIF) reporting over $50billion to invest in emerging technology.

“LEAP will cause a revelation in the technology sector at the local, regional and global levels,” said Saudi Minister of Communications and Information Technology Abdullah al-Swaha.

The Kingdom will attract pioneering contributions to the most prominent technical innovations and the most important sources of investment and financing, he added, noting that it comes in line with the directives issued to mobilize all potentials and accelerate the development of this sector due to its direct impact and contribution to stimulating affiliated sectors and achieving the government’s goals to develop a diversified knowledge-based economy.

“LEAP will be a key factor in growing the IT sector, boosting ICT’s GDP contribution by SAR50 billion over five years, securing foreign investment, assisting our Saudization employment ambitions, empowering a female workforce and attracting international talent.”

It is integral to MCIT’s five-year strategy aimed at accelerating the growth of the Kingdom’s digital economy by 50 percent.

“Saudi Arabia already has flourishing female participation in its tech sector, and we aim to nourish that passion and boost female representation to the highest in the world,” said Women Empowerment Director at MCIT Wadha bin Zarah.

LEAP will look to empower women in the local IT industry further through several measures such as recognizing and rewarding female tech leaders and giving female-led startups access to potential funding, she added.

“By creating an event, which has true equality of opportunity, everyone in attendance will have equal possibilities to benefit from the awards, funding, prize funds, knowledge sharing, and networking available.”

The conference will hold 14 focused exhibition areas demonstrating innovations fields such as artificial intelligence/machine learning, blockchain, robotics, 3D printing, Internet of Things, biotech/health sciences, smart mobility, unmanned systems, quantum computing, materials sciences, space and satellites, data analytics and FinTech.

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Bahraini Transport Minister to Asharq Al-Awsat: Each Country to Finance Its Share of Gulf Railway Project

A conceptual rendering of the Gulf railway interconnection project. (X)
A conceptual rendering of the Gulf railway interconnection project. (X)
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Bahraini Transport Minister to Asharq Al-Awsat: Each Country to Finance Its Share of Gulf Railway Project

A conceptual rendering of the Gulf railway interconnection project. (X)
A conceptual rendering of the Gulf railway interconnection project. (X)

The Gulf Cooperation Council (GCC) member states took a new step toward completing the railway interconnection project by signing the project's general agreement in Bahrain on Sunday. This comes as part of efforts to establish an integrated transport network linking the six nations and boosting the movement of passengers, goods, and commercial trade among them.

Bahraini Minister of Transportation and Telecommunications Dr. Sheikh Abdulla bin Ahmed Al Khalifa told Asharq Al-Awsat that each country will fund and execute the portion of the project located within its territory.

Meanwhile, the costs, fees, and expenses associated with the shared interconnection components among member states will be determined collectively, he added.

He explained that the agreement establishes a joint framework for the project's execution and operation, while defining the obligations of member states and their coordination mechanisms.

He noted that the network, which extends some 2,117 kilometers, aims to transport 6 million passengers and 200 million tons of freight by 2030, with the figures projected to rise to more than 8 million passengers and 271 million tons of freight by 2045.

The project spans from Kuwait, passing through Saudi Arabia, Bahrain, Qatar, and the UAE, all the way to Oman, with the goal of achieving full network operations by December 2030.

According to the minister, interconnection lines between adjacent countries can become operational as soon as their components are completed, without the need to wait for the entire Gulf network to be finalized.

National financing and potential partnerships

On private sector participation, Al Khalifa said that it remains one of the viable options for financing, executing, or operating certain components of the project, depending on the outcomes of economic and financial studies. He stressed that there is no unified public-private partnership model approved across the entire network.

There are currently no pre-existing agreements with specific international partners to finance or execute the project, he said. However, the expertise of global companies in the fields of design, engineering, technology, and operating systems could be utilized based on the project's needs and its various phases.

Bahraini Minister of Transportation and Telecommunications Dr. Sheikh Abdulla bin Ahmed Al Khalifa.

Concerning the project's announced completion rate, the minister explained that the 50 percent figure represents the average progress achieved across member states, and does not mean that half of the construction work for the entire Gulf network has been completed.

The project's cost estimates are currently undergoing review and updates in light of economic shifts, rising prices for materials and services, construction costs, and inflation, he revealed without specifying an updated total cost at the present time.

Returns beyond passenger and freight transport

Al Khalifa said that the economic impact of the project is not limited to facilitating passenger movement and freight transport, but extends to improving supply chain efficiency, boosting trade among GCC countries, and linking industrial centers, economic zones, and logistical hubs, as well as supporting employment and investment opportunities.

He added that determining the project's exact contribution to the gross domestic product (GDP) or estimating expected savings in time and costs remains premature, given that returns vary depending on transport routes, the nature of the cargo, and the points of origin and destination.

In light of the challenges facing maritime navigation in the region, the minister stressed that the Gulf railway network is not intended to serve as a substitute for maritime transport. Instead, it acts as a complementary route that boosts transport options and connectivity among GCC nations, increasing the resilience of supply chains against disruptions that could affect various modes of transportation.

He noted that integration between ports, roads, railways, and airports will strengthen the flexibility of the Gulf transport system, while connecting to broader international logistical corridors remains a future possibility contingent on completing studies, understandings, and coordination with the relevant countries and entities.

King Hamad Bridge to link Bahrain and Saudi Arabia

Regarding the connection between Bahrain and Saudi Arabia, Al Khalifa explained that the King Hamad Bridge project includes road lanes and railway lines, enabling the international passenger station in Bahrain to connect with the Saudi railway network and forming one of the essential components for completing the Gulf interconnection.

He added that work is underway on the privatization procedures for the King Fahd Causeway Authority, alongside completing the necessary studies and procedures to transition to the execution of the new bridge project.

Achieving the connection between Bahrain and Saudi Arabia is a fundamental requirement for operating the railway line between the two countries within the project's targeted timeframe in December 2030,e he said.

Business

Egypt Seeks Faster Progress on Libya Gas, Refining and Power Projects

Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
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Egypt Seeks Faster Progress on Libya Gas, Refining and Power Projects

Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)

Egypt aims to accelerate energy projects with Libya, including gas pipeline links, refining of Libyan crude in Egypt and an electricity interconnection, Egyptian Foreign Minister Badr Abdelatty said late on Saturday.

Abdelatty's comments were in ‌a ministry ‌statement after a meeting ‌with ⁠Libya’s acting oil ⁠and gas minister Khalifa Abdulsadek in Tripoli.

Abdelatty also ‌called for cooperation on petroleum products and the completion of projects to refine Libyan ‌oil in Egypt and re-export it, the statement said, ⁠adding ⁠that Abdulsadek had said that Libya would continue implementing existing projects and would visit Cairo soon to continue technical talks with Egypt’s petroleum and electricity ministers.

The statement did not provide details on costs or the status of the projects.

Business

GCC: Railway Agreement Sets Joint Framework for Project Implementation and Operation

GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)
GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)
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GCC: Railway Agreement Sets Joint Framework for Project Implementation and Operation

GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)
GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)

Jasem Albudaiwi, secretary-general of the Gulf Cooperation Council (GCC), said on Sunday that the signing of the General Agreement on the GCC Railway Project marked an important step toward establishing an integrated regional transport network.

He said the network would facilitate the movement of citizens and residents, ease freight transport, boost intra-GCC trade efficiency and strengthen member states’ economic competitiveness and the region’s position in regional and international trade.

Albudaiwi's remarks came at the signing ceremony in the Bahraini capital, Manama, on Sunday, held under the patronage and in the presence of Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.

He said the project reflected the GCC’s shared ambition to connect member states and improve mobility and trade by linking their economic and industrial hubs, ports and logistics centers.

He added that the project would create opportunities for safe, reliable, affordable and environmentally friendly transport services that meet development needs, serve the aspirations of future generations and strengthen economic integration among GCC states.

Albudaiwi said the agreement sets a common framework for member states to implement and operate the project in coordination with their national railway networks, while establishing mechanisms and a timetable to accelerate its completion.

Albudaiwi praised GCC leaders and transport ministers for their support of strategic regional projects, thanking Bahrain’s crown prince and prime minister for hosting the signing ceremony and officials for advancing the railway project.