Saudi Arabia showcased its huge potential as a regional hub for technology and innovation, which is one of the goals of its Vision 2030.
Riyadh kicked off the LEAP Tech Event 2022 and announced several investment deals worth over $6.4 billion to support future technologies, startups, and tech entrepreneurship.
The Ministry of Communications and Information Technology (MCIT) and the Federation for Cybersecurity, Programming, and Drones organized the event.
The conference is in line with Crown Prince Mohammed bin Salman's drive to seize opportunities in the digital economy and enhance the Kingdom's global leadership as the regional hub for technology, innovation, and digital entrepreneurship.
Saudi Minister of Communication and Information Technology, Abdullah al-Sawaha said that with the support of the Crown Prince, the Kingdom is the most significant and fast-growing in the digital economy, with the most prominent technology market and the highest concentration of digital capabilities and the fastest growing in venture capital investments.
"These investments and initiatives are a manifestation of the Kingdom's push towards the growth of the digital economy for the greater good of people," he added.
Deputy Governor for IT and Emerging Technologies at the CITC, Raed al-Fayez stated that smart cities reduce energy use by 50 percent and have many positive social and economic impacts.
The Kingdom has a solid digital infrastructure to enable the applications of these cities, he said.
Assistant Deputy Governor for Planning and Development at the CITC, Nayef Shesha explained that the ICT sector has a huge potential that contributes to enabling a sustainable future and the smart solutions provided by this sector.
LEAP's $6.4 billion deals
Aramco launched Prosperity7 Ventures, a $1 billion venture capital fund designed to develop next-generation technologies and business models and help entrepreneurs across the globe build transformative startups.
Aramco Chief Technology Officer Ahmed al-Khowaiter said: "Through the breadth of the Saudi Aramco ecosystem, its vast resources, and its far-reaching footprint across geographies and sectors, Prosperity7 can present unparalleled opportunities for scalability and impact."
Khowaiter noted that this potential would be instrumental in creating stronger foundations for success for its portfolio companies.
Meanwhile, Saudi Telecom (STC) announced the MENA Hub, a $1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia's rapidly expanding digital and cloud sector.
As part of its investment, NEOM announced the launch of the world's first cognitive metaverse, XVRS, that will serve residents and visitors of the smart giga-project. It also launched M3LD, a unique data management platform that gives back data control to the user.
J&T Express Group, one of the world's fastest-growing logistics companies, announced an investment of $2 billion with eWTP Arabia Capital and other partners.
The investment will see J&T establish its MENA headquarters in Riyadh and set up an extensive network of smart logistics and distribution facilities to extend Saudi Arabia's reach as the regional center for advanced logistics.
Joseph Bradley, CEO of NEOM, said that cognitive meta cities would define the future. It is a vision focused on experiences rather than scale.
"XVRS puts human needs at its core. It is designed to give people more time, space, and enhanced safety. M3LD, meanwhile, will place data ownership back in the hands of users and restore trust in the data economy."
Furthermore, the Public Investment Fund (PIF) signed a $2 billion joint venture with a subsidiary of the Chinese giant Alibaba.
Digital content
The King Abdulaziz City for Science and Technology (KACST) announced $1.4 billion in funds to support digital content, including an initiative known as The Garage, a space in the capital Riyadh that will host startups specialized in new technologies and supporting digital content.
On the sidelines of the conference, the Digital Cooperation Organization (DCO) launched the Startup Passport to make it quicker, easier, and less expensive for startups to do business across borders.
Meanwhile, several investments in digital entrepreneurship, venture capital, and startup funds, amounting to more than $300 million, were announced at LEAP.
With the government's support, the Kingdom has become the most significant technological and digital market using the applications of the Fourth Industrial Revolution.
The investments and deals allow Saudi Arabia to be the fastest growing market in digital competitiveness among the G20, with the highest growth in digital content and digital payments.
International participation
Saudi Arabia launched LEAP, the global technology platform, to address future challenges such as healthcare technologies to improve the quality of life and increase life expectancy, empowering humans through robots and technologies.
Held under the theme "One Eye on the Stars," LEAP seeks to discuss the most prominent social and cultural challenges facing the world through modern technologies with the participation of more than 350 speakers from 80 countries and 700 innovators and startups from around the world.
Lord Stephen Carter CBE, former Minister of Communications UK and Group CEO Informa PLC, stressed the importance of enhancing cooperation in developing digital transformation tools.
Carter called for boosting collaboration between Riyadh and London in digital transformation, cybersecurity, and next-generation technologies.
The official stated that Saudi Arabia has made rapid and great strides in automation and environmentally friendly energy, noting that collaboration in this field boosts the economy and strengthens public and private sectors.
Finnish Minister for Development Cooperation and Foreign Trade, Ville Skinnari, and UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar al-Olama addressed innovation and digital transformation legislation.
They emphasized the need to legitimize data protection law, referring to the diverse Saudi capabilities in Information Technology and Communication.
