Saudi Arabia Announces $6.4 Billion Investments in Future Tech

Participants at LEAP 2022 in Riyadh. (Bashir Saleh)
Participants at LEAP 2022 in Riyadh. (Bashir Saleh)
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Saudi Arabia Announces $6.4 Billion Investments in Future Tech

Participants at LEAP 2022 in Riyadh. (Bashir Saleh)
Participants at LEAP 2022 in Riyadh. (Bashir Saleh)

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.



Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
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Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)

Prince Saud bin Naif bin Abdulaziz, Governor of Saudi Arabia’s Eastern Region, inaugurated on Monday two major aviation projects at King Fahd International Airport in Dammam: a dedicated General Aviation Terminal for private flights and the Kingdom’s first Category III Instrument Landing System (ILS), which enables fully automatic aircraft landings in low-visibility conditions.

The ceremony was attended by Minister of Transport and Logistics Services and Chairman of the General Authority of Civil Aviation (GACA) Saleh bin Nasser Al-Jasser and President of GACA and Chairman of the Saudi Airports Holding Company Abdulaziz bin Abdullah Al-Duailej.

Prince Saud said the projects represent a qualitative leap in strengthening the aviation ecosystem in the Eastern Region, boosting the airport’s operational readiness and its regional and international competitiveness.

The introduction of a Category III automatic landing system for the first time in Saudi Arabia reflects the advanced technological progress achieved by the national aviation sector and its commitment to the highest international standards, he stressed.

The General Aviation Terminal marks a significant upgrade to airport infrastructure. Spanning more than 23,000 square meters, the facility is designed to ensure efficient operations and fast passenger processing.

The main terminal covers 3,935 square meters, while aircraft parking areas extend over 12,415 square meters with capacity to accommodate four aircraft simultaneously. An additional 6,665 square meters are allocated to support services and car parking, improving traffic flow and delivering a premium travel experience for private aviation users.

The upgraded Category III ILS, considered among the world’s most advanced air navigation systems, allows aircraft to land automatically during poor visibility, ensuring flight continuity while enhancing safety and operational efficiency.

The project includes rehabilitation of the western runway, extending 4,000 meters, along with a further 4,000 meters of aircraft service roads. More than 3,200 lighting units have been installed under an integrated advanced system to meet modern operational requirements and support all aircraft types.

Al-Jasser said the inauguration of the two projects translates the objectives of the Aviation Program under the National Transport and Logistics Strategy into concrete achievements.

The developments bolster airport capacity and efficiency, support the sustainability of the aviation sector, and strengthen the competitiveness of Saudi airports, he added.

Al-Duailej, for his part, said the initiatives align with Saudi Vision 2030 by positioning the Kingdom as a global logistics hub and a leading aviation center in the Middle East.

The new terminal reflects high standards of privacy and efficiency for general aviation users, he remarked, noting the selection of Universal Aviation as operator of the general aviation terminals in Dammam and Jeddah.

Dammam Airports Company operates three airports in the Eastern Region: King Fahd International Airport, Al-Ahsa International Airport, and Qaisumah International Airport.


Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
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Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 

Saudi Arabia will roll out real estate market indicators in the first quarter of this year and expand the Real Estate Market Balance program to all regions of the Kingdom, following its initial implementation in Riyadh, Minister of Municipalities and Housing Majed Al-Hogail announced on Monday.

Al-Hogail, who also chairs the General Real Estate Authority, made the remarks during a government press conference in Riyadh attended by Minister of Media Salman Al-Dossary, President of the Saudi Data and Artificial Intelligence Authority (SDAIA) Abdullah Alghamdi, and other senior officials.

Al-Hogail said the housing and social ecosystem now includes more than 313 non-profit organizations supported by over 345,000 volunteers working alongside the public and private sectors.

He highlighted tangible outcomes, including housing assistance for 106,000 social security beneficiaries and the prevention of housing loss in 200,000 cases.

Development Initiatives

He noted that the non-profit sector is driving impact through more than 300 development initiatives and over 1,000 services, while empowering 100 non-profit entities and activating supervisory units across 17 municipalities.

Among key programs, Al-Hogail highlighted the Rental Support Program, which assisted more than 6,600 families last year, expanding the reach of housing aid.

He also traced the growth of the “Jood Eskan” initiative, which began by supporting 100 families and has since evolved into a nationwide program that has provided homes to more than 50,000 families across the Kingdom.

Since its launch, the initiative has attracted more than 4.5 million donors, with total contributions exceeding SAR 5 billion ($1.3 billion) since 2021.

Al-Hogail added that the introduction of electronic signatures has reduced the homeownership process from 14 days to just two.

In 2025 alone, more than 150,000 digital transactions were completed, and the needs of over 400,000 beneficiary families were assessed through integrated national databases. A mobile application for “Jood Eskan” is currently being deployed to further streamline services.

International Support and Economic Growth

Minister of Media Salman Al-Dossary said the Saudi Program for the Development and Reconstruction of Yemen launched 28 new development projects and initiatives worth SAR 1.9 billion ($506.6 million), including fuel grants for power generation and support for health, energy, education, and transport sectors across Yemeni governorates.

He also reported strong growth in the communications and information technology sector, which created more than 406,000 jobs by the end of 2025, up from 250,000 in 2018, an 80 percent cumulative increase. The sector’s market size reached nearly SAR 190 billion ($50.6 billion) in 2025.

Industry, Localization, and Philanthropy

In the industrial sector, investments exceeded SAR 9 billion ($2.4 billion), alongside five new renewable energy projects signed under the sixth phase of the National Renewable Energy Program.

Industrial and logistics investments worth more than SAR 8.8 billion ($2.34 billion) were also signed by the Saudi Authority for Industrial Cities and Technology Zones.

Al-Dossary said the Kingdom now hosts nearly 30,000 operating industrial facilities with total investments of about SAR 1.2 trillion ($320 billion), while the Saudi Export-Import Bank has provided SAR 115 billion ($30.6 billion) in credit facilities since its establishment.

On workforce development, nearly 100,000 social security beneficiaries were empowered through employment, training, and productive projects by late 2025, with localization rates in several specialized professions reaching as high as 70 percent.

Alghamdi said total donations through the “Ehsan” platform have reached SAR 14 billion ($3.7 billion) across 330 million transactions, reflecting the rapid growth of digital philanthropy in the Kingdom.


China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
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China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 

China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.

Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows.

Kpler's provisional data showed February imports at 2.083 million bpd, up from 1.718 million bpd in January, according to Reuters.

China has since November replaced India as Moscow's top client for seaborne shipments as Western sanctions over the war in Ukraine and pressure to clinch a trade deal with the US forced New Delhi to scale back Russian oil imports to a two-year low in December.

India's Russian crude imports are estimated to fall further to 1.159 million bpd in February, Kpler data showed.

Independent Chinese refiners, known as teapots, are the world's largest consumers of US sanctioned oil from Russia, Iran and Venezuela.

“For the quality you get from processing Russian oil versus Iranian, Russian supplies have become relatively more competitive,” said a senior Chinese trader who regularly deals with teapots.

ESPO blend last traded at $8 to $9 a barrel discounts to ICE Brent for March deliveries, while Iranian Light, a grade of similar quality, was last assessed at $10 to $11 below ICE Brent, the trader added.

Uncertainty since January over whether the US would launch military strikes on Iran if negotiations for a nuclear deal failed to yield Washington's desired results curbed buying from Chinese teapots and traders, said Emma Li, Vortexa's China analyst.

“For teapots, Russian oil looks more reliable now as people are worried about loadings of Iranian oil in case of a military confrontation,” Li said.

Part of the elevated Russian oil purchases came from larger independent refiners outside the teapot hub of Shandong, Li added.

Vortexa estimated Iranian oil deliveries into China – often banded by traders as Malaysian to circumvent US sanctions - eased to 1.03 million bpd this month, down from January's 1.25 million bpd.