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.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.