Saudi Arabia Unveils Investments Exceeding $9 Billion with Launch of LEAP 2023

Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, delivers a keynote speech at the event. (Asharq Al-Awsat)
Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, delivers a keynote speech at the event. (Asharq Al-Awsat)
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Saudi Arabia Unveils Investments Exceeding $9 Billion with Launch of LEAP 2023

Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, delivers a keynote speech at the event. (Asharq Al-Awsat)
Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, delivers a keynote speech at the event. (Asharq Al-Awsat)

With the launch of the LEAP Tech 2023 conference - the largest global gathering for technology and digitization developments – on Monday in Riyadh, Saudi Arabia unveiled investments exceeding $9 billion to support future technologies and emerging companies in the Kingdom.

More than 700 experts, scientists and specialized companies from around the world discuss the latest developments in virtual reality, creative economy, edutech, retail, Fourth Industrial Revolution, future energy, smart cities, fintech, and healthtech.

During a keynote speech at the event, Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, announced investments worth $9 billion to support future technologies, digital entrepreneurship, and tech startups, in order to enhance the Kingdom’s position as the largest digital economy in the Middle East and North Africa region.

The minister underlined that Riyadh’s hosting of the LEAP 2023 conference confirms the great support of Saudi Crown Prince Mohammed bin Salman to the digital and technological transformation journey, and his keenness to keep pace with the rapid developments in the world, in order to achieve the goals of Vision 2030 in promising sectors and future technologies.

Alsawaha noted that the investments included $400 million from Huawei for cloud infrastructure for its services in the Kingdom, $2.1 billion from Microsoft for a global superscalar cloud, $1.5 billion from Oracle to expand its business by launching new cloud regions in Saudi Arabia, and $1.1 billion for the opening of a Zoom cloud area in the Kingdom in collaboration with Aramco. He also pointed to global and local investments of $4.5 billion in various fields.

The Saudi minister said he hoped that the conference’s outputs would enhance the diversification of the economy and the localization of technology and advanced industries, noting that LEAP has become one of the most important annual global technological events that gather stakeholders, entrepreneurs and venture capital funds to open new horizons in new investment fields, and launch qualitative partnerships.

The first day of the conference witnessed the opening of the first Metaverse Academy in the MENA region by Meta, headquartered in Saudi Arabia, the launch of Hektar by WEO Technology and Camel Lab, a social media app with a variety of content, and the announcement of Beem by MENA Communication and STC, a new app with business features, high-quality voice and video calling, and instant messaging.



Gold Gains over 1% as Dollar, Yields Ease; Spotlight on Trade

A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
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Gold Gains over 1% as Dollar, Yields Ease; Spotlight on Trade

A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo

Gold prices gained over 1% on Monday as the dollar and US bond yields weakened amid uncertainty over trade talks ahead of a US deadline of August 1 for countries to strike deals or face more tariffs.

Spot gold was up 1.2% at $3,390.79 per ounce at 9:52 ET (1352 GMT). US gold futures were up 1.3% to $3,402.40.

The US dollar index was down 0.4%, making dollar-denominated gold more affordable for buyers using other currencies, while benchmark 10-year U.S. Treasury yields hit a more than one-week low, Reuters reported.

"With the August 1st deadline looming, it brings a level of uncertainty to the market and that certainly is supportive," said David Meger, director of metals trading at High Ridge Futures.

The European Union is exploring a broader set of possible counter-measures against the US as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.

On the interest rate front, traders are pricing about a 63% chance of a rate cut in September, according to the CME FedWatch Tool.

U.S. Treasury Secretary Scott Bessent said the entire Federal Reserve needed to be examined as an institution and whether it had been successful.

Talk of earlier than expected U.S. rate cuts is building, with speculation around a possible replacement of Fed Chair Jerome Powell and reshaping of the Fed adding to market jitters, Meger said.

Gold is considered a hedge against uncertainty and tends to perform well in a low interest rate environment.

Data showed that the world's leading gold consumer, China, brought in 63 metric tons of the precious metal last month, the lowest amount since January. Its imports of platinum in June fell 6.1% from the prior month.

Spot silver gained 1.8% to $38.86 per ounce, platinum rose 2.2% to $1,453.17 and palladium was 3.5% higher at $1,284.46.