عربي English Türkçe اردو فارسى
Logo
Latest News
Business

LEAP 23 Announces $580 Million Investment, Data Center, Two Tech Skills Academies

LEAP 23 Announces $580 Million Investment, Data Center, Two Tech Skills Academies
TT
20
TT

LEAP 23 Announces $580 Million Investment, Data Center, Two Tech Skills Academies

LEAP 23 Announces $580 Million Investment, Data Center, Two Tech Skills Academies

The LEAP23 Tech Conference, organized by the Saudi Ministry of Communications and Information Technology (MCIT), in cooperation with the Saudi Federation for Cyber Security and Programming and UAE’s Tahaluf, has made digital announcements and funding programs worth $580 million.

The tech global event, which is on its third day, also announced the launch of a data center and two academies to develop technology talents and equip them with tech futuristic know-how.

The first announcement was made by the Digital Content Council, IGNITE, which launched a host of initiatives, funding programs, and pioneering partnerships with the private sector amounting to $170 million.

WIRPO which specializes in technology services and consulting subsequently announced investments with a value of $110 million.

WIRPO's goal is to expand the service of their cloud studios, find digital healthcare solutions, and support development of local cadres.

Meanwhile, the global real-time 3D development platform UNITY announced the establishment of its first academy in the region in partnership with MCIT to develop tech talent.

Damac Company announced the expansion of its investments in the Kingdom’s big data centers with a total capacity of more than 55 MegaWatts.

Zoho, the pioneer in IT, software development and cloud computing, revealed its plan to expand in the Kingdom.

It also announced a projected increase in the number of its offices, the creation of a cloud zone for its services, as well as the allocation of $300 million for the next decade as a portfolio balance to support start-ups towards their digital transformation.

Amazon concluded LEAP's third day of announcements by revealing the establishment of its first academy in the MENA region to develop and train more than 30 thousand talents.

It will also provide more than 35,000 professional certificates in the fields of cloud computing and artificial intelligence, in partnership with the national dynamic and relevant partnership spearheaded by MCIT, “MCIT Future Skills” initiative and its “Saudi Digital Academy”, as well as “Human Capacity Development Program” and the “Tuwaiq Academy”.

Most Viewed

 
Business

Saudi Arabia Restructures Foreign Property Ownership Rules in Economic Zones

A view of the King Abdullah Economic City. (King Abdullah Economic City)
A view of the King Abdullah Economic City. (King Abdullah Economic City)
TT
20
TT

Saudi Arabia Restructures Foreign Property Ownership Rules in Economic Zones

A view of the King Abdullah Economic City. (King Abdullah Economic City)
A view of the King Abdullah Economic City. (King Abdullah Economic City)

Saudi Arabia has moved to overhaul regulations governing foreign ownership of real estate in its special economic zones, in a step seen as aligning the sector with newly approved nationwide property ownership laws.

According to information obtained by Asharq Al-Awsat, the government has decided to abolish Article 15 of the regulations for the Economic Cities and Special Zones Authority. The clause previously allowed non-Saudis, whether individuals or legal entities, to own or lease property within these zones under rules set by the authority’s board and approved by the King.

The decision also includes a reordering of other provisions to match the updated “Foreign Ownership of Real Estate Law.”

In July, the government approved this new property law, opening what experts describe as a new chapter for the Saudi real estate market. The move aims to stimulate investment, improve supply quality and quantity, and achieve greater market balance.

The updated framework specifies that the Cabinet, based on a proposal from the General Real Estate Authority’s board and approval from the Council for Economic and Development Affairs, will determine the geographic areas where foreigners may own property or acquire other real estate rights.

It will also define permissible property rights, maximum ownership limits within each area, the maximum term for usufruct rights, and any additional conditions.

The law grants non-Saudis the right to own one residential property outside the designated zones, excluding Makkah and Madinah.

Under the system, unlisted companies formed under Saudi corporate law, in which one or more non-Saudis hold equity, may own property within approved zones. Listed companies, investment funds, and special purpose entities licensed under Saudi law may own property and acquire related rights anywhere in the Kingdom, including Makkah and Madinah, subject to Capital Market Authority rules coordinated with the Real Estate General Authority and other relevant bodies.

On a reciprocal basis, accredited foreign diplomatic missions may own official premises and residences for their heads and staff. International and regional organizations may also own headquarters, within the limits of governing agreements, upon approval from the Ministry of Foreign Affairs.

The restructuring follows the 2023 announcement by Prince Mohammed bin Salman, Crown Prince and Prime Minister, of four new special economic zones in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City near Jeddah.

These zones, part of the Kingdom’s economic diversification drive, are designed to attract global investment by offering competitive advantages and fostering key sectors such as logistics, industry, and technology.