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
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 Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
TT
TT

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.