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

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

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.