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

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”.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
TT

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.