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Saudi Arabia Announces $6.4 Billion Investments in Future Tech

Participants at LEAP 2022 in Riyadh. (Bashir Saleh)
Participants at LEAP 2022 in Riyadh. (Bashir Saleh)
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Saudi Arabia Announces $6.4 Billion Investments in Future Tech

Participants at LEAP 2022 in Riyadh. (Bashir Saleh)
Participants at LEAP 2022 in Riyadh. (Bashir Saleh)

Saudi Arabia showcased its huge potential as a regional hub for technology and innovation, which is one of the goals of its Vision 2030.

Riyadh kicked off the LEAP Tech Event 2022 and announced several investment deals worth over $6.4 billion to support future technologies, startups, and tech entrepreneurship.

The Ministry of Communications and Information Technology (MCIT) and the Federation for Cybersecurity, Programming, and Drones organized the event.

The conference is in line with Crown Prince Mohammed bin Salman's drive to seize opportunities in the digital economy and enhance the Kingdom's global leadership as the regional hub for technology, innovation, and digital entrepreneurship.

Saudi Minister of Communication and Information Technology, Abdullah al-Sawaha said that with the support of the Crown Prince, the Kingdom is the most significant and fast-growing in the digital economy, with the most prominent technology market and the highest concentration of digital capabilities and the fastest growing in venture capital investments.

"These investments and initiatives are a manifestation of the Kingdom's push towards the growth of the digital economy for the greater good of people," he added.

Deputy Governor for IT and Emerging Technologies at the CITC, Raed al-Fayez stated that smart cities reduce energy use by 50 percent and have many positive social and economic impacts.

The Kingdom has a solid digital infrastructure to enable the applications of these cities, he said.

Assistant Deputy Governor for Planning and Development at the CITC, Nayef Shesha explained that the ICT sector has a huge potential that contributes to enabling a sustainable future and the smart solutions provided by this sector.

LEAP's $6.4 billion deals

Aramco launched Prosperity7 Ventures, a $1 billion venture capital fund designed to develop next-generation technologies and business models and help entrepreneurs across the globe build transformative startups.

Aramco Chief Technology Officer Ahmed al-Khowaiter said: "Through the breadth of the Saudi Aramco ecosystem, its vast resources, and its far-reaching footprint across geographies and sectors, Prosperity7 can present unparalleled opportunities for scalability and impact."

Khowaiter noted that this potential would be instrumental in creating stronger foundations for success for its portfolio companies.

Meanwhile, Saudi Telecom (STC) announced the MENA Hub, a $1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia's rapidly expanding digital and cloud sector.

As part of its investment, NEOM announced the launch of the world's first cognitive metaverse, XVRS, that will serve residents and visitors of the smart giga-project. It also launched M3LD, a unique data management platform that gives back data control to the user.

J&T Express Group, one of the world's fastest-growing logistics companies, announced an investment of $2 billion with eWTP Arabia Capital and other partners.

The investment will see J&T establish its MENA headquarters in Riyadh and set up an extensive network of smart logistics and distribution facilities to extend Saudi Arabia's reach as the regional center for advanced logistics.

Joseph Bradley, CEO of NEOM, said that cognitive meta cities would define the future. It is a vision focused on experiences rather than scale.

"XVRS puts human needs at its core. It is designed to give people more time, space, and enhanced safety. M3LD, meanwhile, will place data ownership back in the hands of users and restore trust in the data economy."

Furthermore, the Public Investment Fund (PIF) signed a $2 billion joint venture with a subsidiary of the Chinese giant Alibaba.

Digital content

The King Abdulaziz City for Science and Technology (KACST) announced $1.4 billion in funds to support digital content, including an initiative known as The Garage, a space in the capital Riyadh that will host startups specialized in new technologies and supporting digital content.

On the sidelines of the conference, the Digital Cooperation Organization (DCO) launched the Startup Passport to make it quicker, easier, and less expensive for startups to do business across borders.

Meanwhile, several investments in digital entrepreneurship, venture capital, and startup funds, amounting to more than $300 million, were announced at LEAP.

With the government's support, the Kingdom has become the most significant technological and digital market using the applications of the Fourth Industrial Revolution.

The investments and deals allow Saudi Arabia to be the fastest growing market in digital competitiveness among the G20, with the highest growth in digital content and digital payments.

International participation

Saudi Arabia launched LEAP, the global technology platform, to address future challenges such as healthcare technologies to improve the quality of life and increase life expectancy, empowering humans through robots and technologies.

Held under the theme "One Eye on the Stars," LEAP seeks to discuss the most prominent social and cultural challenges facing the world through modern technologies with the participation of more than 350 speakers from 80 countries and 700 innovators and startups from around the world.

Lord Stephen Carter CBE, former Minister of Communications UK and Group CEO Informa PLC, stressed the importance of enhancing cooperation in developing digital transformation tools.

Carter called for boosting collaboration between Riyadh and London in digital transformation, cybersecurity, and next-generation technologies.

The official stated that Saudi Arabia has made rapid and great strides in automation and environmentally friendly energy, noting that collaboration in this field boosts the economy and strengthens public and private sectors.

Finnish Minister for Development Cooperation and Foreign Trade, Ville Skinnari, and UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar al-Olama addressed innovation and digital transformation legislation.

They emphasized the need to legitimize data protection law, referring to the diverse Saudi capabilities in Information Technology and Communication.

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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

China on Saturday passed revisions to a key piece of legislation aimed at strengthening Beijing's ability to wage trade war, curb outbound shipments from strategic minerals, and further open its $19 trillion economy.

The latest revision to the Foreign Trade Law, approved by China's top legislative body, will take effect on March 1, 2026, state news agency Xinhua reported on Saturday.

The world's second-largest economy is overhauling its trade-related legal frameworks partly to convince members of a major trans-Pacific trade bloc created to counter China's growing influence that the manufacturing powerhouse ‌deserves a seat at ‌the table, as Beijing seeks to reduce ‌its ⁠reliance on the US.

Adopted ‌in 1994 and revised three times since China joined the World Trade Organization in 2001, most recently in 2022, the Foreign Trade Law empowers policymakers to hit back against trading partners that seek to curb its exports and to adopt mechanisms such as "negative lists" to open restricted sectors to foreign firms.

The revision also adds a provision that foreign trade should "serve national economic and social development" and help build China ⁠into a "strong trading nation", Xinhua said.

It further "expands and improves" the legal toolkit for countering external challenges, according ‌to the report.

The revision focuses on areas such ‍as digital and green trade, along ‍with intellectual property provisions, key improvements China needs to make to meet the ‍standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, rather than the trade defense tools the 2020 revamp honed in on following four years of tariff war with the first Trump administration.

Beijing is also sharpening the wording of its powers in anticipation of potential lawsuits from private firms, which are becoming increasingly prominent in China, according to trade diplomats.

"Ministries have become more concerned about private sector criticism," ⁠said one Western trade diplomat with decades' of experience working with China. "China is a rule-of-law country, so the government can stop a company's shipment, but it needs a reason."

"It's not totally lawless here. Better to have everything written out in black and white," they added, requesting anonymity, as they were not authorized to speak with media.

China's private exporting firms attracted global attention in November after the French government moved to suspend the Chinese e-commerce platform Shein.

The Chinese government increasingly could also find itself at odds with private enterprise when seeking to carry out sweeping bans, ‌such as Beijing's prohibition of all Japanese seafood imports, as Asia's top two economies continue to feud over Taiwan, trade diplomats say.

Business

Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
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Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)

Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition to the legislation from political parties, depositors and banking officials.

The draft law will be submitted to the country's divided parliament for approval before it can become effective.

The legislation, known as the "financial gap" law, is part of a series of reform measures required by the International Monetary Fund (IMF) in order to access funding from the lender.

The cabinet passed the draft bill with 13 ministers in favor and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam defended the bill, saying it "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector.”

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier told journalists that the bill includes "accountability and oversight for the first time.”

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalizing them.”

The IMF, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

Financial reforms in Lebanon have been repeatedly derailed by political and private interests over the last six years, but Salam and Lebanese President Joseph Aoun have pledged to prioritize them.

Business

Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
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Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)

Türkiye's energy minister said Russia had provided new financing worth $9 billion for the Akkuyu nuclear power plant being built by ​Moscow's state nuclear energy company Rosatom, adding Ankara expected the power plant to be operational in 2026.

Rosatom is building Türkiye's first nuclear power station at Akkuyu in the Mediterranean province of Mersin per a 2010 accord worth $20 billion. The plant was expected ‌to be operational ‌this year, but has been ‌delayed.

"This (financing) ⁠will ​most ‌likely be used in 2026-2027. There will be at least $4-5 billion from there for 2026 in terms of foreign financing," Alparslan Bayraktar told some local reporters at a briefing in Istanbul, according to a readout from his ministry.

He said ⁠Türkiye was in talks with South Korea, China, Russia, and ‌the United States on ‍nuclear projects in ‍the Sinop province and Thrace region, and added ‍Ankara wanted to receive "the most competitive offer".

Bayraktar said Türkiye wanted to generate nuclear power at home and aimed to provide clear figures on targets.