عربي English Türkçe اردو فارسى
Logo
Latest News
Business

LEAP25 Concludes in Riyadh with Multibillion-Dollar Investments

The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat
The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat
TT
TT

LEAP25 Concludes in Riyadh with Multibillion-Dollar Investments

The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat
The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat

The fourth annual LEAP25 conference, the region's premier technology event, concluded on Wednesday after it marked another success for Saudi Arabia as a global hub for investments in artificial intelligence (AI), infrastructure, and cloud computing, with total investments exceeding $14.9 billion.

The conference was held at the Riyadh Exhibition and Convention Center in Malham under the theme "Into New Worlds,” reflecting Saudi Arabia's position as a key center for innovation and advanced technologies, as well as its growing role in the digital economy.
Its success also reflects the support and empowerment provided to the sector by Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince and Prime Minister, reinforcing the Kingdom’s commitment to achieving the goals of the Saudi Vision 2030 and solidifying its global leadership in technology, AI, and entrepreneurship.
LEAP is considered a global platform that brings together leading thinkers and practitioners in the digital field, empowering entrepreneurs, fostering innovation in the era of AI, and driving the transition toward a thriving and sustainable digital economy.

Saudi Federation for Cybersecurity, Programming, and Drones board Chairman and Tahaluf Company board chairman Faisal Al-Khamisi emphasized that LEAP25 was not just a tech conference but a global platform that hosted its largest edition yet, contributing to innovation, connecting startups with investors, and opening new opportunities for entrepreneurs.
He pointed out that the conference was not only about major investments of nearly $15 billion but witnessed dynamic interactions between startups and investors, leading to significant deals and support for new entrepreneurial projects.
Al-Khamisi indicated that LEAP has become a global benchmark for the speed of deal-making and project launches, enabling major tech companies to close deals in just a few days—processes that would typically take a year.
Additionally, he announced that LEAP will expand beyond the Kingdom, with two editions set for next year—one in Riyadh and another in Hong Kong—further solidifying Saudi Arabia’s role as a global hub for digital economy, innovation, and AI.

Most Viewed

 
 
Business

Maersk Halts Operations at Oman's Salalah Port Due to Security Incident

(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)
TT
TT

Maersk Halts Operations at Oman's Salalah Port Due to Security Incident

(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)

Danish container shipping group Maersk has temporarily halted its operations at the Port of Salalah in Oman, it said, following a security incident that occurred early on Saturday.

All Maersk crew were safe ⁠and accounted for, and ⁠no company cargo or vessels were affected, the shipping giant said in a statement.

The port was evacuated ⁠after an incident damaged a terminal crane, prompting a temporary suspension of operations across the facility.

Maersk currently estimates that operations will be halted for approximately 48 hours, Reuters quoted it as saying.

The disruption comes as the ⁠conflict ⁠in the region has unsettled energy and transport markets, with shipping affected by the effective closure of the Strait of Hormuz.

Business

Fitch Affirms Israel's 'A' Rating with Negative Outlook

Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)
Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)
TT
TT

Fitch Affirms Israel's 'A' Rating with Negative Outlook

Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)
Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)

Global ratings agency Fitch reaffirmed Israel's long-term foreign-currency rating at "A" with a negative outlook on Friday, adding that rising public debt levels and ongoing war-related risks could weaken the country's ⁠fiscal trajectory.

Fitch forecast ⁠military expenditure will remain high in 2026, well above pre-war levels, as Israel's involvement in Lebanon intensifies ⁠and operations continue.

It also expects Israel's central government cash budget deficit to widen this year before narrowing in 2027 as military spending declines.

"Israel's recent and ongoing military operations have somewhat diminished geopolitical risks ⁠to ⁠the ratings and demonstrated a highly effective defensive capability", the ratings agency said, although it warned the duration and scope of the current conflict remains uncertain.

Business

SoftBank Secures $40 Billion Loan to Boost OpenAI Investments

FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo
FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo
TT
TT

SoftBank Secures $40 Billion Loan to Boost OpenAI Investments

FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo
FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo

Softbank Group said on Friday it has secured a $40 billion bridge loan to bolster investments in ChatGPT-maker OpenAI and for general corporate purposes, marking another significant step in its artificial intelligence strategy.

The Japanese investment conglomerate, led by founder Masayoshi Son, continues to strengthen ties with OpenAI as global tech firms race to gain an edge in the increasingly competitive ⁠generative AI space.

The Japanese investor has previously agreed to invest $30 billion in OpenAI through its Vision Fund 2. The bridge loan is unsecured, the company said.

The loan, which matures in March 2027, was arranged with lenders including JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corp and MUFG Bank.

OpenAI, backed by Microsoft, has emerged as a leading player following the ⁠widespread adoption of ChatGPT, prompting a surge in investment across the sector.

The loan underscores Son's increasingly aggressive bet on AI following years when SoftBank swung between outsized gains and heavy Vision Fund losses.

SoftBank ⁠and OpenAI were among the companies behind the Stargate Project last year, which said it aimed to invest up to $500 billion over ⁠four years to build AI infrastructure in the United States.

Son and then President-elect Donald Trump announced in December 2024 ⁠that SoftBank planned to invest $100 billion in AI and related infrastructure in the US over four years.

Giant Alliance

In a related development, Japanese industrial conglomerate Toshiba said on Friday it will start negotiations with Mitsubishi Electric and chipmaker Rohm to merge their power semiconductor businesses, as international competition over the sector heats up.

The move comes as Japan has been pushing for a greater presence in the global semiconductor market.

If realized, the alliance would create the world's second-largest power chip group, according to local media.

Billed as able to drastically reduce power loss, power semiconductors are seen as pivotal to sectors ranging from railway to automotive and renewable energy.

Toshiba Electronic Devices & Storage Corporation (TDSC), a subsidiary of Toshiba, signed a memorandum of understanding to begin discussions with Mitsubishi and Rohm.

“As the global competition over the semiconductor industry keeps intensifying, TDSC and Rohm have long explored the possibility of coordinating in the power semiconductor sector,” Toshiba said.

With Mitsubishi Electric now on board, too, a merger would make “our business scale and technological infrastructure competitive in the global market,” Toshiba said.

The agreement was also signed by Japan Industrial Partners and TBJ Holdings.

Japan currently holds less than 10% of the global chip market, but the government is investing heavily in new factories in a bid to change that.

Earlier this month, Prime Minister Sanae Takaichi's administration set a new sales target for domestically produced microchips, aiming for an eightfold increase by 2040 compared with 2020 levels.

The 2040 target of 40 trillion yen ($250 billion) far exceeds sales of around five trillion yen in 2020, according to figures from the ministry of economy, trade and industry.