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LEAP 2026 Concludes with Nearly $15 Billion in Investments, Agreements; 2027 Edition Set for April

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
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LEAP 2026 Concludes with Nearly $15 Billion in Investments, Agreements; 2027 Edition Set for April

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)

LEAP 2026 concluded its fifth edition on Thursday, organized by the Ministry of Communications and Information Technology (MCIT), the Saudi Federation for Cybersecurity, Programming and Drones, Tahaluf, and the Events Investment Fund under the theme "Into New Worlds."

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI), the Saudi Press Agency reported on Friday.

Over four days at the Riyadh Exhibition and Convention Center in Malham, LEAP 2026 saw announcements, investments, and agreements worth nearly $15 billion, covering AI infrastructure, data centers, cloud computing, technology manufacturing, and venture capital, along with wide-ranging initiatives to develop national capabilities and align them with labor market needs and promising sectors.

The announcements included the establishment and expansion of high-capacity data centers and the development of computing and AI infrastructure. They also included the announcement that the Microsoft Azure cloud region in the Kingdom of Saudi Arabia will become available in November 2026, supporting local data hosting and the growth of cloud services and digital sectors.

Al Moammar Information Systems announced a $1.2 billion investment to expand its data centers and increase their capacity to 192 megawatts, while NHC Innovation announced an $800 million investment to develop Khuzam Digital Valley, with capacity that can be expanded to 65 megawatts by 2033.

Among the major cloud investments, Amazon Web Services (AWS) announced the launch of its first cloud infrastructure region in the Kingdom in December 2026 as part of a planned investment of more than $5.3 billion. AWS also expanded its partnership with HUMAIN to provide up to 50 megawatts of capacity within the first AI zone in the Kingdom by 2028.

The collaboration includes making the ALLAM Arabic-language model available through Amazon Bedrock and providing HUMAIN Fabric through AWS Marketplace, enhancing advanced computing capabilities and enabling various sectors to develop and operate AI solutions on a large scale.

In the creative industries sector, Adobe announced a commitment worth more than $4 billion as part of an expanded partnership with MCIT and HUMAIN. By the end of 2026, the partnership will provide more than 27 million eligible citizens and residents aged 13 or older with Adobe Firefly Standard and Adobe Express Premium features free for 12 months. It also includes developing the first image-generation model using Adobe Firefly Foundry, designed in partnership with HUMAIN to reflect Saudi culture and local context and support the creation of creative content with a Saudi character through Arabic-language prompts.

At the conclusion of its proceedings, LEAP 2026 announced that the sixth edition will be held from April 12 to 15, 2027, to continue building global partnerships, attracting investment, enabling innovation and talent, and strengthening the Kingdom's leading position in the smart age.

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Business

Copper Crawls Higher on Softer Dollar and Supply Issues

FILE PHOTO: A coil of copper rod sits on the production line for copper flat wire at the Wellascent factory in Ganzhou, Jiangxi province, China, August 14, 2025. REUTERS/Florence Lo/File Photo
FILE PHOTO: A coil of copper rod sits on the production line for copper flat wire at the Wellascent factory in Ganzhou, Jiangxi province, China, August 14, 2025. REUTERS/Florence Lo/File Photo
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Copper Crawls Higher on Softer Dollar and Supply Issues

FILE PHOTO: A coil of copper rod sits on the production line for copper flat wire at the Wellascent factory in Ganzhou, Jiangxi province, China, August 14, 2025. REUTERS/Florence Lo/File Photo
FILE PHOTO: A coil of copper rod sits on the production line for copper flat wire at the Wellascent factory in Ganzhou, Jiangxi province, China, August 14, 2025. REUTERS/Florence Lo/File Photo

Copper prices edged higher on Friday, supported by a weaker dollar and supply issues, but gains were modest due to worries about high oil prices hitting demand.

Benchmark three-month copper on the London Metal Exchange rose 0.5% to $14,319 a metric ton in official open-outcry trading. That marked a decline of 2% since the end of last week.

"Metals have seen light turnover again so far this session with copper finding some support with a slightly softer dollar, but the broader tone remains cautious," Neil Welsh, head of metals at broker Britannia Global Markets, said in a note.

"High energy costs stemming from the ⁠ongoing US-Iran conflict and ⁠signs of industrial weakness in China have weighed on sentiment across the complex."

The dollar index hit its strongest in 17 months this week, but weakened on Friday, making commodities priced in the US currency cheaper for buyers using other currencies.

LME copper has gained 16% over the past six months, largely due to a large shift in ⁠inventories to the US attracted by the prospect of tariffs there, creating shortages elsewhere.

Stocks in warehouses monitored by the Shanghai Futures Exchange <CU-STX-SGH> have slumped by 79% over the past four months to 38,744 tons, their lowest since January 2024.

The SHFE was closed for China's National Day and will reopen on October 8.

The prospect of less output in the world's largest copper producer Chile has also underpinned the market, with data on Wednesday showing production fell 12.8% year-on-year in August.

Supervisors at Chile's Escondida copper mine, the world's largest, rejected a collective ⁠contract offer, ⁠paving the way for a potential strike and adding to supply fears.

"This adds to an overall slump in output, as the industry struggles to maintain aging infrastructure amid difficult operating conditions," Reuters quoted Daniel Hynes, senior commodity strategist at ANZ, as saying in a note.

Among other metals, LME aluminium dipped 0.1% in official activity to $3,121.50 a ton and nickel also shed 0.1% to $15,620.

Zinc rose 0.2% to $3,732.50, lead ticked 0.3% higher to $1,863 and tin was little changed at $54,350.

Business

Eurozone Inflation Hits Three-year High at 3.8% in September

FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
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Eurozone Inflation Hits Three-year High at 3.8% in September

FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo

Eurozone inflation jumped to 3.8 percent in September, the highest level in three years, as the war in the Middle East fueled a surge in energy costs, official data showed Friday.

The figure for the 21-country euro area was up sharply from 3.2 percent in August and remains well above the European Central Bank's two-percent target, raising the likelihood of another interest rate increase.

The September reading published by the statistical office of the European Union was slightly higher than the 3.7 percent forecast by economists for Bloomberg.

As the US war against Iran drags on, the conflict has caused major disruptions to fuel supplies from the Middle East, including from the Strait of Hormuz, a key energy trade route.

Energy price increases surged to 18.8 percent in September, up from 14.3 percent a month earlier, AFP quoted Eurostat as saying.

Core inflation, which strips out volatile energy and food prices, rose to 2.5 percent last month from 2.4 percent in August.

Meanwhile, food and drinks inflation increased to 1.4 percent from 1.1 percent in August.

Eurozone inflation was last above 3.8 percent in September 2023, when it stood at 4.3 percent.

Business

World Food Prices Near Four-year High in September

A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)
A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)
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World Food Prices Near Four-year High in September

A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)
A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)

World food prices rose in September to their highest in nearly four years as logistics disruptions and weather concerns affected crop markets, the United Nations' Food and Agriculture Organization said.

Fears about a severe El Nino weather pattern have pushed international sugar prices to an 18-month high, while a war-related collapse in Black Sea trade pushed wheat futures to a three-year peak early last month.

The FAO ⁠Food Price Index, ⁠which tracks monthly changes in international prices for a basket of food commodities, averaged 136.0 points, up from a revised 134.0 for August and the highest reading since November 2022.

FAO's benchmarks for cereal, sugar and vegetable oil ⁠prices all rose last month, though meat and dairy quotations fell.

“We are seeing a persistent and increasingly broad-based build up in global commodity prices, as disruptions in the Strait of Hormuz and the Black Sea combine with climate shocks, putting pressure on energy, transport and key food commodities,” FAO Chief Economist Maximo Torero said, according to Reuters.

“If sustained, these pressures will soon pass through to consumer food ⁠prices, especially ⁠in food and energy import-dependent countries,” he said in a statement.

In a separate report, FAO kept its forecast for global cereal production in 2026 almost unchanged at 2.979 billion metric tons, 2.1% below the previous year's peak but still the second-largest harvest on record.

FAO cut its forecast for world cereal trade in 2026/27 by 0.7% from September, citing lower wheat and maize export expectations due largely to constrained Black Sea shipping routes.