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Day 3 of LEAP25 Conference in Riyadh Sees $1.79 Billion in Technology Investments

The third day of the LEAP25 conference in Riyadh featured a series of investments by major technology companies and startup rounds, reinforcing Saudi Arabia’s position as a regional hub for technology and innovation. (SPA)
The third day of the LEAP25 conference in Riyadh featured a series of investments by major technology companies and startup rounds, reinforcing Saudi Arabia’s position as a regional hub for technology and innovation. (SPA)
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Day 3 of LEAP25 Conference in Riyadh Sees $1.79 Billion in Technology Investments

The third day of the LEAP25 conference in Riyadh featured a series of investments by major technology companies and startup rounds, reinforcing Saudi Arabia’s position as a regional hub for technology and innovation. (SPA)
The third day of the LEAP25 conference in Riyadh featured a series of investments by major technology companies and startup rounds, reinforcing Saudi Arabia’s position as a regional hub for technology and innovation. (SPA)

The third day of the LEAP25 conference in Riyadh featured a series of investments by major technology companies and startup rounds, reinforcing Saudi Arabia’s position as a regional hub for technology and innovation and a global destination for tech and artificial-intelligence (AI) investments.

Tuesday's announced investments totaled $1.79 billion, focusing on digital talent development; support for research, development, and innovation; AI; cloud computing; and strengthening technological infrastructure.

The Saudi Communications, Space, and Technology Commission (CST) announced the launch of the third cohort of the Emerging Technology Regulatory Sandbox, enabling innovators and startups to test new technologies in a flexible and secure regulatory environment and facilitating their market entry.

Equinix announced the launch of the region's largest cloud-computing data center, with an investment exceeding $1 billion, further solidifying the Kingdom’s position as a global hub for cloud service providers and technological innovation.

White Helmets announced the launch of the "Asif" AI agent to enhance efficiency and accuracy in construction projects, keeping pace with future developments.

At the investment fund level, Hands On Global Management announced the launch of a $300 million fund to develop and distribute games locally and internationally. The company also revealed plans to establish a new headquarters in the Kingdom to support the growth of the gaming industry and expand its global reach.

In support of startups, the National Technology Development Program (NTDP) launched accelerators and funding funds worth $150 million to foster innovation in the information-technology (IT) sector and drive the growth of tech startups in Saudi Arabia.

Joa Capital launched the first infrastructure fund in partnership with Buildnow Trading, with an $80 million investment to meet the needs of the Kingdom's thriving construction sector.

Ula Capital announced the launch of the first Saudi fund dedicated to investing in applied AI and deep tech projects, with a value of $75 million, to strengthen the Kingdom’s leadership in these advanced fields and support technological innovation in the region.

To reinforce the Kingdom’s position as a leading driver of innovation and growth in the region, Sharaka Financial announced the launch of a $30 million investment fund to support the growth of startups across the Middle East and North Africa.

Meanwhile, Orbit Startups, in collaboration with Sanabil Investments, introduced a $60 million accelerator program aimed at investing in 200 early-stage tech startups.

Regarding startup funding rounds, Merit announced the successful completion of its Series B investment round, securing $28 million to enhance its innovative tech solutions and expand its global market presence.

In addition, UltiAcademy secured $28 million in a Series B funding round led by Rua Ventures, with key participation from the Jordan Investment and Venture Capital Fund. The investment will support the company’s expansion in the Kingdom and the launch of a generative AI-powered digital learning platform to enhance the digital learning experience across the region.

BRKZ closed the second phase of its Series A funding round, securing $22.5 million to expand the smart construction sector in the Kingdom through advanced technology solutions, supporting smart-city projects.

Buildnow announced securing $9.76 million in funding, led by Arbah and STV, to boost its advanced digital solutions for the construction supply chain across the Middle East and North Africa.

Hydratac Inc. announced a $3 million investment in Hands On Global Management’s fund to develop military shooting simulation games, aiming to drive innovation in the regional gaming industry and expand interactive experiences in this field.

As part of efforts to develop national digital talent, Microsoft announced a collaboration with the National Academy of Information Technology to launch the region’s first datacenter academy, offering specialized programs in AI and technological infrastructure.

Huawei announced the expansion of its investments in digital talent development with the launch of the AI Knowledge Hub, aimed at promoting lifelong learning and training 25,000 people.

Meanwhile, Accenture revealed the establishment of its first academy in the region, focusing on cybersecurity, data and AI, digital engineering and manufacturing, and emerging technologies, with a target of training 15,000 individuals.

Atomcamp announced the launch of a regional academy to provide advanced education in data science and AI, aiming to enhance the capabilities of talent in the Kingdom and the region, with a target of training 20,000 people.

Torod company closed its Series A funding round, raising $11.3 million, led by Waed company, to support the development of the first AI-powered logistics agent.

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Technology

Czech Authorities Probe Suspected Arson at Drone Technology Company

Emergency services attend the industrial storage hall after a fire in Pardubice, Czech Republic, Friday March 20, 2026. (Josef Vostarek/CTK via AP)
Emergency services attend the industrial storage hall after a fire in Pardubice, Czech Republic, Friday March 20, 2026. (Josef Vostarek/CTK via AP)
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Czech Authorities Probe Suspected Arson at Drone Technology Company

Emergency services attend the industrial storage hall after a fire in Pardubice, Czech Republic, Friday March 20, 2026. (Josef Vostarek/CTK via AP)
Emergency services attend the industrial storage hall after a fire in Pardubice, Czech Republic, Friday March 20, 2026. (Josef Vostarek/CTK via AP)

Czech authorities said Friday they were investigating a fire at a warehouse of a company that makes drone technology as a suspected arson linked to terrorism.

The fire broke out in an industrial zone in the city of Pardubice, some 100 kilometers (60 miles) east of Prague, causing no injuries, police said.

LPP Holding confirmed a fire in one of its buildings. It said it was cooperating with the investigation and declined further comment.

The company develops and makes products for civilian and military use, such as drone technologies used by Ukraine’s armed forces in the fight against the Russian invasion.

Interior Minister Lubomír Metnar said “the incident may be related to a terrorist attack.”

“At the moment, we don’t have information about a further danger,” he said.

According to The Associated Press, Prime Minister Andrej Babiš called the news “very serious.” Top police officer Martin ondrášek said police assumed arson.

The fire was extinguished by firefighters and police said there was no danger to the public. It was not immediately clear what was inside the warehouse that was on fire.

LPP Holding had previously said it was planning to open a center to develop and produce drones and train personnel in cooperation with Israeli Elbit Systems, a military technology company.

Metnar said the Czech side will share details of the investigation with its foreign partners.

Technology

White House Urges US Congress to Act on AI

FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration created on February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration created on February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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White House Urges US Congress to Act on AI

FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration created on February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration created on February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

The Trump administration on Friday unveiled a sweeping legislative blueprint for regulating artificial intelligence, pressing Congress to establish a uniform federal standard and override a potential patchwork of state-level laws.

The four-page framework, billed by the White House as a "commonsense national policy framework," lays out broad priorities, including provisions on child protection, energy costs, intellectual property and free speech.

The White House is also seeking federal preemption of state AI rules, after states moved to pass their own laws amid political gridlock that has blocked federal legislation in Washington, AFP reported.

"Congress should preempt state AI laws that impose undue burdens to ensure a minimally burdensome national standard consistent with these recommendations, not fifty discordant ones," the framework states.

In a major shift, the difficulty in passing laws at the federal level has seen major AI companies pivot to supporting state laws they can get behind.

OpenAI said this week that in the absence of a national framework, states "should align around the emerging model in California and New York."

Google president of global affairs Kent Walker told Axios that state coordination on AI laws is welcome and flagged legislation California and New York backed by pro-big tech governors as a good example to follow.

On child protection, the White House calls for age-verification requirements for AI platforms likely to be accessed by minors, parental controls over privacy settings and screen time, and mandatory features to combat sexual exploitation and self-harm risks.

On intellectual property, the Trump administration believes that the training of AI models on copyrighted material "does not violate copyright laws," but acknowledging arguments to the contrary, it "supports allowing the Courts to resolve this issue."

Despite the White House's push for swift action, like most attempts at tech regulation in the United States, the legislation faces a tough road to become law in Congress.

Two previous attempts by the White House to enshrine federal preemption in Congress have failed.

The administration has also threatened to impose broadband and internet funding restrictions on states whose AI legislation is judged as too cumbersome.

 

 

Technology

China's Alibaba Targets $100B in AI and Cloud Revenue over 5 Years

FILE PHOTO: Deepseek and Alibaba logos are seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Deepseek and Alibaba logos are seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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China's Alibaba Targets $100B in AI and Cloud Revenue over 5 Years

FILE PHOTO: Deepseek and Alibaba logos are seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Deepseek and Alibaba logos are seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

China’s technology giant Alibaba Group pledged on Thursday a goal of surpassing $100 billion in revenue from its artificial intelligence and cloud businesses over the next five years, which it said would be powered by the AI demand boom.

The announcement of the ambitious target came as the company posted a 67% drop in profit in the latest quarter, even as growth in its cloud business remained robust.

For the October-December quarter, the company, which shifted its focus to cloud and AI technologies in recent years, reported an overall revenue increase of 2% year-on-year to 284.8 billion yuan ($41.4 billion), lower than analysts’ estimates.

Revenue from its cloud business jumped 36% in the quarter to 43.3 billion yuan ($6.2 billion) from a year ago.

CEO Eddie Wu said during an earnings call on Thursday that Alibaba stands to benefit from the “exponential growth in AI demand.” It has been expanding and upgrading its flagship Qwen AI app and consumer-facing chatbot and also provides cloud computing and storage services to commercial customers.

“(There is) enormous and sustained growth momentum of the AI market,” Wu said.

Profit for the quarter was 16.3 billion yuan ($2.4 billion), down from 48.9 billion yuan the same quarter last year, in part due to growing marketing and sales expenses.

The Hangzhou-based company, which started out in e-commerce, has also seen a price war in the food delivery segment over the past months adding pressure to its profitability.

To help drive profit and amid rising costs and growing demand, the company said on Wednesday it would be increasing prices for some AI services by as much as 34%. It also launched the agentic AI tool Wukong this week, in an expansion of its products for commercial customers.

Alibaba’s AI ambitions was also tested recently following the departure this month of Lin Junyang, head of its AI model division Qwen. Last year, the company pledged investments of at least 380 billion yuan ($53 billion) in three years to advance its cloud computing and AI infrastructure.

Chinese tech companies have been stepping up their competitiveness against US rivals and growing their dominance, especially after AI startup DeepSeek sent shock waves across the industry last year.