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 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.

China’s energy and auto giant BYD has announced an ultra fast EV charging system that it says is nearly as quick as a fill up at the pumps.

BYD, China's largest EV maker, said Monday that its flash-chargers can provide a full charge for its latest EVs within five to eight minutes, similar to the amount of time needed to fill a fuel tank. It plans to build more than 4,000 of the new charging stations across China.

Charging times and limited ranges have been a major factor constraining the switch from gas and diesel vehicles to EVs, though Chinese drivers have embraced that change, with sales of battery powered and hybrid vehicles jumping 40% last year.

BYD's news appeared to give Tesla a jolt on Monday, as the US EV maker's share price sank 4.8%. BYD, which stands for build your dreams, began pre-sales of its Han L and Tang L models, which are upgraded versions of earlier models.

The Chinese company started out making batteries and has been refining its battery and energy storage technology while building an auto empire that is expanding outside China. It says its 1 megawatt flash chargers can provide power for 400 kilometers (nearly 250 miles) in five minutes.

Ultra-high voltage and a large current are required to maximize charging speeds, BYD's founder Wang Chuanfu said in a statement.

“To completely solve users' anxiety over charging, our pursuit is to make the charging time for EVs as short as the refueling time for fuel vehicles,” Wang said.

The company also said that its flash-charging system relies on silicon carbide power chips with voltage levels of up to 1,500V that it developed on its own. Its Blade lithium-ion phosphate battery is perhaps the world's safest and most efficient EV battery, with Tesla opting to use it in some of its EVs, industry analyst Michael Dunne said in a recent report.

BYD reported it made just over 4.3 million “new energy vehicles” last year, up 41% from a year earlier, including 1.8 million battery electric vehicles and 2.5 million plug in hybrids. The price of its shares traded on China's smaller market in Shenzhen has surged nearly 50% in the past six months.

While BYD's fanciest, latest premium models are expected to sell for up to about $40,000, it also makes much less expensive EVs including the Seagull, which sells for around $12,000 in China.

BYD barely nudged ahead of Tesla in production of battery-powered EVs in 2024, making 1,777,965 compared with Tesla's 1,773,443.

In early January, Tesla said its sales dropped in 2024, a first in more than a dozen years, as rivals such as BMW, Volkswagen and BYD gained market shares with competitive EVs.

But BYD has weaknesses as well, Dunne said, noting that JD Power's 2024 China New Energy Vehicle Initial Quality Study ranked the BYD Seal and BYD Song Plus battery electrics at the bottom of its rankings.

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