LEAP 23 announces $9B worth investments for future tech and startups

On the first day of Saudi Arabia’s tech conference LEAP 23, Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha announced investments worth more than $9 billion to support future technologies, startups and digital entrepreneurship in the MENA region.

Among the investors were Microsoft, Oracle and HUAWEI.

Microsoft contributed $2.1 billion for a hyper-scale cloud in the Kingdom of Saudi Arabia (KSA), Oracle invested $1.5 billion to expand its business in the Kingdom by launching new cloud areas, and HUAWEI offered a $400 million investment in a cloud area and the launch of a Zoom cloud area in the region, as per Saudi Press Agency. The Zoom cloud region would be launched in partnership with Aramco.

LEAP 23, which is being held in Riyadh till February 9, 2023, is expected to have a footfall of more than 250,000 people this year.

The first day also saw other announcements such as Meta’s Metaverse Academy in MENA, WEO Technology and Camel Lab’s launch of Hektar, and more. Some of the sectors in focus include Internet of Things, digital economics, quantitative science, space, biological and healthtech, fintech, satellites, and open-source tech.

For any press related queries or to share your press releases, write to us at
[email protected]