Saudi Arabia recently announced more than $6.4bn in investments in future technologies and entrepreneurship that will further secure the Kingdom’s position as the Mena region’s largest digital economy.
The announcements were made during the opening day of LEAP, the international technology platform, which was taking place in Riyadh until February 3.
The investments and initiatives include the launch of Armco Venture’s Prosperity7 fund with $1bn, and a billion dollar investment from NEOM Tech & Digital Company with a focus on future technologies. As part of its investment, NEOM announced the launch of the world’s first cognitive metaverse, XVRS that will serve residents and visitors of the smart gigaproject, and M3LD, a personal data management platform that gives back control of data to the user.
STC announced MENA HUB, a $ibn investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector.
LEAP also saw the launch of The Garage, a new platform for start-ups, investment and entrepreneurship by King Abdulaziz City for Science and Technology (KACST). The Garage will create a full-service environment for local and international start-ups, to help them grow to become the leading technology companies of the future.
J&T Express Group, one of the world’s fastest -growing logistics companies, announced an investment of $2bn with eWTP Arabia Capital and other partners.
The investment will see J&T establish its Mena headquarters in Riyadh, and set up an extensive network of smart logistics and distribution facilities that will extend Saudi Arabia’s reach as the regional centre for advanced logistics.
Saudi Arabia is the largest technology market in the Mena region, with a technology sector worth more than $40bn.
The new investments announced LEAP22 are part of the Kingdom’s ongoing plans to transform into an innovation- based economy, which have already seen the country become one of the fastest- growing new markets for Fintech and digital content in the region.
