Saudi Arabia invested more than $6.4 billion in technology and start-ups

2022-07-08 0 By

Riyadh, Saudi Arabia, February 2, 2022 / PRNEWswire / — Saudi Arabia today announced that it has invested more than $6.4 billion in future technologies and entrepreneurship, further cementing its extraordinary position as the largest digital economy in the Middle East and North Africa.H.E. Eng. Abdullah Alswaha, These announcements were made on LEAP22, Riyadh’s new international Technology platform.These investments and initiatives include Aramco Venture’s $1 billion Property 7 fund and NEOM Tech & Digital Company’s $1 billion investment focused on future technology as part of its investments,NEOM announced the launch of its world’s first cognitive metasomes, XVRS, for the Smart Giga Program and residents and visitors to M3LD, a personal data management platform that puts data control back in the hands of users.STC announced the launch of MENA HUB, a $10 investment for regional connectivity and infrastructure that will support Saudi Arabia’s rapidly expanding digital and cloud industries.LEAP has also seen The launch of The Garage, a new platform for start-ups, investment and entrepreneurship under The King Abdulaziz City of Science and Technology (KACST) program in Saudi Arabia.J&T Express Group, one of the fastest growing logistics companies in the world, has announced a $2 billion investment with eWTP Arabia Capital and other partners to establish its Middle East and North Africa regional headquarters in Riyadh and build an extensive smart logistics network in Saudi Arabia.The new investments announced at LEAP22 are part of the kingdom’s ongoing plan to transform itself into an innovation-led economy, which has positioned Saudi Arabia as one of the fastest growing new markets for fintech and digital content in the region.His Excellency Eng. Abdullah Alswaha, Minister of Communications and Information Technology of Saudi Arabia, stated:”These investment projects and initiatives show that Saudi Arabia is driving the growth of the digital economy for the benefit of menA, its people, and our planet. This marks Saudi Arabia’s position as the largest technology and digital market in menA,Delivering higher levels of growth in the digital economy “Abdullah Alswaha,LEAP aims to be the largest startup Technology platform in the world. It will focus on the entire innovation ecosystemConnect industry pioneers and disrupters with corporate and government leaders, entrepreneurs, investors, and more to experience and learn about future technologies.