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REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Saudi Arabia Bets $9 Billion On Future Tech and Startups at LEAP23

The four-day LEAP23 event in Riyadh kicked edge technologies in promising sectors. included Meta opening the first Metaverse
off with the announcement of over $9 billion This year, the event is expected to attract Academy in the MENA region, the launch
in investments focused on supporting future over 250,000 visitors. The event supports of Hektar, a multi-content social media app
technologies, digital entrepreneurship, and the kingdom’s efforts in positioning itself by WEO Technology and Camel Lab, and
tech startups. Revealed by the Minister as a leading nation in the digital market the introduction of Beem, a new instant
of Communications and Information in the Middle East and North Africa messaging app with high-quality voice and
Technology, Eng. Abdullah bin Amer region, with active investments worth over video calls, and business features by MENA
Alswaha, during his keynote address on $42 billion. In Saudi Arabia, more than Communication and STC. At the sidelines
the event’s opening day, the investments 340,000 people are employed in the digital, of LEAP23, the inaugural DeepFest, in
are aimed at cementing Saudi Arabia’s telecommunications, and IT sectors, with a partnership with the Saudi Data & AI
position as the largest digital market in 32.5 percent female participation rate, which Authority, will bring together global leaders
the Middle East and North Africa region. surpasses those in both the EU and Silicon in AI to showcase life-changing innovations
The investments include Microsoft’s $2.1 Valley. Alswaha also announced plans to in a conference with sector-specific tracks,
billion in a global cloud in the Kingdom, enhance the outcomes of LEAP23, which live demos, and an exhibition. Themed
Oracle’s $1.5 billion investment to expand include diversifying the economy, localizing “AI Beyond Imagination”, the conference
its business in the region, Huawei’s $400 technology, and advancing industries. He will feature government AI initiatives and
million investment in cloud infrastructure, emphasized the significance of LEAP23 innovations from thought-leaders, big tech,
and a Zoom cloud area partnership with as one of the world’s leading annual global data scientists, innovators, enterprises,
Aramco. The MCIT Minister also stated technology platforms and its ability to academia, startups and more. The
that an additional $4.5 billion has been bring together innovators, entrepreneurs, conference program includes tracks for
invested in various assets globally and thought leaders, and attract investments clean tech, the Metaverse, and women in
locally at LEAP23. Alswaha highlighted that to new and innovative areas. Other notable technology. The exhibition will feature top
the significant investments have the full announcements on the first day of LEAP23 tech companies and breakthrough stars.
support of HRH Crown Prince Mohammed
bin Salman. These investments are a part
of the Crown Prince’s efforts to boost
the technology sector, which is a rapidly
growing and promising industry in Saudi
Arabia with a thriving digital economy,
advancements in IoT, healthtech, quantum
science, space and satellite technology,
fintech, and open-source initiatives.
LEAP23 aims to accelerate the country’s
digital transformation and the Crown Prince
remains dedicated to meeting the goals
of Vision 2030 through the use of cutting-

Oracle to Invest $1.5 Billion in Saudi Arabia to Meet Cloud Computing Demands

Located in Riyadh, the new cloud region will futuristic city of NEOM. This investment is the Oracle Cloud Jeddah Region. “In the
be part of a planned $1.5 billion investment included in an MoU that Oracle has signed last century, Saudi Arabia transformed its
from Oracle to expand cloud infrastructure with the Ministry of Communications and economy by developing the infrastructure
capabilities in the Kingdom. To meet the Information Technology (MCIT) to help needed to produce, refine, process and
rapidly growing demand for its cloud Saudi Arabian businesses take advantage transport hydrocarbons. This century
services, Oracle announced plans to open of the latest innovations in the cloud. The we are committed to creating the digital
a third public cloud region in Saudi Arabia. MoU was signed during Oracle CEO, Safra infrastructure that will underpin future
Located in Riyadh, the new cloud region will Catz’s recent visit to Riyadh in the presence economies,” said His Excellency Khalid
be part of a planned $1.5 billion investment of His Excellency Eng. Haitham AlOhali, Al-Falih, Minister of Investment. “Oracle’s
from Oracle to expand cloud infrastructure Vice Minister, Ministry of Communications decision to expand its cloud computing
capabilities in the Kingdom. The Oracle and Information Technology (MCIT). capacity in the Kingdom will play a key role
Cloud Riyadh Region will join the existing To quickly meet the requirements of its in unlocking the opportunities that rapid
Oracle Cloud Jeddah Region and the planned growing cloud business in Saudi Arabia, technological advancements are creating.
Oracle Cloud Region to be located in the Oracle will also expand the capacity of MISA will continue in its quest to enable the

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