10 Feb 2025
RIYADH: Saudi Arabia has announced investments worth $14.9 billion in the technological sector on the first day of the LEAP 2025 Tech Conference as the Kingdom continues to spearhead its economic diversification efforts.
During the event’s opening ceremony, the Kingdom’s Minister of Communications and Information Technology Abdullah Al-Swaha said Saudi Arabia is witnessing significant growth in the industry, with the number of jobs jumping from 150,000 in 2021 to 381,000 in 2024.
LEAP 2025 is a flagship event in the Kingdom, as the nation eyes to become a global and regional tech hub, aligned with the goals outlined in the Vision 2030 program.
“Under the leadership of His Royal Highness (Crown Prince Mohammed bin Salman), and in partnership with you, our global innovators and thinkers of the world — yet again, you keep making history in this dividing moment and announcing $14.9 billion worth of investments and announcements in this LEAP alone,” said Al-Swaha.
“The numbers speak for themselves. As a digital economy collectively, we (MENA region) have grown by 73 percent to $260 billion in the region from 2021 to 2024. The Kingdom represents 50 percent of it. As a tech force, as His Royal Highness said this region is the new Europe,” he added.
“In terms of growth, we jumped from 150,000 tech force to 381,000 in Saudi, and as a result, the region grows,” Al-Swaha said.
Highlighting Saudi Arabia’s progress in the technological sector, the minister said his country currently has seven unicorns, while the region has 15.
“If you look at the Kingdom alone, if you put it in the EU zone, we will be the fifth largest tech hub in Europe. If you use unicorns and startups as a proxy for growth, the region grew to 15 unicorns, and the Kingdom grew from two unicorns to seven,” said Al-Swaha.
Major investment deals
During the event, Groq, a US-based artificial intelligence firm, announced investing $1.5 billion in its project developed in association with Saudi Aramco to launch the world’s largest AI inferencing data center in the Kingdom, following a memorandum of understanding signed in September.
The inferencing data center is expected to play a crucial role in Aramco Digital’s vision to leverage advanced technologies that drive operational excellence and support Vision 2030.