Tech giants from around the world take center-stage at Saudi Arabia’s LEAP conference 

RIYADH: Artificial intelligence, digital economy, and digital metaverse may be words one expects to hear at a conference in Seoul or Silicon Valley. However, this week, technology-related things will be the talk of the town in the Saudi capital, Riyadh.

From February 6 to 9, more than 100,000 tech innovators and leading experts will gather for the second LEAP Conference, a global forum for technology professionals from around the world.

Alongside LEAP will be DeepFest, the inaugural AI event run by the Saudi Authority for Data and Artificial Intelligence. Both events demonstrate the kingdom’s aim to carve out its place among the world’s most technologically advanced nations.

According to the Saudi Press Agency, the Kingdom is projected to spend more than $24 billion on various technologies by 2025 – the highest in the world.

At last year’s LEAP conference, Saudi Minister of Communications and Information Technology Abdullah Al-Swaha announced that the country is looking to further strengthen the kingdom’s position as the Middle East and North Africa region’s largest digital economy by adopting futuristic technologies and technologies. Will invest $6.4 billion in entrepreneurship.

The growth of the Saudi tech industry is a way for the Kingdom to diversify its economy away from oil and gas revenue, in line with the goals of Saudi Vision 2030.

According to a 2022 Economist Intelligence report, Saudi Arabia was the world’s fastest-growing major economy in 2022, “overtaking the dynamic Asian giants of China, India, Indonesia and South Korea, as well as the struggling G7 and other major emerging economies.” “

LEAP broke records last year when its inaugural conference became the world’s largest tech event ever. With top professionals from the tech industry traveling to Riyadh from all over the world, this year looks to be just as big, if not bigger, than last year.

“Saudi Arabia’s own digital economy, as well as recent investments in its information and communications technology sector, have helped cement its position as the leading information and communications technology market in the Middle East and North Africa,” said Imad Abuaij, Digital and technology platform Llader, business management consultant firm PwC Middle East told Arab News.

Since the announcement of Saudi Vision 2030 seven years ago, the Kingdom has launched a series of initiatives that emphasize technology as a tool for social and economic reform.

The strategic agenda under Vision 2030 focuses on revitalizing the country’s digital infrastructure to enhance economic growth, knowledge and daily life. To this end, Saudi Arabia has committed an annual investment of 2.5 percent of GDP in the areas of development, research and innovation until 2040.

The Kingdom’s technology plans are supported by the SDAIA, which was launched by royal decree in August 2019.

In the same year, the Saudi government launched Asher, a smartphone application that enables citizens and residents of Saudi Arabia to access a variety of government services.

“There is a huge focus on digitization in government spending,” Fadi Komati, a digital government consultant at PwC Middle East, told Arab News. “The reason why the sector is growing so rapidly is because the majority of the population is young and eager to move forward and advance in cutting edge technologies.

“The government’s digital transformation and continued investment in information and communication technology (ICT) and innovation lays the groundwork for a multitude of opportunities for both the private and public sectors.”

Komati outlines how government investment in technology is “encouraging the private sector to become more mature, thus encouraging and encouraging international companies to come and open up in Saudi Arabia.”

“The increased progress in the private tech sector within Saudi Arabia is a result of government investment in this sector,” he said.

In the same vein, Saudi tech entrepreneur Hussain Attar, CEO of private investment firm TechInvest.com, told Arab News: “In the context of Saudi Arabia, all the Giga projects being launched, such as NEOM, have put a spotlight on tech innovation. Strong focus. , Every giga project has a funding side that is investing in the technology. Saudi Aramco also has its own investment fund for the technology.”

At last year’s LEAP conference, Saudi Aramco unveiled a $1 billion investment in the development of start-ups through entrepreneurship support fund Prosperity 7 Ventures. NEOM Tech & Digital Holding Company said it is investing $1 billion in future technologies and launching the new M3LD AI engine as well as the XVRS digital twin metaverse.

Tech investment in Saudi Arabia is also paramount to the country’s environmental goals. In October 2022, at the sixth edition of the Future Investment Initiative, Aramco unveiled the $1.5 billion Sustainability Fund, one of the world’s largest sustainability-focused venture capital funds.

Recent data demonstrate the rise of Saudi Arabia as a growing global hub, both in the private and public sectors, both regionally and internationally. According to the 2022 Saudi Arabia Venture Capital Report produced by Magnit, the Kingdom was one of the emerging markets that recorded year-on-year growth and approached the $1 billion mark.

Saudi Arabia’s technological development is a way for the country to connect with the wider region and the world. Artificial intelligence, which was recently a focus at this year’s World Economic Forum in Davos, Switzerland, is paramount to the Kingdom’s development in the tech sector.

In September 2022, the Saudi Public Investment Fund for Artificial Intelligence, a Saudi company, announced an investment of $776 million in a joint venture with China’s Sensetime to develop the AI ​​ecosystem in Saudi Arabia.

Dr. Turki Almughateeb, Saudi expert in technology development, said, “The Kingdom’s advanced technological infrastructure, high-caliber developments in the field of AI, and high standards designed by government officials allow AI businesses to plug into the regionally leading market and encouraged to grow.” and innovation, told Arab News.

Saudi Arabia has signed several partnerships with global AI providers to find practical solutions to everyday problems, Komati said, adding, “AI is very high on the agenda in Saudi Arabia because it is seen as a mechanism by which technology can can provide a great deal.” benefits.”

The many avenues the Kingdom is exploring for technological investment and technological development and innovation are also about education and providing a better life for its citizens, residents and all visitors to Saudi Arabia.

In Almugatheeb’s words, key components of Saudi Arabia’s rise to tech giant status are “the great human resources being developed in the kingdom, coupled with young Saudis educated in the field, many of whom have gained experience abroad.”