LEAP 2025: Saudi Arabia’s Tech Drive Attracts Billions in Investment
Saudi Arabia’s flagship technology event, LEAP 2025, kicked off with a wave of investment pledges, totaling $14.9 billion on the first day. The conference underscores the country’s aggressive strategy for economic diversification and its ambitious Vision 2030 plan, aiming to develop a leading digital economy.
At the four-day event’s opening ceremony, Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, highlighted the importance of these investments. They are designed to “foster digital skills development, support the growth of tech startups, and encourage innovation” within the Kingdom.
“These initiatives are integral to empowering the technology sector and accelerating Saudi Arabia’s transition toward an innovative, AI-driven economy,” Alswaha stated, emphasizing the alignment with the goals of Vision 2030, a national strategic framework championed by Crown Prince and Prime Minister Mohammed bin Salman Al Saud.
The digital industry in Saudi Arabia is booming. Alswaha noted significant growth in the Middle East and North Africa (MENA) region, stating, “As a digital economy collectively, we (the Middle East and North Africa region, or MENA) have grown by 73 percent to $260 billion in the region from 2021 to 2024. Saudi Arabia represents 50 percent of it.” He added that job creation in the sector had surged from 150,000 in 2021 to 381,000 in 2024.
With the theme “Into New Worlds,” LEAP 2025 attracted over 1,800 global tech brands, 680 startups, and 1,000 expert speakers. The event showcased cutting-edge solutions across various sectors, including space, gaming, education, and smart cities, according to the organizers.
Several major announcements were made during the conference. Tencent Cloud, a subsidiary of Chinese technology giant Tencent Holdings, revealed its plans to build its first Middle East data center in Saudi Arabia, with an investment of over $150 million planned for the MENA region in the coming years. This move is designed to boost digital economy innovation in the area.
Dan Hu, vice-president of Tencent Cloud International for MENA, indicated that the company’s expansion aligns with Saudi Arabia’s goals. “Cloud computing can be the underlying infrastructure to support the prosperity of AI applications in the Kingdom and also in the region,” he said, referring to the Kingdom’s efforts to attract foreign investment and establish itself as a global technology hub as part of Vision 2030.
Alat, which is owned by Saudi Arabia’s Public Investment Fund, and China’s Lenovo, also announced a partnership. They will establish an advanced manufacturing and technology center focusing on AI and robotics.
Chinese tech giant Alibaba revealed plans to launch an AI empowerment program in collaboration with Tuwaiq Academy, the training arm of the Saudi Federation for Cybersecurity. Furthermore, the King Abdullah Financial District Development and Management Company signed a memorandum of understanding with Huawei on the sidelines of the conference, focusing on implementing smart city solutions, artificial intelligence, and various advanced technologies.
Minister Alswaha also addressed the need to avoid division and polarization in the rapidly evolving tech landscape. He noted that while the digital economy is currently valued at $16 trillion, a significant portion of the global population remains excluded. He highlighted that “2.6 billion people remain excluded, including 100 million in the Global North and 2.5 billion in the Global South.”
Focusing on global cooperation, Alswaha then further emphasized the need for inclusivity: “We have to celebrate the ChatGPT moment of 2022, but we also have to appreciate the DeepSeek moment. The world does not need polarization in the intelligent age. We need to work collectively to celebrate these advancements.”
