Saudi Arabia announced today more than US$6.4 billion in investments in future 
technologies and entrepreneurship that will further secure the Kingdom's 
position as the MENA region's largest digital economy.

Photo - https://mma.prnewswire.com/media/1738486/LEAP22.jpg

The announcements were made at LEAP22, the new international technology 
platform taking place in Riyadh.

The investments and initiatives include the launch of Aramco Venture's 
Prosperity7 fund with US$1 billion, and a billion dollar investment from NEOM 
Tech & Digital Company with a focus on future technologies. As part of its 
investment, NEOM announced the launch of the world's first cognitive metaverse, 
XVRS that will serve residents and visitors of the smart giga-project, and 
M3LD, a personal data management platform that gives back control of data to 
the user.

stc announced MENA HUB, a US$1 billion investment in regional connectivity and 
infrastructure, which will support Saudi Arabia's rapidly expanding digital and 
cloud sector.

LEAP also saw the launch of The Garage, a new platform for start-ups, 
investment and entrepreneurship by King Abdulaziz City for Science and 
Technology (KACST). 

J&T Express Group, one of the world's fastest-growing logistics companies, 
announced an investment of US$2 billion with eWTP Arabia Capital and other 
partners, to establish its MENA headquarters in Riyadh, and set up an extensive 
network of smart logistics in Saudi Arabia.

Saudi Arabia's technology sector is worth more than US$40 billion. The new 
investments announced at LEAP22 are part of the Kingdom's ongoing plans to 
transform into an innovation-based economy, which have already seen the country 
become one of the fastest-growing new markets for Fintech and digital content 
in the region.

"These investments and initiatives are a manifestation of the Kingdom's push 
toward the growth of the digital economy for the greater good of people, the 
planet and the prosperity of the MENA region. They mark the next level of 
growth for the digital economy in Saudi Arabia, the MENA region's largest 
technology and digital market," said H.E. Eng. Abdullah Alswaha, Saudi Minister 
of Communications and Information Technology.

LEAP is set to become the world's largest debut technology platform. It will 
spotlight the entire innovation ecosystem, connecting pioneers and disruptors 
with business and government leaders, entrepreneurs, investors and more to 
experience and learn about the technologies of the future.

SOURCE  LEAP22