Saudi Arabia sees above $9 bln tech investments at LEAP 2023

Logo of LEAP 2023 Tech Conference

LEAP 2023 Tech Conference kicked off today, Feb. 6, and will run for four days. Several experts, talented ones, innovators and world-leading companies in the fields of technology and innovation participated in the event. 

Saudi Arabia has become a hub for technology, innovation and technological investment. During the conference, more than $9 billion were invested by various technology companies, according to a tweet. 

In details, Microsoft has injected $2.1 billion to invest in a global ultra-wide cloud in the Kingdom, while Oracle invested $1.5 billion to expand its business by establishing a number of new cloud regions in the Kingdom. 

Furthermore, Huawei also announced investing $400 million to set up a cloud region for its services in the Kingdom. Zoom will pump $434 million to establish a cloud region for its services in the Kingdom with Aramco. Meta announced the opening of the first Metaverse academy in the Middle East and North Africa. 

This included $4.5 billion worth of global and local investments in various fields.