Saudi Arabia sees over $11.9B tech investments on first day of LEAP 2024

LEAP 2024 

The Ministry of Communications and Information Technology announced that Saudi Arabia witnessed technology investments on the first day of LEAP 2024 worth more than $11.9 billion.

Amazon Web Services will invest $5.3 billion in the Kingdom to create a high-capacity cloud region, the ministry said on its official X account.

Data Vault will invest $5 billion to build sustainable and innovative data centers, with a capacity of more than 300 megawatts, it further added.

In addition, ServiceNow will invest $500 million to launch its first data center in the region in Saudi Arabia to localize its services, in addition to training national talents and developing their skills.

The ministry also pointed out that IBM will invest $250 million to launch its first regional software development center in the Kingdom.

Dell Technologies intends to open a manufacturing, distribution and order fulfillment center in Saudi Arabia, the ministry highlighted, adding that it is the first in the Middle East, Africa and Turkey.

Aramco’s MetaBrain will create the world's first generative artificial intelligence model in the industrial sector, the ministry indicated.