"Leap 24" Attracts Investments of $12 Billion in Saudi Arabia

Saudi Minister of Communications Engineer Abdullah Al-Swaha announced yesterday that technological investments nearing $12 billion, the largest in the region, were revealed on the first day of the third edition of the "Leap 24" technology conference, attended by more than 1,800 global and local entities in the Saudi capital, Riyadh. The minister confirmed that the investments are linked to supporting emerging and deep tech sectors, innovation, and cloud computing. He explained that the "Leap 24" investments were backed by Crown Prince Mohammed bin Salman bin Abdulaziz to grow the digital economy. On the first day, "Aramco" launched the world's first generative artificial intelligence model in the industrial sector, while "Amazon Web Services" announced the launch of a hyper-scale cloud region in Saudi Arabia with an investment of $5.3 billion. Meanwhile, "Data Vault" revealed an investment to build sustainable and innovative data centers with a capacity of over 300 megawatts, worth $5 billion.