Saudi Arabia to invest $6.4b in future technologies and entrepreneurship
Deals concluded on sidelines of three-day technology conference Leap 2022
Dubai: Saudi Arabia will invest $6.4 billion (Dh23.5 billion) in future technologies and entrepreneurship to accelerate its digital transformation and boost its digital economy.
Eng. Abdullah Al Swaha, Minister of Communications and Information Technology, on Tuesday unveiled the deals concluded to invest in future technologies and entrepreneurship on the sidelines of three-day technology conference Leap 2022.
The deals include $1 billion worth of investment in future technologies by Neom Tech and Digital Holding Company and the launch of Aramco Venture $1 billion Prosperity7 Fund in developing start-ups.
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.
Saudi Telecom Company (STC) announced Mena Hub, a $1 billion investment in regional connectivity and digital infrastructure. The telecom operator said it seeks through its initiative to consolidate Saudi Arabia’s position as a hub for connectivity, communication and cloud computing.
“These investments and initiatives are a manifestation of the kingdom’s drive towards the growth of the digital economy for the greater good of people, the planet and the prosperity of the Mena region,” Al Swaha said.
Saudi Arabia is the regional leader for technology talent, with more than 318,000 jobs in the technology sector in the Kingdom, the Minister added.
Other initiatives include Ignite — $1 billion in quality funds and initiatives to support and stimulate digital content, while J&T Express and eWTP Arabia Capital will pump $2 billion into the smart logistics sector in the region.
There is also more than $300 million worth of investments in digital entrepreneurship, venture capital and start-up funds.
The minister lauded the Kingdom’s start-up ‘unicorns’ firms, which have gone on to achieve a market value of at least $1 billion.