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LEAP 2024 Investments Surge To A Historic $11.9 Billion
The funding will focus on emerging technologies, cloud computing, and data centers.
LEAP 2024, recognized as one the world’s leading technology conferences, has revealed a substantial $11.9 billion in investments that will be used to advance deep and emerging technologies, foster innovation, and bolster cloud computing both within Saudi Arabia and the rest of the world.
These investments serve to boost Saudi Arabia’s standing as the largest market in the MENA region and a digital powerhouse that has attracted attention from prominent enterprises such as Amazon Web Services (AWS), IBM, DataVolt, and ServiceNow. A significant portion of the funds will be allocated towards enhancing digital competency within Saudi Arabia and supporting up-and-coming tech startups.
During the inauguration of LEAP 2024’s four-day event at the Riyadh Exhibition & Convention Centre in Malham, H.E. Eng. Abdullah Alswaha, the Saudi Minister of Communications and Information Technology (MCIT), revealed the unprecedented sum of investments. The event, which will conclude on March 7, is also anticipated by organizers to surpass its own attendance record set in 2023, with over 172,000 visitors.
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Minister Alswaha emphasized the steadfast support from HRH Crown Prince and Prime Minister Mohammed bin Salman to both the Saudi and global tech sectors, aligning with the objectives outlined in the Kingdom’s Vision 2030.
LEAP 2024 Investment Highlights:
- Amazon Web Services: Has announced a $5.3 billion commitment towards establishing a new cloud zone in Saudi Arabia.
- Datavolt: Has put forward a $5 billion investment earmarked for new data centers in the Kingdom, boasting a combined capacity exceeding 300 megawatts.
- IBM: Plans for a $250 million investment to establish a global software development center within Saudi Arabia.
- ServiceNow: Intends to inject $500 million into localizing its regional services in the country and enhancing the skill sets of local talent.
Dell Technologies also announced a new manufacturing and fulfillment center in Saudi Arabia, while Aramco unveiled the Saudi Accelerator Innovation Lab (SAIL), a collaborative effort with MCIT aimed at bolstering the Kingdom’s digital capabilities and further solidifying Saudi Arabia’s position as a thriving digital epicenter.
News
Ericsson And e& Join Forces To Bring Superfast 5G To Egypt
The partnership aims to deliver fast, reliable connectivity to private users and enterprises while supporting cross-sector digital innovation.
At GITEX GLOBAL 2024, Ericsson and e& Egypt announced a groundbreaking partnership to roll out 5G technology across Egypt, promising users enhanced connectivity with faster speeds, reduced latency, and expanded bandwidth. The collaboration will cater to the growing demand for advanced mobile services for both consumers and enterprises alike.
Under the agreement, Ericsson will deliver its energy-efficient 5G product suite to establish the new network. This comprehensive 5G Radio Access Network (5G RAN) portfolio, implemented through the Ericsson Radio System, is designed to support diverse traffic conditions and site types. It aims to provide reliable performance as networks grow across mobile generations, equipping Egypt with a stable, high-capacity infrastructure to foster digital innovation.
The adoption of 5G is expected to provide Egyptians with seamless connectivity and increased network resilience. The expanded bandwidth and lower latency brought by this new infrastructure will support not only faster internet for users but also enhance industry operations and contribute to society as a whole.
“We are thrilled to bring 5G to Egypt with our technology partner, Ericsson. Through this partnership, e& Egypt will be able to provide faster connectivity speeds, larger bandwidth, and lag-free user experience to our customers, unlocking many opportunities for consumers and enterprises,” said Amr Fathy, Chief Technology and Information Officer of e& Egypt. “With Ericsson’s cutting-edge 5G solutions, we are paving the way for a more connected and innovative future for Egypt”.
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Ekow Nelson, Vice President and Head of Global Customer Unit for e& at Ericsson Middle East and Africa, also reflected on the longstanding collaboration: “Our storied partnership with e& Egypt dates back nearly two decades, with two generational shifts in mobile technology. Like previous generational shifts, our ambition with 5G is to extend e& Egypt’s technology position”.
Ericsson and e& Egypt have collaborated successfully for years, achieving notable milestones in network innovation, customer experience, and sustainable development.