News

LEAP 2024 Investments Surge To A Historic $11.9 Billion

The funding will focus on emerging technologies, cloud computing, and data centers.

Published

2 months ago

March 5, 2024

leap 2024 investments surge to a historic $11.9 billion

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.

leap 2024 investments

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.

Also Read: Meet LiFi: The New Tech Delivering High-Speed Internet Using Light

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

Dubai Gives Go Ahead For $35 Billion Al Maktoum Airport Expansion

The project will include a new passenger terminal, helping the emirate achieve its goal of operating the world’s largest airport by 2050.

Published

6 hours ago

April 29, 2024

Nour Nasir

dubai gives go ahead for $35 billion al maktoum airport expansion

Dubai Media Office

On Sunday, April 28th, Dubai’s HH Sheikh Mohammed bin Rashid Al Maktoum gave the go-ahead to a major expansion project for Al Maktoum Airport (DWC).

The development will add a new passenger terminal to DWC, marking a major step in the emirate’s goal to transform the global transport hub into the world’s largest airport by 2050.

The construction project is valued at a massive $34.8 billion (AED128 billion), and is necessary to accommodate the projected surge in air travel over the coming years.

The DWC expansion plans were reportedly shelved in 2019. However, the project regained traction under the airport operating company Dubai Airports, who manage both Dubai International Airport (DXB) and DWC.

dubai al maktoum airport expansion

“HH Sheikh Mohammed bin Rashid Al Maktoum reviewed the strategic plan of the #Dubai Aviation Engineering Projects and approved designs for the new passenger terminal at Al Maktoum International Airport, which will be the largest in the world when fully operational,” announced the Dubai government on X, noting that the new terminal will increase annual capacity to over 260 million passengers.

Under the comprehensive development plans, Al Maktoum Airport will surpass the scale of Dubai International Airport by fivefold. Eventually, all of Dubai International’s operations will be moved to the new site.

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Dubai Airport CEO Paul Griffiths has emphasized the need for a new facility as DXB airport approaches its maximum annual capacity of 120 million passengers, explaining that the new development will transform airport operations.

“We are not planning an airport that has terminals. We’re going to completely change the business model for airports, make them far more intimate, and get rid of all the legacy processes that we’ve had to subject our customers to for far too long,” Griffiths stated.