News

LEAP 2024 Investments Surge To A Historic $11.9 Billion

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

Published

3 years 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

Microsoft Plans $10 Billion-Plus Gulf Expansion Despite Iran Conflict

Security is shaping Microsoft’s approach, from resilience work with governments to what it will say about how the money splits by country.

Published

4 days ago

September 24, 2026

Nour Nasir

Microsoft

Microsoft is planning more than $10 billion of investment across the UAE, Saudi Arabia, Qatar and Kuwait through 2030, Vice Chair and President Brad Smith told Reuters, calling the spending schedule aggressive. The Iranian conflict that began on February 28 has not persuaded the company to scale back.

“We’re sustaining all the investments we planned to make before this conflict started, and we are in fact adding to them,” Smith said. The $10 billion-plus total does not, however, show how large those additions are.

The investment, which Smith described as part of Microsoft’s continued infrastructure expansion, is aimed at cloud and AI infrastructure and at the company’s growing regional operations. Microsoft also intends to put more than $400 million into subsea and terrestrial connectivity across the Middle East by 2030.

The spending fits the region’s own ambitions too. Gulf governments have been investing heavily in AI infrastructure as part of a push to diversify their economies beyond oil and gas and turn themselves into global technology hubs. Major cloud and AI providers have been drawn in part by the land and relatively low-cost energy on offer.

Microsoft is widening its partnerships with regional AI companies, though not on identical terms. In 2024, it invested $1.5 billion in Abu Dhabi-based G42 for a minority stake, and Smith currently sits on G42’s board. Saudi Arabia’s Humain and Qatar’s Qai are working with Microsoft on selected priority areas, but Smith said the company does not plan to make capital investments in either.

Also Read: Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

The conflict has added another strand to Microsoft’s work in the region. Since it began, Smith said, the company has supported regional partners with digital resilience assessments, and it is now working with Gulf countries through a digital resilience initiative focused on preparedness and the protection of critical data.

So far, the company has given no country-by-country breakdown of the investment, citing security among other factors. So while the headline figure is public, how Microsoft divides the spending among the four countries is not.