The third day of the LEAP25 conference in Riyadh has sent a resounding message to the global tech community: Saudi Arabia is serious about becoming a regional hub for technology and innovation, and a formidable player in the AI and cloud computing arenas. With investments totaling $1.79 billion, the Kingdom is putting its money where its mouth is, focusing on digital talent development, AI, cloud computing, and bolstering its technological infrastructure.
The Saudi Communications, Space, and Technology Commission (CST) launched the third cohort of the Emerging Technology Regulatory Sandbox, providing innovators and startups with a flexible and secure regulatory environment to test new technologies and ease their market entry. This initiative underscores Saudi Arabia’s commitment to fostering a dynamic ecosystem for tech startups.
Equinix made a splash with the announcement of the region’s largest cloud-computing data center, investing over $1 billion. This move reinforces the Kingdom’s ambition to become a global cloud service hub, attracting major players in technological innovation.
In the construction sector, White Helmets unveiled the “Asif” AI agent, designed to enhance efficiency and accuracy in construction projects. This development aligns with the broader trend of AI integration in construction, signaling a shift towards smarter, more efficient building practices.
Hands On Global Management announced a $300 million fund to develop and distribute games locally and internationally, alongside plans to establish a new headquarters in the Kingdom. This investment highlights the growing interest in the gaming industry and its potential to boost economic diversification.
Startups received a significant boost with the National Technology Development Program (NTDP) launching accelerators and funding worth $150 million. This initiative aims to drive innovation in the IT sector and support the growth of tech startups in Saudi Arabia.
The construction sector saw a notable investment with Joa Capital launching an $80 million infrastructure fund in partnership with Buildnow Trading. This fund addresses the needs of the Kingdom’s thriving construction sector, further fueling growth and development.
Ula Capital’s $75 million fund, dedicated to applied AI and deep tech projects, reinforces the Kingdom’s leadership in advanced technologies. This investment signals a commitment to fostering technological innovation in the region.
Sharaka Financial’s $30 million investment fund and Orbit Startups’ $60 million accelerator program, in collaboration with Sanabil Investments, aim to support the growth of startups across the Middle East and North Africa. These initiatives underscore Saudi Arabia’s role as a regional driver of innovation and growth.
Merit’s successful Series B investment round, securing $28 million, will enhance its innovative tech solutions and expand its global market presence. UltiAcademy’s $28 million Series B funding round, led by Rua Ventures, will support the company’s expansion in the Kingdom and the launch of a generative AI-powered digital learning platform.
BRKZ’s $22.5 million Series A funding round aims to expand the smart construction sector in the Kingdom through advanced technology solutions, supporting smart-city projects. Buildnow’s $9.76 million funding, led by Arbah and STV, will boost its advanced digital solutions for the construction supply chain across the Middle East and North Africa.
Hydratac Inc.’s $3 million investment in Hands On Global Management’s fund aims to drive innovation in the regional gaming industry, expanding interactive experiences in this field.
Microsoft, Huawei, and Accenture announced significant investments in digital talent development, launching specialized programs and academies focused on AI, cybersecurity, and emerging technologies. These initiatives aim to train tens of thousands of individuals, enhancing the Kingdom’s digital talent pool.
Atomcamp’s regional academy, focusing on data science and AI, aims to train 20,000 people, further boosting the Kingdom’s capabilities in these areas. Torod company closed its Series A funding round, raising $11.3 million to support the development of the first AI-powered logistics agent.
