LEAP 2024: AWS, IBM, Dell and other tech firms commit massive $11.9bn in investments

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The opening day of LEAP 2024 saw the world’s biggest tech companies commit to investing a staggering $11.9bn in Saudi Arabia. These investments are aimed at bolstering deep and emerging technologies, fostering innovation, and advancing cloud computing both within the kingdom and worldwide.

The announcement underscores Saudi Arabia’s position as a powerhouse of digital economy in the Middle East and North Africa (MENA) region, attracting major technology players such as Amazon Web Services (AWS), IBM, DataVolt, and ServiceNow.

Abdullah Alswaha, the Saudi Minister of Communications and Information Technology (MCIT), unveiled the value of investments on the opening day of LEAP 2024, taking place at the Riyadh Exhibition and Convention Centre in Malham.

The event, spanning four days, is expected to surpass its previous attendance record of 172,000 visitors set in 2023, with its conclusion slated for March 7.

A leap towards Vision 2030

Alswaha underscored the steadfast support provided by Crown Prince and Prime Minister Mohammed bin Salman for Saudi Arabia’s tech sectors and the digital economy’s growth and prosperity, as outlined in the country’s Vision 2030 national agenda.

These investments represent a pivotal aspect of the Crown Prince’s commitment to empowering Saudi Arabia’s burgeoning technology sector amid remarkable growth in various digital domains. The minister A portion of the investments will be dedicated to developing digital skills among Saudis and supporting the growth of tech start-ups.

Notable investments announced on the first day of LEAP 2024 include AWS’s 5.3bn investment in a new cloud zone in Saudi Arabia and DataVolt’s commitment of $5bn for constructing new data centers in the kingdom. IBM plans to inject $250m into establishing a global software development center, while ServiceNow pledges $500m to localise its regional services in Saudi Arabia, including training and development programs for Saudi talent.

Additionally, Dell Technologies is set to inaugurate a manufacturing and fulfillment center in Saudi Arabia, marking a significant milestone for the MENAT region. Aramco announced the establishment of the Saudi Accelerator Innovation Lab (SAIL) in collaboration with MCIT, aimed at enhancing Saudi Arabia’s digital capabilities.

Other initiatives include the launch of “Metabrain” GenAI model and “Aramco LLM,” the world’s first industrial-grade GenAI.

Furthermore, Datadog Academy will establish its inaugural cloud application security solutions academy in Saudi Arabia, while Uipath and Zoho Corp also announced their plans to set up their first regional automation academy and data centers in the Kingdom, respectively, bolstering Saudi Arabia’s status as a thriving digital hub.

In numbers:

• AWS: $5.3bn investment in a new cloud zone in Saudi Arabia.
• Datavolt: $5bn investment for constructing new data centers in the Kingdom with a capacity of over 300 megawatts.
• IBM: $250bn for establishing a global software development center.
• ServiceNow: $500m to localise its regional services in Saudi Arabia, including training and development programs for Saudi talent.
• Dell Technologies: Inauguration of a manufacturing and fulfillment center in Saudi Arabia.
• Aramco: Establishment of the Saudi Accelerator Innovation Lab (SAIL) and launch of “Metabrain” GenAI model and “Aramco LLM,” the world’s first industrial-grade GenAI.
• Datadog Academy: Establishment of its inaugural cloud application security solutions academy in Saudi Arabia.
• Uipath: Announcement of the first regional automation academy to train and foster Saudi talent.
• Zoho Corp: The company has set up two Middle East data centers in Saudi Arabia, further reinforcing the kingdom’s position as a thriving digital hub.

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