PR94367

RIYADH, Saudi Arabia, Feb. 2, 2022 /PRNewswire=KYODO JBN/ --

Saudi Arabia announced today more than US$6.4 billion in investments in future

technologies and entrepreneurship that will further secure the Kingdom's

position as the MENA region's largest digital economy.

Photo - https://mma.prnewswire.com/media/1738486/LEAP22.jpg

The announcements were made at LEAP22, the new international technology

platform taking place in Riyadh.

The investments and initiatives include the launch of Aramco Venture's

Prosperity7 fund with US$1 billion, and a billion dollar investment from NEOM

Tech & Digital Company with a focus on future technologies. As part of its

investment, NEOM announced the launch of the world's first cognitive metaverse,

XVRS that will serve residents and visitors of the smart giga-project, and

M3LD, a personal data management platform that gives back control of data to

the user.

stc announced MENA HUB, a US$1 billion investment in regional connectivity and

infrastructure, which will support Saudi Arabia's rapidly expanding digital and

cloud sector.

LEAP also saw the launch of The Garage, a new platform for start-ups,

investment and entrepreneurship by King Abdulaziz City for Science and

Technology (KACST).

J&T Express Group, one of the world's fastest-growing logistics companies,

announced an investment of US$2 billion with eWTP Arabia Capital and other

partners, to establish its MENA headquarters in Riyadh, and set up an extensive

network of smart logistics in Saudi Arabia.

Saudi Arabia's technology sector is worth more than US$40 billion. The new

investments announced at LEAP22 are part of the Kingdom's ongoing plans to

transform into an innovation-based economy, which have already seen the country

become one of the fastest-growing new markets for Fintech and digital content

in the region.

"These investments and initiatives are a manifestation of the Kingdom's push

toward the growth of the digital economy for the greater good of people, the

planet and the prosperity of the MENA region. They mark the next level of

growth for the digital economy in Saudi Arabia, the MENA region's largest

technology and digital market," said H.E. Eng. Abdullah Alswaha, Saudi Minister

of Communications and Information Technology.

LEAP is set to become the world's largest debut technology platform. It will

spotlight the entire innovation ecosystem, connecting pioneers and disruptors

with business and government leaders, entrepreneurs, investors and more to

experience and learn about the technologies of the future.

SOURCE  LEAP22