The LEAP 2022 global-technologies event hosted in Riyadh saw Saudi Arabia announcing that it had inked investment deals worth more than $6.4 billion to support future technologies and companies.
According to Minister of Communications and Information Technology Abdullah Alswaha, Saudi Arabia is the largest and fastest-growing digital economy today.
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi Arabia, lessening its dependence on oil.
Most significant deals
Among the most significant deals and agreements at the event was Saudi Aramco Ventures’ launching of the $1-billion investment fund Prosperity 7 to assist revolutionary startups.
The Saudi Telecom Company (STC) invested $1 billion in the MENA Hub to construct a regional cloud and digital services center.
Additionally, as part of its $1-billion investment, NEOM Digital Technology Holding launched a 3D cognitive digital twin metaverse platform called XVRS and its innovative consent management platform called M3LD.
At the same time, J&T Express, together with eWTP Arabia, expressed intent to invest nearly $2 billion over the next decade in a smart logistics center in Saudi Arabia.
In a similar vein, a $2-billion collaboration in the technical field was also announced between the sovereign Public Investment Fund and a subsidiary of the China-based Alibaba Group.
Digital media
In the context of digital content, King Abdulaziz City for Science and Technology revealed The Garage as a region for startups to strengthen the capabilities of local, regional, and international companies with innovative visions.
In addition, the entity announced that $1.4 billion investments would be made in the fields of entrepreneurship, startups, venture capital, and financing to help with digital content.
Furthermore, the Digital Cooperation Organization (DCO) announced a startup passport to let these enterprises conduct business across borders more easily, quickly, and affordably.
In addition, more than $300 million in investments in digital entrepreneurship, venture capital, and startup funds were announced.
These investments are expected to help Saudi Arabia have the highest concentration of digital capabilities and women’s participation and investments in cloud computing.
In addition, they should help Saudi Arabia become the fastest growing in digital competitiveness.
Digital tourism
During the event, Minister of Tourism Ahmed Al-Khateeb unveiled Saudi Arabia’s digital tourism strategy, which is expected to aid efforts to rebuild the tourism sector in the kingdom and achieve its goals as one of the world’s most important tourist destinations.
Al-Khatib invited experts in the sector to help improve the digital tourism industry regulations.
“We want tourists and visitors to know that the Kingdom’s tourism sector operates within smart regulations,” he added.
The World Tourism Organization, the World Bank, and digital partners such as Microsoft and Cisco supported the initiative.
The kingdom’s digital plan contains nine programs and 31 initiatives that are expected to be completed by 2025 after a three-year implementation phase.
A smart work environment will reportedly be developed through these programs and initiatives that support the sector’s digital transformation path, allowing the country’s tourist system to profit.
It will apparently offer a complete platform that caters to all demands, with a primary focus on customer satisfaction with the services provided.
The strategy’s implementation focuses on several axes, including:
- Seamless travel: providing digital solutions to simplify travel procedures.
- Ease of doing business: launching a unified platform to link tourism service providers and their applications.
- Innovation: creating an interactive environment that allows innovators in the tourism sector to prosper.