In the last two years, Saudi Arabia has attracted more than $2 billion in investments in cloud computing according to Deputy Minister for Technology Development Nawaf D. Al-Hoshan.
Saudi Arabia has implemented several initiatives to attract more foreign investments and encourage non Saudi companies including startups to invest in the Kingdom. Tax and investment incentives were some of these measures, he said.
Many international companies announced plans to move their headquarters to Riyadh for investment opportunities. The names of these companies will be announced during LEAP 2022, Al-Hoshan added.
Saudi Arabia launched the National Development Technology Program, or NTDP, with an estimated budget of SR2.5 billion. The program is the largest governmental program, to support startups, entrepreneurship, and investors in the information technology sector.