Investments worth $6.4 bln unveiled during Leap 22 tech event

Leap 22 conference

A number of public and private entities in the Kingdom unveiled today investments of more than $6.4 billion (SAR 24 billion) to support future technologies, startups and technological entrepreneurship. This came during activities of the first edition of the tech event Leap 22, held in Riyadh.

Below are the major announcements made during the event:

- Aramco Ventures launches $1 billion Prosperity 7 Fund, to support transformative startups. 

- stc to invest $1 billion in MENA Hub to establish a regional center for cloud and digital services.

- NEOM Tech & Digital Holding Co. launches the Metaverse XVRS cognitive virtual reality technology and M3LD data management platform as part of its $1 billion investment.

- J&T, eWTP Arabia and its partners to invest up to $2 billion to fund a smart logistics hub in the Kingdom over the next 10 years.

- King Abdulaziz City for Science and Technology (KACST) unveils The Garage, a startup zone aimed to boost the potential of local, regional and international companies with innovative visions

- Other investments worth $1.4 billion in entrepreneurship, startups, venture capital and financing to support digital content.

- The Digital Cooperation Organization (DCO) launches the Startup Passport to facilitate, accelerate and reduce costs for startups to conduct their across-border businesses.