International tech conference LEAP 2024 concluded with record-breaking investments totaling $13.4 billion, solidifying its status as the largest global technological event in the region. The conference, supported and empowered by Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of Saudi Arabia, has become a beacon for technological innovation and investment, aligning closely with the ambitious goals outlined in Saudi Vision 2030.
Platform for transformation
Organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and Tahaluf Company, LEAP 2024 has consistently broken sector-level records since its inception in 2022. With the participation of 1,800 international and local entities, the conference has served as a catalyst for technological advancement and digital transformation in the region.
In his closing speech at LEAP 2024, Faisal Al-Khamisi, chairman of the board of directors of the Saudi Federation for Cybersecurity, Programming and Drones, emphasized the conference’s alignment with Saudi Vision 2030. He highlighted the support and empowerment provided by the Crown Prince, underscoring the Kingdom’s commitment to becoming the largest digital market in the Middle East and North Africa (MENA).
Unprecedented achievements
LEAP 2024 witnessed unprecedented achievements, with 50,000 guests from outside the Kingdom attending the event. Al-Khamisi proudly declared LEAP 2024 as the most attended technological conference globally, with 215,000 visitors. This contributed to a surge in hotel occupancy rates in Riyadh to 99 percent. The conference also saw the announcement of projects and investments totaling $13.4 billion, showcasing the Kingdom’s growing prominence in the global tech landscape.
Michel Champion, CEO of Tahaluf, highlighted the remarkable growth of LEAP 2024, with attendance increasing by 25 percent. Moreover, the influx of investors rose by 60 percent compared to the previous year, signifying growing confidence in Saudi Arabia’s tech ecosystem.
Major investments and initiatives
The conference witnessed significant announcements, including Amazon Web Services’ $5.3 billion investment in establishing a high-capacity cloud zone. Moreover, IBM announced a $250 million investment in a software development center. Meanwhile, ServiceNow announced a $500 million investment in launching its first data hub in the region.
Additionally, initiatives such as the National Development Fund’s collaboration with the Social Development Bank, the launch of two venture investment funds in the gaming and e-sports sector, with a total value of SAR450 million ($120 million) between the Social Development Bank and Mirak Financial and Impact Financial (Impact46) further bolstered Saudi Arabia’s digital infrastructure and entrepreneurship ecosystem.
The National Information Technology Development Program (NTDP) also launched five initiatives supporting digital entrepreneurship. LEAP 2024 also saw 7 announcements to launch investment funds and financing rounds for technology startups worth more than $888 million. In the field of private investments, Oasis announced the launch of its second fund with a total of $100 million to empower company founders in their initial stages of growth in the Middle East.
Meanwhile, Blog & Play announced the launch of its first fund in the region to invest in emerging companies of technology in the Saudi Arabia and the MENA region, with a value of $50 million.
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