LEAP 2024 witnessed the announcement of significant investment deals totaling more than $764 million by prominent Saudi and international companies, reaffirming Saudi Arabia’s status as a technology and innovation hub in the region.
During the ongoing tech event in Riyadh, Advanced Communications & Electronic Systems (ACES), a Saudi-based provider of managed ICT solutions and equipment innovation, disclosed its plans to invest $618 million in localizing special GSM and smart towers. This investment aims to support the company’s expansion efforts and promote the development and innovation of infrastructure equipment.
Read more: LEAP 2024: Saudi Arabia bolsters tech hub leadership with $888 million in deals
Aramco Digital, in collaboration with Intel Corp., revealed the establishment of Saudi Arabia’s first Open Radio Access Network (ORAN) development center. This strategic move aims to drive innovation and foster technological advancements within the Kingdom.
Additionally, Aramco Digital announced its collaboration with LTIMindtree, an Indian-based global technology consulting and digital solutions company, through a $46 million investment. The partnership aims to establish an information technology services hub in Saudi Arabia.
HONOR, a Chinese consumer electronics brand with a presence in Saudi Arabia, announced its intentions to expand regionally, accompanied by a $100 million investment.
These multimillion-dollar investments were announced during the third day of LEAP, a leading tech event in the Middle East and North Africa region. The event, organized by the Saudi Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and Tahaluf, is taking place in Riyadh from March 4-7.
Cyberani Solutions, a joint venture between Aramco and Raytheon Technologies, also revealed an agreement with Thales S.A. to enhance regional industrial systems cybersecurity and national cybersecurity.
Furthermore, Nokia Corp., a global provider of mobile, fixed, and cloud network solutions, announced the establishment of a regional logistics center at the King Abdullah Economic City in Thuwal, situated on the west coast of Saudi Arabia. In addition, Nokia will expand its repair center to accommodate 5G technology solutions.
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