Saudi Arabia announced massive investments in its technology sector at the recent LEAP23 event. Find out more in this article produced by Auxilium, one of the GCC’s leading Employer of Record and outsource staffing solutions providers.
February saw the second edition of the biggest global technology event, Saudi Arabia’s LEAP 2023, which took place in Riyadh recently.
On the first day, investment of more than $9bn was announced, to support future technologies, digital entrepreneurship, and tech start-ups, as well as to enhance Saudi Arabia’s position as the largest digital market in the MENA Region.
The investments were announced by Abdullah bin Amer Alswaha, the Minister of Communications and Information Technology (MCIT), during his keynote speech, and included: $2.1bn investment from Microsoft in a global super-scaler cloud in the Kingdom; $1.5bn investment from Oracle to expand its MENA business; and $400m investment from Huawei in cloud infrastructure.
This announcement was followed by the revelation of further investment programs worth $2.43bn on the third day of the tech event. Organizations providing the $2.43bn funding include Riyad Bank, which announced the launch of $1bn in financing for ICT enterprises; Banque Saudi Fransi, which also announced a finance portfolio of $1bn to help companies in the ICT sector; Riyadh-based IMPACT46 which launched a $133 million fund, for emerging technology companies in the region; together with investments from Merak Capital; Shorooq Partners, and others.
Other highlights included the announcement by software development and cloud computing company, Zoho, of its intention to further expand operations in Saudi Arabia, with new offices and the establishment of a cloud area for its services, as well as news of its allocation of $300m over the next 10 years to support Saudi startups.
The investments represent very positive news for the technology sector in Saudi Arabia and the wider MENA Region. As the region looks to diversify its economy away from oil, technology is emerging as one of its most promising new industries, and the news will help to further establish MENA as a major global tech hub.
The news could also be welcomed by many of the thousands of tech professionals who have been laid off by Big Tech in the USA and Europe over the last months. The investments are likely to translate into a range of new career opportunities, with high tax-free salaries, good quality of life, and relatively high job security, for those prepared to relocate to the region.
If you are considering expanding your business into Saudi Arabia, or if you are thinking of pursuing a career in the region, then you should talk to Auxilium, one of the leading EOR and outsource staffing solutions providers in the GCC Region. We help organizations to expand and to recruit staff in Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, and Oman.
For more information, please contact the Auxilium Team
This article is written and produced by Auxilium, one of the GCC’s leading Employer of Record and outsource staffing solutions providers.
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