Riyadh, March 06, 2024, The Middle East and North Africa's premier tech event, LEAP24, held in Riyadh from March 4-7, witnessed leading Saudi and global companies announcing investments exceeding $764 million, underscoring Saudi Arabia's emergence as a regional hub for technology and innovation.
Among the notable announcements, Advanced Communications & Electronic Systems (ACES), a Saudi-based managed ICT solution provider, revealed a significant $618 million investment. This funding will be directed towards the localization of special GSM and smart towers, aligning with ACES' aspirations to expand its operations and innovate in infrastructure equipment development.
Aramco Digital made significant strides by establishing Saudi Arabia's first Open Radio Access Network (ORAN) development center in collaboration with Intel Corp., a California-based technology company. This initiative is set to drive innovation and technological advancements in the Kingdom. Additionally, Aramco Digital announced a $46 million collaboration with LTIMindtree, an Indian technology consulting and digital solutions company, to establish an information technology services hub in Saudi Arabia.
HONOR, a Chinese consumer electronics brand with a presence in Saudi Arabia, unveiled regional expansion plans accompanied by a substantial investment of $100 million.
On the cybersecurity front, Cyberani Solutions, a joint venture between Aramco and Raytheon Technologies, announced an agreement with Thales S.A. to enhance regional industrial systems cybersecurity and national cybersecurity efforts.
Nokia Corp., a global provider of mobile, fixed, and cloud network solutions, contributed to the investment landscape by announcing the establishment of a regional logistics center at the King Abdullah Economic City in Thuwal on the west coast of Saudi Arabia. Furthermore, Nokia plans to expand its repair center to accommodate 5G technology solutions, reflecting its commitment to advancing telecommunications infrastructure.
These multimillion-dollar investments signify the dynamic growth and innovation taking place in Saudi Arabia's tech sector, positioning the country as a key player in the global technology landscape. LEAP24 serves as a testament to the nation's commitment to fostering a thriving tech ecosystem and driving technological advancements.
