Saudi Gazette report

RIYADH — The third edition of the International Tech Conference LEAP24 successfully concluded, marking a significant milestone in the region's technological landscape, backed by Crown Prince Mohammed bin Salman's support and empowerment. Reflecting the ambitious goals of Saudi Vision 2030, the conference aimed to position the Kingdom as the premier digital market in the Middle East and North Africa.

Organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and Tahaluf Company, LEAP24 saw participation from 1,800 entities worldwide, setting new records in the sector since its inception in 2022.

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Faisal Al-Khamisi, Chairman of the Saudi Federation for Cybersecurity, Programming and Drones, highlighted the Crown Prince's support in his closing speech, underscoring the event's alignment with the aspirations of Saudi Vision 2030 and the Kingdom's role as a leading technological hub. Al-Khamisi emphasized Riyadh's capability to host such a transformative conference, acknowledging the attendance of 50,000 international guests this year.

Al-Khamisi announced that LEAP24 has become the world's most-attended tech conference, with 215,000 visitors, significantly impacting Riyadh's hotel occupancy rates. The conference witnessed the announcement of launches and investments exceeding $1.5 billion, totaling $13.4 billion in investments for this edition.

Michel Champion, CEO of Tahaluf, noted a 25% increase in attendance this year, with the conference area spanning the equivalent of 37 football fields and a 60% increase in investor participation.

Amazon Web Services' $5.3 billion investment to establish a cloud zone in the Kingdom was among the significant announcements, alongside IBM's $250 million investment for a global software development center and ServiceNow's $500 million investment for a regional data hub. These initiatives are set to bolster the region's technological infrastructure.

Other notable announcements included the National Development Fund's collaboration with the Social Development Bank to launch two venture investment funds in the gaming and esports sector, totaling 450 million riyals ($120 million), and the National Information Technology Development Program (NTDP)'s launch of five initiatives supporting digital entrepreneurship. Additionally, private investments saw Oasis launching a $100 million fund to support early-stage company founders in the Middle East, and Blog & Play introducing a $50 million fund for tech startups in Saudi Arabia and the MENA region.

LEAP has rapidly become a crucial platform for innovation, technological investment, and exploration of new horizons, leveraging the opportunities presented by the Fourth Industrial Revolution.