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Saudi Arabia ploughs $6.4bn into future tech, Minister tells LEAP

RIYADH, 02 February 2022, (TON): Kingdom’s information technology minister Abdullah Al-Swaha told delegates at LEAP 2022 “Saudi Arabia has invested $6.4 billion in future technologies.”

Speaking from the stage at the forum in Riyadh, Al-Swaha set out how the money was flowing from companies in the Kingdom into the sector; Saudi Aramco - $1 billion invested in developing start-ups, through entrepreneurship support fund Prosperity7 Ventures.

NEOM Tech & Digital Holding Company - $1billion in future technologies and the launch of M3LD and XVRS products

Ignite - $1 billion in quality funds and initiatives to support and stimulate digital content.

stc - $1 billion in Mena Hub, which seeks investments in the digital infrastructure to consolidate Saudi Arabia's position as a hub for connectivity, communication and cloud computing.

J&T Express, and eWTP Arabia Capital - $2 billion in the smart logistics sector in the region.

There was also more than $300 million of investments in digital entrepreneurship, venture capital and startup funds.

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