The Middle East's largest technology event, dubbed the "Digital Davos," LEAP 2025, commenced on February 9 in Riyadh, Saudi Arabia. On the first day, notable tech firms such as TENCENT HOLDINGS LIMITED(TCEHY.US),  Alibaba Group Holding Ltd. Sponsored ADR(BABA.US), and Google ( Alphabet Inc. Class C(GOOG.US)  Alphabet Inc. Class A(GOOGL.US) ) announced a staggering $14.9 billion investment. These investments are set to bolster Saudi Arabia's digital economy and drive technological advancements in the region.

As a vital platform for realizing Saudi Arabia's "Vision 2030," LEAP brings together international tech companies, investment firms, and innovative talents to fuel continuous innovation in cloud computing, artificial intelligence, and digital transformation. Since its inception in 2022, LEAP has been held annually, with the investment scale expanding yearly and generating significant economic impact.

The current conference, held from February 9 to 12 at the Riyadh International Convention & Exhibition Centre, features over 680 startups, more than a thousand esteemed industry guests and top investors, and participation from over 1,800 global tech brands.

At the opening ceremony, Saudi Arabia's Minister of Communications and Information Technology, Abdullah Al-Swaha, stated, "By collaborating with global innovators and thinkers, we are making history once again, with $14.9 billion in investments announced during this year's LEAP alone."

Al-Swaha highlighted the remarkable growth in Saudi Arabia's tech sector. Data shows that from 2021 to 2024, the digital economy in the Middle East and North Africa (MENA) region grew by 73% to $260 billion, with Saudi Arabia contributing half of this growth. Additionally, the number of tech professionals in Saudi Arabia surged from 150,000 to 381,000, indicating rapid industry expansion.

He also noted that Saudi Arabia currently has seven unicorn companies, while the entire MENA region boasts 15 such entities.

"The data speaks for itself. If Saudi Arabia were compared with the European Union, our tech industry scale would position us as Europe's fifth-largest tech hub," Al-Swaha added.

Key Investments and Partnerships Announced on the First Day of LEAP 2025:

Several international tech giants announced significant investments in Saudi Arabia on the first day of the event:

• Alat, a tech subsidiary of Saudi Arabia's Public Investment Fund (PIF), partnered with LENOVO GROUP LIMITED(LNVGY.US) to establish a large-scale tech R&D and manufacturing center in Saudi Arabia, expected to create 60,000 direct or indirect jobs over the next two to three years. Lenovo also announced the decision to set up its Middle East and Africa regional headquarters in Riyadh.
•  Alibaba Group Holding Ltd. Sponsored ADR(BABA.US) teamed up with Saudi Arabia's Tuwaiq Academy to launch an AI empowerment program. Tuwaiq Academy, under Saudi’s Federation for Cybersecurity, Programming and Drones (SAFCSP), focuses on offering advanced technology and programming courses.
• Tencent Cloud will begin operations in Saudi Arabia this year with an initial investment of $150 million. Its Vice President for the MENA region, Hu Dan, highlighted Tencent Cloud’s tailored solutions for Saudi clients, including gaming solutions and real-time applications.
• U.S.-based software company SambaNova announced a $140 million investment to build advanced AI infrastructure in Saudi Arabia.
• American AI startup Groq will invest $1.5 billion in collaboration with Saudi Aramco to establish the world’s largest AI inference data center in Saudi Arabia.
• Big data analytics company Databricks plans to invest $300 million over the next three years to enhance tech skills among Saudi citizens and expand its business in the kingdom.
• QUALCOMM Incorporated(QCOM.US) introduced the ALLaM language model in its AI Cloud, alongside the ALLaM AI PC, to advance cloud-based AI solutions. ALLaM is an open-source Arabic large language model developed by the Saudi Data and Artificial Intelligence Authority (SDAIA).
• Global investment firm KKR & Co. L.P.(KKR.US) announced a partnership with Gulf Data Hub to develop a 300MW data center.
• Cloud software giant  Salesforce.com, inc.(CRM.US) will invest $500 million across the MENA region and establish its regional headquarters in Saudi Arabia.
• Google Cloud revealed plans to create a global AI center in Saudi Arabia, pledging to contribute $70 billion to the Saudi economy over the next decade and provide skill training for one million Saudi citizens.

Strategic investments in infrastructure and AI along with startup funding exceeding $10.9 billion were key highlights of the first day of LEAP 2025.

At the commencement of LEAP 2025, Al-Swaha emphasized Saudi Arabia's commitment to avoiding technological polarization and promoting accessible technology.

He noted that currently, only 1 to 2 billion people benefit from technological advancements, and yet by 2030, 6.5 billion people could be left behind. "Excluding anyone from the intelligent era is as devastating as depriving a person of oxygen, water, and food."

Al-Swaha emphasized that Saudi Arabia is striving to ensure inclusivity in digital technology by promoting cloud computing, entrepreneurship, and tech development to bridge skill, digital, and governance gaps.

He also highlighted the significant improvement in gender balance within Saudi Arabia's tech sector, with female participation surpassing that in the EU and Silicon Valley.

Al-Swaha concluded by stating that the world should advance together in the intelligent era without conflict, celebrating technological milestones like the emergence of ChatGPT while recognizing the importance of groundbreaking innovations like DeepSeek.

"In the era of intelligence, we should work together and celebrate technological progress," he concluded.