Saudi Aramco Ventures launches $1 billion Prosperity 7 investment fund to support transformational start-ups

- Saudi Telecom Company stc invests $1 billion in "Mena Hub" to establish a regional center for cloud and digital services

- NEOM Digital Technology Holding Company Launches Exceptional Metaverse XVRS Cognitive Virtual Reality Technology and M3LD Data Management Platform as Part of Its $1 Billion Investment

J&T, eWTP Arabia and its partners to invest up to $2 billion to fund a smart logistics hub in the Kingdom over the next 10 years

- King Abdulaziz City for Science and Technology unveils The Garage, a startup zone to enhance the potential of local, regional and international companies with innovative visions

Additional investments of $1.4 billion in entrepreneurship, start-ups, venture capital and financing to support digital content

The Digital Cooperation Organization (DCO) launches a startup passport to facilitate, speed up and reduce costs for these companies in conducting their business across borders

Riyadh - Broadcast: The LEAP22 conference, hosted by Riyadh as the largest international technology event, announced investments of more than 6.4 billion dollars, with the aim of supporting future technologies and technology entrepreneurship and enhancing the Kingdom's position as the largest digital economy in the Middle East and North Africa region.

This huge announcement came during the opening day of the LEAP International Technical Conference, which is being held in Riyadh until February 3, and is being held with the support of the Kingdom’s leadership and in line with the directives of His Royal Highness Prince Mohammed bin Salman Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Council for Economic Affairs and Development May God protect him, to support the Kingdom’s digital economy in order to achieve the goals of Vision 2030.

Investments and initiatives include the launch of Aramco Ventures' Prosperity7 investment fund worth $1 billion, in addition to a $1 billion investment by NEOM Digital Technology Holding, which focuses on supporting future technologies. As part of its huge investment, NEOM announced the launch of the world's first cognitive virtual reality technology, Metaverse XVRS, which will provide services to residents and visitors of this huge and smart project. The company will also launch the M3LD data management platform, a personal data management platform, which will give users the ability to regain control over their data.

Saudi Telecom Company, stc, announced the MENA Hub, a massive $1 billion investment in regional telecommunications and infrastructure. This center will support the digital and cloud sectors, which are witnessing rapid expansion in the Kingdom.

The first day of the LEAP Tech Conference also witnessed the launch of The Garage, a new platform launched by King Abdulaziz City for Science and Technology to support startups and promote investment and entrepreneurship, which will provide a comprehensive environment for local and international startups services to help them grow into the leading technology companies of the future.

J&T Express Group, one of the world's fastest growing logistics companies, also announced $2 billion in investments with eWTP Arabia Capital and other partners. This major investment will see J&T build its Middle East and North Africa headquarters in Riyadh and establish an extensive network of smart logistics and distribution facilities, which will expand the Kingdom's reach and elevate it as a regional hub for advanced logistics.

The Kingdom is the largest technology market in the Middle East and North Africa, with the size of the technology sector exceeding $40 billion. The new investments announced during LEAP22 are part of the Kingdom's ongoing plans and endeavors to transform into a digital economy based on innovation, which has already contributed to making the Kingdom one of the fastest growing new markets for FinTech and digital content in the region.

His Excellency Eng. Abdullah bin Amer Al-Sawaha, Minister of Communications and Information Technology of Saudi Arabia, said: “These investments and initiatives are an embodiment of the Kingdom’s continuous efforts to drive the growth of the digital economy to achieve benefit and progress for the whole world and to enhance prosperity in the Middle East and North Africa region. These investments represent the next stage of the expansion of The Kingdom is the largest technical and digital market in the Middle East and North Africa.

During his opening speech at LEAP22, His Excellency referred to the Kingdom’s position and leadership regionally in attracting technical talent, as it hosts 318,000 employees in the technology sector, in addition to the high rate of women’s participation in the workforce in the field of information and communication technology to 28% in recent years.

Today, the Kingdom is home to the largest investments in cloud technology, with leading companies and large-scale cloud service providers including Google, Alibaba, Oracle and SAP investing more than $2.5 billion in cloud technology in the Kingdom. Entrepreneurship is also witnessing a clear boom, as the total investment capital in the Kingdom in 2021 exceeded the total investment in 2019 and 2020 combined.

Prosperity 7 investment fund from Aramco Ventures

Aramco Ventures, the venture capital arm of Saudi Aramco, announced the official launch of the $1 billion Prosperity Fund 7. The fund supports aspiring entrepreneurs to build transformative companies and find solutions to some of the world's most complex challenges. The Prosperity 7 Fund provides its holding companies with the funding and networking connections they need to expand, enter new markets and reach a global scale.

For his part, Amin Al-Nasser, President and CEO of Saudi Aramco, said: “Prosperity7 Fund will contribute to providing outstanding ideas, cutting-edge research capabilities and innovative technologies from around the world, by studying the requirements of the entire value chain in the energy sector, and supporting important areas, such as sponsorship. Health, education, digital transformation technologies, and the Fourth Industrial Revolution as a Blockchain, to provide effective solutions to the most pressing challenges facing humanity in our world today.”

Cooperation of the MENA Hub initiative from stc and Huawei in technical manufacturing

STC announced the "Mena Hub" initiative, which aims to establish an independent company with investments amounting to one billion dollars to support the infrastructure of submarine cables and data centers, which in turn enhances the current position of the Kingdom as the digital center in the Middle East and North Africa region. By taking advantage of the advantages of the Kingdom's geographical location in the center of the region, the company will manage and continue its investments in submarine cables, which include new cables that are installed at multiple points throughout the Kingdom.

The telecom company will also manage data centers and will continue to invest in new centers throughout the Kingdom, the region and other digital infrastructures to attract foreign direct investment and localize content and cloud services to achieve the goals of the digital plans set by the Kingdom.

STC revealed its new strategic partnership with Huawei Technologies, which will see the establishment of facilities to manufacture data center equipment and devices in the Kingdom, in order to enhance the Kingdom's capabilities in the high-tech sector, establish local supply chains, and expand the adoption of new technologies by Saudi companies, which will support a significant increase in local content. It will contribute to achieving the goals of the Kingdom's Vision 2030.

XVRS Cognitive Virtual Reality Technology and M3LD Data Management Platform from NEOM Digital Technology Holding

NEOM Digital Technology Holding revealed plans to launch cognitive virtual reality technology, Metaverse XVRS, the first-of-its-kind duo platform, where virtual reality blends with the real world to create unique and enhanced mixed reality experiences.

This technology is the only cognitive virtual reality platform under development that includes all the features in one scalable and scalable platform, to form a bridge between the real and digital environments with interpretation technologies and user avatars.

Joseph Bradley, CEO of NEOM Digital Technology Holding Saudi Arabia, said: “Cognitive VR cities will shape our future, a vision that focuses on quality of experience rather than volume. Cognitive VR XVRS takes human needs as a priority; it is designed Giving people more time, space and enhanced safety. At the same time, the M3LD data management platform will enable users to control ownership of their data."

J&T, eWTP Arabia and its partners base their regional headquarters in Riyadh on the Middle East and North Africa.

J&T Express Group, one of the fastest growing logistics companies in the world, announced its investment of $2 billion in cooperation with eWTP Arabia Capital and its partners to open its regional headquarters in the Middle East and North Africa and upgrade its logistics and distribution capabilities in Riyadh to provide more distinguished services to customers and partners. local.

The investment will include the provision of world-class sorting centers, as well as vehicle warehouse systems, air freight stations, e-commerce centers, and other modern industrial facilities and related infrastructure, to provide advanced services based on innovative technologies to J&T customers and partners.

His Excellency Abdulaziz bin Abdullah Al Duailej, President of the General Authority of Civil Aviation, said: “The infrastructure and logistical facilities that will be established under this partnership will not only contribute to accelerating the distribution and shipping operations in the Kingdom, but will also lead to harnessing the Kingdom’s strategic geographical location in the heart of the Middle East and North region. Africa to make it the leading center for advanced logistics.

Jet Li, Founder and Chairman of J&T Express Group, noted: “Over the next ten years, J&T, in collaboration with eWTP Arabia Capital and other strategic partners, will invest in the most advanced hardware and software in the Kingdom, train the most distinguished professional teams, and build the largest smart logistics industrial complex in the region. Middle East and North Africa".

The Garage: Startup Zone

King Abdulaziz City for Science and Technology announced The Garage, the Startup Zone, a mix that includes a physical site, an incubator for startups and an accelerator, and more benefits that will provide startups with grants, investments, support in marketing, training, and fully serviced workspaces, in addition to the ability to use deep technology laboratories. Take advantage of talent, search networks, and other incentives that will enable local and international startups to become the leading technology companies of the future. The Garage aims to launch start-ups with strong potential locally and internationally.

His Excellency Dr. Munir bin Mahmoud El-Desouki, President of King Abdulaziz City for Science and Technology and Team Leader of the Research, Development and Innovation Foundation, said: “The Garage was inspired by the humble beginnings of some of the largest companies in the field of information technology today, and aims to meet everything that startups need to develop their ideas and rise to become One of the up-and-coming digital transformation giants around the world. This region is conveniently located near a wealth of talent and state-of-the-art facilities, providing an ideal platform for startups to take off.”

Digital Cooperation Organization launches passport for startups

The Digital Cooperation Organization (DCO), a multinational organization established to enable digital prosperity for all, today announced the launch of the Startup Passport to make it easier, faster and lower cost for startups to do business across borders, opening the doors to lucrative markets with a combined population of more than Half a billion people.

Dima Al-Yahya, Secretary-General of the Digital Cooperation Organization, said: “The startup passport will contribute to easing administrative and financial burdens and speeding up company registration and other processes for entrepreneurs. Through the new passport, startups will be able to enter the markets of other member countries of the Digital Cooperation Organization, and this will lead To support our mission of coordinating efforts and exchanging experiences to develop the digital economy in all countries.”

The Startup Passport provides rapid entry and significant support into the markets of eight DCO countries. This initiative will initially be launched in Saudi Arabia and Nigeria.

During LEAP22, the Digital Cooperation Organization also announced the Elevate50 initiative, which was launched to support 50,000 small to medium businesses over the next three years to sell their products online. With the support of Jordanian e-commerce platform MakanE, the Elevate50 initiative is expected to create a total of 5,000 jobs specifically targeting businesses run by women and youth.