Saudi Arabia has announced more than $9 billion investments in its technology sector, as part of efforts to bolster digital transformation in preparation for the future economy.
The investments are led by a $2.1 billion commitment from Microsoft, which will build a super-scaler cloud in the kingdom, Abdullah Alswaha, Saudi Arabia's Minister of Communications and Information Technology, said at the Leap 2023 conference in Riyadh on Monday.
They also include Oracle's plans to invest $1.5 billion to boost the kingdom's cloud-computing capacity and $400 million from China's Huawei to enhance Saudi Arabia's cloud infrastructure, he said.
An additional $4.5 billion has also been invested in global and local assets across a number of technology sectors, the minister said.
The investment was announced by the Arab world's largest economy surpasses the $6.4 billion announced at the inaugural Leap last year.
They are part of Crown Prince Mohammed bin Salman's plans for the "empowerment of the technology sector, which is one of Saudi Arabia’s most promising sectors amid unprecedented growth in the kingdom’s digital economy", Mr Alswaha said at the opening of Leap.
Some of the areas on which the kingdom will focus are financial and health technology, Internet of Things, quantitative science, satellites and space.
Saudi Arabia has introduced several projects to promote the use of technology as it prepares for the future economy.
The kingdom is also diversifying its economy away from oil as part of its Vision 2030 strategy, with technology one of the key pillars of the plan.
The global digital transformation market is projected to hit about $3.95 trillion by 2030, from about $608 billion last year, growing at a compound annual rate of more than 23 per cent, data from Grand View Research indicates.
Riyadh is encouraging entrepreneurship and seeking investment domestically and from overseas to develop the technology sector.
The kingdom benefits from being a large country undergoing massive transformation at every level, including in infrastructure, society and regulations, IDC group vice president Jyoti Lalchandani told The National last week.
Across the kingdom, more than 340,000 people are working in the digital, telecoms and information technology sectors, government data revealed at Leap showed.
Female participation in the sector has also grown steadily and stands at 32.5 per cent, up from 24 per cent in 2021.
The Ministry of Communications and Information Technology also aims to boost the technology sector's labour force as part of its Future Skills campaign and is offering 38,000 training opportunities for about 20,000 jobs in the industry, its website says.
"The initiative aims to build and stimulate a sustainable ecosystem for the development of digital skills and contribute to bridging the gap between supply and demand in accordance with the requirements of the labour market," it said.
Saudi Arabia is projected to spend $34.6 billion on information and communications technology in 2023, making it the top-spending nation for the category in the Middle East, Turkey and Africa, the IDC said last week.
Leap will be used as a platform to help diversify Saudi Arabia's economy, localise technology and advance industry, Mr Alswaha said.
"Leap boasts the unique capacity to connect innovators with entrepreneurs and thought leaders, and drive bold investment funds to launch qualitative partnerships in new investment areas," he said.
UAE currency: the story behind the money in your pockets
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh
Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh
Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar
Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
UAE currency: the story behind the money in your pockets
Charlotte Gainsbourg
Rest
(Because Music)
Results
%3Cp%3E%3Cstrong%3EStage%202%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Soudal%E2%80%93Quick-Step%20-%2018%E2%80%9911%E2%80%9D%3Cbr%3E2.%20EF%20Education%20%E2%80%93%20EasyPost%20-%201%22%3Cbr%3E3.%20Ineos%20Grenadiers%20-%203%22%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenadiers%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%E2%80%93Quick-Step%20-%20ST%3Cbr%3E3.%20Nikias%20Arndt%20(GER)%20Bahrain%20Victorious%20-%203%22%3C%2Fp%3E%0A
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
