Saudi Arabia unveiled more than $6.4 billion worth of investments in future technologies and entrepreneurship to accelerate the kingdom's digital transformation and boost its digital economy.
The deals were announced on Tuesday as part of the three-day technology conference Leap in Riyadh, which runs until Thursday.
The initiatives include the official launch of Saudi Aramco Venture’s $1bn Prosperity7 fund and a $1bn investment from Neom Tech and Digital Company in future technologies.
Aramco’s venture capital fund, operational for more than a year now, was launched by Aramco chief technology officer Ahmad Al Khowaiter. It intends to develop next-generation technologies and business models.
These investments and initiatives are a manifestation of the kingdom’s push towards the growth of the digital economy for the greater good of people
Abdullah Alswaha,
Saudi Minister of Communications and Information Technology
“Through the breadth of the Saudi Aramco ecosystem, its vast resources and its far-reaching footprint across geographies and sectors, Prosperity7 can present unparalleled opportunities for scalability and impact,” Mr Al Khowaiter said.
“This potential would be instrumental in creating stronger foundations for success for its portfolio companies.”
As part of its investment, Neom announced the launch of the world’s first cognitive metaverse, XVRS that will serve residents and visitors of the smart giga-project, and M3LD, a personal data management platform that gives back control of data to the user.
“The future will be defined by cognitive meta cities … it is a vision focused on experiences rather than scale,” Joseph Bradley, chief executive of Neom Tech and Digital Company, said.
“XVRS puts human needs at its core, it is designed to give people more time, space and enhanced safety. M3LD, meanwhile, will place data ownership back in the hands of users and restore trust in the data economy.”
Saudi Telecom Company, the biggest telecoms operator in the kingdom by market value, announced Mena Hub, a $1bn investment in regional connectivity and infrastructure.
It seeks to support the kingdom’s rapidly expanding digital and cloud sector, the operator said.
“These investments and initiatives are a manifestation of the kingdom’s push towards the growth of the digital economy for the greater good of people, the planet and the prosperity of the Mena [Middle East and North Africa] region,” Abdullah Alswaha, Saudi Minister of Communications and Information Technology, said.
“They mark the next level of growth for the digital economy in Saudi Arabia, the Mena region’s largest technology and digital market,” he said.
The kingdom's technology market is estimated at more than $40bn, according to official data. New investments are part of the country’s plans to become an innovation-based economy.
Saudi Arabia is the regional leader for technology talent, with more than 318,000 jobs in the technology sector in the kingdom, Mr Alswaha said.
The Arab world’s largest economy is also home to some of the largest investments in cloud technology, with leading hyperscale cloud providers including Google, Alibaba, Oracle and SAP investing more than $2.5bn in cloud in the kingdom.
The technology conference included the launch of Garage, a platform for start-ups, investment and entrepreneurship by King Abdulaziz City for Science and Technology.
It aims to create a full-service environment for local and international start-ups to help them grow to become leading technology companies.
“The Garage is inspired by the humble beginnings of some of the biggest companies in technology today, and aims to provide everything that start-ups need to grow their ideas, to become the next global technology giants,” said Munir Eldesouki, president of KACST and head of the Research, Development and Innovation Authority foundation team.
Singapore-based logistics and supply chain company J&T Express Group announced an investment of $2bn with venture capital fund eWTP Arabia Capital and other partners.
The investment will allow J&T to establish its Mena headquarters in Riyadh, and set up an network of smart logistics and distribution facilities that will extend the kingdom’s reach as the regional centre for advanced logistics.
“The logistics infrastructure and facilities that will be established through this partnership will not only accelerate the growth of distribution and cargo in Saudi Arabia but also make the kingdom a leading centre for advanced logistics services, president of the kingdom’s General Authority of Civil Aviation Abdulaziz Al Duailej said.
“In the next 10 years, together with eWTP Arabia Capital and other strategic partners, J&T will invest in the most advanced hardware and software equipment … train the most outstanding professional team, build the largest intelligent logistics industrial park … serve the entire regional market and promote the comprehensive development of the local technology-driven industrial economy,” said Jet Lee, founder and chairman of J&T Express Group.
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
No.6 Collaborations Project
Ed Sheeran (Atlantic)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
