The international innovation event LEAP23 started on 6th February 2023 in Riyadh. During the event Saudi Arabia was lucky enough to witness the signing of investment contracts totaling $9 billion on the first day.
Abdullah Al-Sawaha, the Minister of Communications and Information Technology of Saudi Arabia, launched the deals. He presented the opening speech at the event that started on 6th February and will last till 9th February 2023. The core aim of this event is to encourage advanced technology, tech startups, and e-entrepreneurship.
The signed deals included the partnership between Aramco, a national oil company, and Zoom for $434 million. The prime vision behind the formation of the partnership is to develop a cloud area. On the other hand, Chinese tech company Huawei also made an investment of a supplementary $400 million to ensure cloud services in their country.
Microsoft also locked a deal of $2.1 billion to build a vast cloud in the country. Further, Oracle’s invested $1.5 billion to bring the latest cloud region. In the event, several other contracts were signed, which can be summed up to $4.5 billion, involving various local and international businesses from different sectors.
