Saudi Arabia Witnesses the Signing of Investment Contracts of $9 Billion During LEAP23

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.

Dibbyyan Nath

Dibbyyan Nath

Dibbyyan is a tech-enthusiast, strategist and a writer who has mentored professionals, entrepreneurs for self and career growth while his owned organization Inteliqo Research and Services have fulfilled different technical projects of renowned global brands.After obtaining degrees and certifications from various national and international reputed institutes such as IIT Delhi, Indian Council of Technical Research and Development, UC San Diego and many more, he has realized that knowledge is incomparable and can definitely make a positive impact on society. His passion towards writing influenced him to engage into different ventures being driven by writing and research which includes the foundation of The Readers Time

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