Tech executives and industry leaders from around the world converged in the desert outside Riyadh last month for a mammoth conference, enduring a three-hour traffic jam as they made their way to the event space. The draw? Billions of dollars in Saudi money as the kingdom aims to build a tech industry to complement its oil dominance.
The event, called Leap, saw over 200,000 attendees, including top executives from Amazon, Google, TikTok, and other major companies. Deals worth over $10 billion were made, with Amazon announcing a $5.3 billion investment in Saudi Arabia for data centers and artificial intelligence technology.
Saudi Arabia’s ambitious tech plans are part of Crown Prince Mohammed bin Salman’s Vision 2030 project, which aims to diversify the kingdom’s economy beyond oil. The country has created a $100 billion fund for A.I. and technology investments, with plans to attract top talent and become a global tech hub.
The kingdom’s efforts have caught the attention of tech leaders worldwide, with many eager to tap into Saudi Arabia’s resources and opportunities. However, the geopolitical implications of Saudi Arabia’s tech ambitions are complex, with concerns about potential alliances with China and the United States.
As Saudi Arabia positions itself as a key player in the global tech industry, the kingdom’s investments and initiatives are reshaping the landscape of A.I. development. With a focus on innovation and collaboration, Saudi Arabia is poised to become a major player in the future of technology.
