Tech executives and industry leaders from around the world converged in the desert outside Riyadh last month for a mammoth conference aimed at tapping into Saudi Arabia’s burgeoning tech industry. The event, called Leap, saw more than 200,000 attendees, including top executives from Amazon, Google, TikTok, and other major companies.
The lure for these industry giants? Billions of dollars in Saudi money as the kingdom seeks to diversify its economy beyond oil and establish itself as a dominant player in artificial intelligence (A.I.). The conference was a showcase of the kingdom’s ambitious plans to invest heavily in tech, with more than $10 billion in deals announced during the event.
Saudi Arabia’s Crown Prince Mohammed bin Salman’s Vision 2030 project, unveiled in 2016, aims to transform the kingdom into a tech hub, with a focus on A.I., data centers, and digital services. The country has already created a $100 billion fund for A.I. investments and is in talks with Silicon Valley investors to put in an additional $40 billion.
The tech industry’s interest in Saudi Arabia comes at a time of escalating global competition in A.I. between major players like China, the United States, and other countries. The kingdom’s strategic location and abundant resources make it an attractive destination for tech companies looking to tap into the growing A.I. market.
However, the kingdom’s ambitions have raised concerns in Washington, with some worrying about the implications of Saudi Arabia’s close ties with both China and the U.S. The kingdom’s efforts to establish itself as an A.I. powerhouse could have far-reaching geopolitical implications, as it navigates its relationships with two superpowers vying for dominance in the tech industry.
Despite the challenges and cultural differences, tech entrepreneurs and industry leaders are flocking to Riyadh to take advantage of the kingdom’s generous investment offers and potential as a key player in the global tech industry. As Saudi Arabia continues to pour money into A.I. and tech initiatives, the kingdom’s ambitions to become a tech powerhouse are becoming increasingly tangible.
