TECHNOLOGY

The LEAP22 technology event that was held in Riyadh in February highlighted the wealth of opportunities in the kingdom’s thriving technology industry and digital economy.

The event saw the launch of “Ignite,” a new programme for digital content creation and production, new investments and support for next generation connectivity and communications infrastructure.

“Ignite aims to triple Saudi Arabia’s digital content market size in gaming, audio, video and advertising,” according to the Digital Content Council. “The programme is backed by a USD 1.1 billion investment and will include incentives such as financial support for local, regional, and international companies and start-ups; infrastructure development; talent development programmes and improved policy and regulations to enable the sector to grow rapidly.”

The programme will also offer training courses in gaming, films and digital ads, to upskill more than 4,400 participants in the next three years. The training courses will ensure that Saudi Arabia is developing the skillsets required by the industry and giving Saudi youth employment opportunities.

              

In addition, the kingdom is upgrading its digital infrastructure, with the launch of WiFi 6E, supported by the largest amount of spectrum available forWiFi of any country worldwide.

“The combination of state-of-the-art technology and record amount of spectrum will allow Saudi Arabia to benefit from the fastest achievable WiFi speeds globally (2.4 Gbps),” according to LEAP, noting that the hyper connectivity is estimated to quadruple WiFi’s overall contribution to Saudi Arabia’s GDP to more than USD 18 billion by 2030.

That is not all. The kingdom is also boosting other digital infrastructure, including the first regional trial of Low Earth Orbit (LEO) satellite technology to extend reliable coverage to the country’s remote areas. Communications and Information Technology Commission, the kingdom’s telecom regulator, also intends to hold a frequency auction during the first half of this year, a development which is likely to place Saudi first globally for spectrum available to fifth-generation (5G) networks and mobile communications.

“The contribution of 5G technology to GDP is expected to increase from USD 1.4 billion in 2021 to more than USD 15 billion by 2030,” according to the government.

 

NEW BIG TECH HQ

Trend Micro Inc., an American-Japanese cybersecurity firm, which boasts revenues of more than USD 1.76 billion, said it was setting up its regional headquarters in Riyadh. The company also aims to establish a centre of excellence for cybersecurity expert advisory resources in the kingdom to help businesses improve their cybersecurity.

“The new Riyadh HQ office is equipped with world-class facilities including an executive briefing centre, a learning and innovation centre, meeting rooms, and community gathering spaces, as well as many other facilities for the benefit of the entire cybersecurity ecosystem,” the company said.

The kingdom is already emerging as a regional hub for cloud technology, with leading hyperscale cloud providers including Google, Alibaba, Oracle, and SAP investing more than USD 2.5 billion in cloud in the country.

 

INVESTING IN A DIGITAL FUTURE

A number of other major ITC initiatives were also announced at the LEAP event. This included the Saudi Telecom’s MENA HUB, a USD 1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector. 

Saudi Aramco, meanwhile, officially launched Prosperity7 Ventures, a USD 1 billion Venture Capital Fund at the LEAP event. The fund, which has been operational for a year, aims to support entrepreneurs and provide access to a network of leading companies, venture capital firms, and experts globally.

“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,” said Aramco chief technology officer Ahmad Al-Khowaiter. “This potential would be instrumental in creating stronger foundations for success for its portfolio companies.”

LEAP also saw the launch of The Garage, a new platform for start-ups, investment, and entrepreneurship by King Abdulaziz City for Science and Technology (KACST), according to the Saudi Press Agency. “The Garage will create a full-service environment for local and international start-ups, to help them grow to become the leading technology companies of the future."

NEOM Tech & Digital Company, part ofthe giga-project Neom on thekingdom’s west coast, also unveiled plans for the launch of XVRS, aunique digital twin metaverse platform, where virtual reality truly merges with physical to create immersive mixed-reality experiences.

“The future will be defined by cognitive meta cities. It is a vision focused on experiences rather than scale,” said Joseph Bradley, CEO of NEOM Tech & Digital Company. “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.”