蹤獲弝け

蹤獲弝け unveils $1.78bn investments to advance AI, digital talent

CST Gov. Mohammed Al-Tamimi, highlighted key themes shaping LEAP 2025, including AI, cloud computing, quantum technologies, and the intersection of space and the digital economy.
CST Gov. Mohammed Al-Tamimi, highlighted key themes shaping LEAP 2025, including AI, cloud computing, quantum technologies, and the intersection of space and the digital economy.
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Updated 11 February 2025

蹤獲弝け unveils $1.78bn investments to advance AI, digital talent

蹤獲弝け unveils $1.78bn investments to advance AI, digital talent

RIYADH:Investments totaling $1.78 billion marked the third day of the LEAP 2025 Tech Conference in Riyadh, aimed at accelerating artificial intelligence and digital talent development.

Industry leaders, investors, and policymakers have launched several initiatives to drive digital transformation in 蹤獲弝け, aligning with Vision 2030 to position the Kingdom at the forefront of the digital age.

Among these, Equinix, a global leader in digital infrastructure, announced a $1 billion investment in data centers nationwide, starting with a 100-megawatt facility to serve hyperscale and retail customers in the region.

Equinix has been at the center of technological advancements for 26 years. Our global interconnection hubs allow data to move seamlessly worldwide, and now, we are expanding further into 蹤獲弝け, said Judith Gardner, vice president of growth and emerging markets at Equinix.

蹤獲弝けs Communications, Space, and Technology Commission has launched Cohort 3 of its innovative regulatory sandbox program, aimed at empoweringinnovators and startups to test new technologies.

Abdulaziz Al-Batli, general manager of technology enablement at CST, emphasized the commissions approach, which balances ample space for innovation with necessary regulatory oversight.

To further solidify 蹤獲弝けs position as a regional technology and innovation hub,DAMACs EDGNEX unveiled plans to expand its investments in data centers for cloud computing and AI across the Kingdom.

The company aims to develop a 500-megawatt capacity by 2030, aligning with the countrys broader digital transformation goals.

This initiative complements the wave of investments announced at LEAP 2025, reinforcing 蹤獲弝けs commitment to enhancing its digital infrastructure and fostering an AI-driven economy.

Strengthening AI, startups, and emerging technologies

Several investment funds have substantially committed to supporting startups specializing in AI, gaming, and innovative tech solutions, fostering growth and innovation across various sectors.

The investment funds include JOA Capital, which has dedicated $80 million to an AI-powered infrastructure fund; Ula Capital, which has committed $75 million to a data-driven fund for AI and deep tech startups; the Sanabil Accelerator by Orbit, which is providing $60 million for over 200 early-stage tech startups; and Sharaka Financial, which is investing $30 million in startups in the MENA region.

Additionally, the National Technology Development Program has pledged $150 million to launch investment accelerator programs and support funds for startups in partnership with Draper Startup House, DMZ, Gener8tor, and Big Idea Ventures.

The startup companies receiving support include MERIT, which secured $28 million in Series B funding to focus on revolutionizing loyalty and rewards programs worldwide; BRKZ, which closed the second tranche of Series A with $22 million to meet the growing demand in 蹤獲弝けs construction sector; and Torod, which secured $11.3 million to develop the Kigndoms first AI logistics agent.

Moreover, Ula.me raised $28 million in Series B funding to expand into the Kingdom and launch a generative AI-powered EdTech platform; Buildnow received $9.7 million in financing from Arbah and STV to expand operations; and Hydrata announced a $3 million investment in its gaming project, set to launch in 2025.

These investments bring the Kingdoms total venture capital commitments announced at LEAP to nearly $700 million, with close to $100 million dedicated to startup investments.

AI innovations and talent development

WhiteHelmet introduced ASIF, the first AI-powered construction agent designed to revolutionize the building industry by optimizing speed and efficiency.

Additionally, Microsoft announced the establishment of the Kingdoms first Data Center Academy in partnership with the National IT Academy.

This initiative aligns with Microsofts mission to provide cutting-edge digital skills and training, ensuring 蹤獲弝けs workforce is ready for the AI-driven future, said Zainab Al-Amein, vice president of national digital transformation at Microsoft.

Similarly, Huawei, in collaboration with the Ministry of Communications and Information Technology, unveiled plans for a Future Skills Center to enhance AI expertise in the region.

Accenture and Atomcamp also launched the first AI Academy in 蹤獲弝け, aiming to train 20,000 Saudi professionals by 2030.

Expanding space and digital economy

CST Gov. Mohammed Al-Tamimi, highlighted key themes shaping LEAP 2025, including AI, cloud computing, quantum technologies, and the intersection of space and the digital economy.

We are witnessing the second phase of our space track, with over 20 events dedicated to discussions on space competition and the connection between space and the digital economy, said Al-Tamimi.

Gaming industry

The gaming industry also saw significant investments, with HGM announcing a $300 million commitment to bring top gaming titles to Riyadh. The Kingdoms first major military shooter game is set to launch in October, developed by a team with experience in franchises like Call of Duty.

With these majorannouncements, LEAP 2025 continues to reinforce蹤獲弝けs position as a global technology and innovation hub. The ongoing event is underscoringthe countrys efforts to drive digital transformation, AI advancements, and economic diversification in line with Vision 2030.


GCC, Japan advance free trade talks as officials meet in Tokyo

GCC, Japan advance free trade talks as officials meet in Tokyo
Updated 18 sec ago

GCC, Japan advance free trade talks as officials meet in Tokyo

GCC, Japan advance free trade talks as officials meet in Tokyo

RIYADH: Negotiations over a free trade agreement between the Gulf Cooperation Council and Japan advanced further this week as officials from both sides convened in Tokyo to review progress and explore ways to accelerate discussions.   

The meeting, held between GCC Secretary-General Jasem Al-Budaiwi and Japans Vice Minister of Economy, Trade and Industry Kato Akiyoshi, focused on the strategic potential of the proposed accord and recent developments in the negotiation process, the Saudi Press Agency reported.  

The second round of negotiations for the agreement had concluded in Tokyo in early June, covering a wide range of issues including goods, technical barriers, terms of services, financial and telecommunications services, and intellectual property.   

A government delegation led by the General Authority for Foreign Trade took part in those discussions, reviewing proposals aimed at strengthening trade relations, identifying areas for cooperation, and fostering new partnerships.  

At this weeks meeting, both sides reiterated that a free trade agreement would represent a pivotal step toward expanding trade flows, enhancing economic links, and establishing a framework for long-term cooperation.  

Al-Budaiwi reviewed a number of economic indicators and statistics for the GCC countries, noting that the GCC countries distinguished economic performance, and the sustainable growth and development they are witnessing in various sectors, have contributed to strengthening their position regionally and internationally, SPAs report stated.  

The officials stated that the accord could open broader avenues for exchange and contribute to a sustainable economic partnership serving shared interests. 


Al-Ahsa signs $400m in development deals to boost tourism, services

Al-Ahsa signs $400m in development deals to boost tourism, services
Updated 5 min 42 sec ago

Al-Ahsa signs $400m in development deals to boost tourism, services

Al-Ahsa signs $400m in development deals to boost tourism, services

RIYADH: Five investment contracts worth SR1.5 billion ($400 million) were signed by Al-Ahsa municipality to advance a series of development and service projects across the region.   

The agreements, concluded in the presence of Al-Ahsa Gov. Prince Saud bin Talal and Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail, are intended to enhance municipal services and improve quality of life for residents, the Saudi Press Agency reported.  

The deals cover the development of the Jabal Abu Hsais tourist resort, the construction of a vehicle appraisal center, and the establishment of a periodic vehicle inspection facility. They also include the redevelopment of the King Abdullah Cultural Center and the creation of a date processing factory in Al-Ahsa. 

These projects are part of broader efforts to diversify the local economy and attract investment into the governorate, highlighting the strategic importance of the Al-Ahsa region, which spans approximately 379,000 sq. km about 20 percent of 蹤獲弝けs total land area. 

Prince Saud stated that these projects represent a fundamental pillar in the regions comprehensive development strategy, aligning with the leaderships aspirations to strengthen sustainability in the implementation of strategic plans and to make optimal use of Al-Ahsas cultural and economic resources, according to the SPA report.   

In addition to the investment contracts, Al-Ahsa municipality signed three memoranda of understanding to implement 11 projects focused primarily on establishing parks and urban enhancements under the Bahja project and the Saudi Green Initiative.  

The National Housing Co. committed to building eight parks in various locations across Al-Ahsa.   

Retal Urban Development, represented by the chief operating officer Yousef Al-Hamoudi, agreed to develop two parks in Al-Badriya district of Hofuf, while Abdullah Al-Abdulqader, board member at Imam Abdulrahman Bin Faisal University, pledged to fund a 2,000-sq.-meter park in Al-Asima neighborhood.  

Al-Ahsa Mayor Essam Al-Mulla explained that the agreements form part of the municipalitys objectives to serve the community, deliver projects and initiatives that advance development, and establish integration between public and private sectors in pursuit of sustainable growth consistent with Saudi Vision 2030, according to the SPA report.   

During the signing ceremony, Prince Saud and the minister inaugurated the Al-Ahsa: Future and Development exhibition, which showcased municipal services, infrastructure projects, and quality of life initiatives.   

They also handed over residential units to beneficiaries of the developmental housing program in Al-Ahsa.  

Building on these initiatives, Al-Ahsa also witnessed a sharp rise in tourism in 2024, with visitor numbers increasing by 500 percent to reach 3.2 million. As a result, total tourist spending exceeded SR3.3 billion, marking a 400 percent increase compared to 2019. These figures highlight the regions growing appeal and underscore the impact of continued investment in infrastructure and services. 


Strategic AI adoption, climate resilience to add $232bn to Middle East GDP: PwC

Strategic AI adoption, climate resilience to add $232bn to Middle East GDP: PwC
Updated 22 min 19 sec ago

Strategic AI adoption, climate resilience to add $232bn to Middle East GDP: PwC

Strategic AI adoption, climate resilience to add $232bn to Middle East GDP: PwC

RIYADH: The Middle East could add $232 billion to its gross domestic product by 2035 if governments and businesses harness artificial intelligence-driven productivity gains while managing the economic impacts of climate change.

In its latest report, professional services firm PwC stated that the regions GDP is projected to reach $4.68 trillion by 2035, up from $3.57 trillion currently, in an optimal scenario driven by widespread adoption of AI and decisive environmental action.

Countries in the Middle East, including 蹤獲弝け, are heavily concentrating on developing advanced technologies such as AI, as they seek to diversify their economies by reducing their dependence on oil revenues. 

According to the Global AI Competitiveness Index released in January, the Kingdom ranked 15th globally in research output in the sector, having produced 29,639 AI-related publications. This ranking places it among the top contributors to global research and highlights its emerging role as a regional technology leader.

Reflecting on his companys latest report, Stephen Anderson, chief strategy and technology officer at PwC Middle East, said the upcoming decade will challenge the regions imagination and capabilities like never before.

He added: To stay ahead, businesses and governments must act with pace, purpose and partnership reimagining traditional models to unlock the competitive advantage the region is uniquely positioned to deliver. 

As part of its efforts to advance the growth of AI, 蹤獲弝けs Public Investment Fund, in partnership with Google, launched Project Transcendence in 2024, a groundbreaking $100 billion undertaking. 

The initiative is set to bolster the growth of local tech startups, generate employment opportunities, and foster collaborations with global technology firms, positioning the Kingdom at the forefront of regional innovation.

PwCs modeling shows that under a business-as-usual scenario, regional real GDP could grow by 41.8 percent by 2035. However, when factoring in climate-related risks such as heatwaves, water scarcity, and flooding this growth drops by 13.9 percentage points to a net increase of 27.9 percent, placing GDP at $4.57 trillion.

At stake is $232 billion the gap between the regions most optimistic and constrained economic futures. In the most optimistic scenario, widescale AI adoption could add 8.3 percent through productivity gains; this, combined with decisive climate action could lift GDP to $4.68 trillion by 2035, said PwC. 

The professional services firm added that over the next decade industries will reconfigure to meet human needs in new ways, leading to the formation of new domains that cross traditional sector lines. 

These shifts will create opportunities for businesses and organizations to reinvent themselves and target new client bases, form cross-sector alliances, and innovate their service and operating models.

With bold climate commitments, access to the worlds lowest-cost renewable energy and rapidly advancing AI capabilities and infrastructure, the Middle East holds a unique strategic advantage and is well-positioned to lead the next wave of sustainable, tech-enabled economic growth, said PwC. 

Despite being an oil-rich nation, 蹤獲弝け is spearheading climate efforts in the region. The Kingdoms Saudi Green Initiative aims to plant 10 billion trees, rehabilitate 40 million hectares of degraded land, and reduce carbon emissions by more than 278 million tonnes per year.

The latest PwC report also highlighted the role of clean energy in powering AI and scaling innovation. 

A critical factor will be how effectively the region balances the cost and scalability of AI with the availability and affordability of clean energy to power it especially as AI adoption accelerates at an unprecedented pace. Striking this balance will be essential to unlocking the regions full potential, said Yahya Anouti, partner at Strategy& and PwC Middle East sustainability platform leader. 

PwC also called on governments, business leaders, and academia to take bold, coordinated action to shape the regions future. 

According to the analysis, governments should redesign institutions to meet evolving human needs by establishing ministries focused on care or mobility and creating dedicated funds to accelerate AI adoption in public services. 

Business leaders are being called upon to reinvent their operating models for a more localized, digital, and low-carbon economy, while strengthening supply chain resilience and fostering cross-sector alliances. 

Additionally, academia should anchor national progress by developing future-fit talent, advancing applied research in strategic areas, and embedding entrepreneurship across the education system, PwC concluded.


蹤獲弝けs construction output to hit $191bn in 2029: Knight Frank

蹤獲弝けs construction output to hit $191bn in 2029: Knight Frank
Updated 07 July 2025

蹤獲弝けs construction output to hit $191bn in 2029: Knight Frank

蹤獲弝けs construction output to hit $191bn in 2029: Knight Frank

RIYADH: 蹤獲弝けs construction output value is expected to reach $191 billion in 2029, representing a rise of 29.05 percent compared to 2024, according to an analysis. 

In its latest report, global consulting firm Knight Frank pointed to the growth in residential developments, the ongoing giga-projects, and increased demand for office space particularly in Riyadh as the key drivers for this rise.

The Kingdom aims to deliver over 1 million homes, more than 362,000 hotel keys, over 7.4 million sq. meters of retail coverage, and more than 7.7 million sq. meters of new office space by the end of this decade as part of its Vision 2030 economic diversification drive. 

蹤獲弝けs Real Estate General Authority expects the property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024.

Knight Franks forcast comes after the output value for the construction, transport, and power sectors, as well as those covering oil and gas, industrial, water, and chemical, in the Kingdom expanded by 4.6 percent year on year in 2024, reaching $148 billion. 

The anticipated growth in the Kingdoms construction output value also aligns with the broader trend observed in the GCC region, where countries are pursuing their economic diversification efforts. 

Construction contracts totaling more than $215.4 billion were awarded across 蹤獲弝け between 2020 and 2025, highlighting the governments incredible ambition and commitment to making the Kingdom the center of wealth generation and trade not just in the GCC (Gulf Cooperation Council) but globally, said Faisal Durrani, partner, head of research of Knight Frank in the Middle East and North Africa. 

He added: Indeed, some $1.3 trillion is planned to be invested in real estate and infrastructure projects as part of Vision 2030, highlighting the breadth and scale of what is now being delivered. 

According to the report, the total real estate development value for the Western Region accounts for 53 percent of the total in this $1.3 trillion development plan.

In May, a report released by Research and Markets projected that the construction market in the UAE is expected to expand at a compound annual growth rate of 4.8 percent from 2025 to 2029, reaching 242.33 billion dirhams ($65.89 billion). 

In June, Research and Markets projected that Qatars construction sector is projected to grow at an annual average growth rate of 4.7 percent from 2026 to 2029, supported by public and private sector investments in renewable energy, water infrastructure and liquefied natural gas projects.

In February, speaking at the Public Investment Fund Private Sector Forum in Riyadh, Fahad Al-Hashem, assistant deputy minister at the Ministry of Investment, said that 蹤獲弝けs construction sector saw significant growth in 2024, with 3,800 new licenses added in just one year to bring the total to 8,900.

According to the latest Knight Frank report, Riyadh remains the center of construction activity, with $135.2 billion of contracts awarded since 2020, representing 63 percent of the total across the Kingdom. 

The $195 billion development plan for Riyadh envisions 4.6 million sq. meters of office space, 2.6 million sq. meters of retail, more than 28,800 hotel rooms, and over 340,000 residential units.

Knight Frank added that the total value of commissioned projects in Riyadh stands at $35 billion. 

The analysis also discussed Riyadhs rapidly developing transport system, which includes the Riyadh Metro project, featuring six lines spanning 176 km with 85 stations and fully automated, driverless trains. 

Knight Frank stated that the King Abdulaziz Public Transport Project in the capital will create a comprehensive bus rapid transport system, while more than $5 billion is being spent on major road projects to support the citys expansion.

With the population of Riyadh projected to increase to 10 million by 2030, the citys transport upgrade program is one of the largest and most innovative in the world, said Mohamed Nabil, regional partner, head of project and development services, Knight Frank, MENA. 

He added: Although the car is still the dominant form of transport, the investments being made in Riyadhs Metro and rapid transport system show how the city is redefining the urban experience through sustainable development to create not only a liveable city, but also an attractive destination for business and tourism. 

In June, a separate report released by Knight Frank highlighted the growth of Riyadh as a commercial hub.

According to that analysis, the rents for Grade A office spaces in the Kingdoms capital reached SR2,700 ($719.95) per sq. meter, marking a year-on-year rise of 23 percent, driven by the success of government-led initiatives, including the ambitious regional headquarters program.

That initiative offers benefits to international firms, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as discounts and support services.

In the latest report, Amar Hussain, associate partner research Middle East at Knight Frank, said that giga-projects in the Kingdom are emerging as a major hub for construction activities. 

The $50 billion New Murabba project will transform 19 sq. km of north-west Riyadh, creating 18 new neighborhoods. In Western 蹤獲弝け, a $685.5 billion real estate development plan centered on giga projects will deliver more than 382,000 homes, 330,000 hotel rooms, and office and retail space spanning upwards of 7.3 million sq. meters, said Hussain. 

 

He added: These projects are designed on a scale far beyond anything else currently under construction in EMEA (Europe, the Middle East and Africa), and this bold vision is rapidly becoming reality, bringing benefits to Saudi residents and businesses alike. 

 


蹤獲弝けs National Development Fund secures $1.3bn in credit facilities to boost development projects

蹤獲弝けs National Development Fund secures $1.3bn in credit facilities to boost development projects
Updated 07 July 2025

蹤獲弝けs National Development Fund secures $1.3bn in credit facilities to boost development projects

蹤獲弝けs National Development Fund secures $1.3bn in credit facilities to boost development projects
  • Deals designed to enhance funding for key development projects across the Kingdom
  • Two agreements signed with Al-Rajhi Bank and Arab National Bank

RIYADH: 蹤獲弝けs National Development Fund has secured SR5 billion ($1.3 billion) in credit facilities through two agreements with Al-Rajhi Bank and Arab National Bank.

The deals are designed to enhance funding for key development projects across the Kingdom, empowering its 12 affiliated development funds and financial institutions to drive economic growth and accelerate national transformation, according to the Saudi Press Agency.

The agreements represent a strategic move in the NDFs push to promote sustainable development and strengthen 蹤獲弝けs private sector, reflecting the Kingdoms increasing reliance on public-private partnerships to drive economic growth. This approach supports broader efforts to reduce government dependence and enhance private investment in key sectors, such as infrastructure, renewable energy, and technology.

The pacts were formalized during a signing ceremony at the funds headquarters in Riyadh. Khalid Shareef, vice governor of the NDF, said that the initiative aligns with the funds strategy to foster stronger partnerships between the government and private financial institutions. 

The goal is to provide credit products to the development system through the fund and its associated development banks, Shareef said. 

He added: This will empower these institutions to effectively implement their strategic projects and expansion plans, thereby increasing their contribution to economic growth and supporting the objectives of Saudi Vision 2030.

In a separate statement, Al-Rajhi Bank announced that the deal with NDF is valued at SR3 billion for a 12-month duration.

The agreement aims to strengthen the support of development projects in the Kingdom and enable the development banks of the development system to achieve their development goals, contributing to enhancing economic growth and accelerating the pace of national transformation, the statement said.

In a post on its official X account, the NDF said that the agreements are part of its commitment to supporting development projects and empowering funds and banks within its ecosystem.

Speaking to Arab News in February, Jaber Al-Salah, chairman of the academic chapter and member of the steering committee of the World Association of Public-Private Partnership Units and Professionals, explained how the deals align with the Vision 2030 drive to boost the private sectors contribution to gross domestic product from 40 percent to 65 percent by the end of the decade. 

PPPs offer several benefits to the private party, making them an attractive option for collaboration. These partnerships also support government objectives by improving public asset efficiency, enhancing service coverage, quality, and rationalizing spending, he said.