J&T Express, others to pour $6.4b into Saudi Arabia

Saudi Arabia is investing about US$6.4 billion into “future technology” and entrepreneurship in its bid to become the largest digital economy in the Middle East and North Africa (MENA).

Abdullah Alswaha, Saudi Arabia’s minister of communications and IT, at the Leap22 event / Photo credit: Leap22

The announcement was made at Leap22, a global platform for tech professionals. This push also includes the launch of Aramco Venture’s US$1 billion Prosperity7 fund and Neom Tech & Digital Company‘s planned infusion of nearly US$1 billion into in AI-driven, hyperconnected, and autonomous products.

As part of its investment, Neom said it’s rolling out XVRS – the first cognitive metaverse, according to the company – and M3LD, a personal data management platform.

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This year’s Leap included the unveiling of MENA Hub, a US$1 billion initiative from telco titan Stc to support Saudi Arabia’s digital and cloud technology sector. King Abdulaziz City for Science and Technology also launched The Garage, a new platform for startups, investment, and entrepreneurship, at the event.

Indonesia-based logistics major J&T Express joined Leap22 as well, announcing a US$2 billion investment to set up its MENA headquarters in Riyadh and to build a smart logistics network in Saudi Arabia. VC firm eWTP Arabia Capital and other partners will co-invest in these initiatives.