Leap 2025 saw agreements worth some USD 1.8 bn signed on its third day, with major outlays by companies to support local R&D, AI, digital infrastructure, cloud computing, and talent development, state news agency SPA reports. Day 3 also saw multiple startup funding rounds.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The data centers keep coming: US-based data center firm Equinix is investing upwards of USD 1 bn to establish a carrier-neutral data center in the Kingdom. Meanwhile, Edgnex data centers — a division of Dubai-based Damac — plans to expand capacity at its Saudi data centersto 500 MW by 2030, with a focus on AI and cloud computing.

Six funds also kicked off investments worth a combined USD 695 mn, with a focus on supporting startups and the digital economy, the Ministry of Communications and Information Technology posted on X. The investments include:

  • A USD 300 mn drive by US-based HandsOn Global Management to establish a Saudi HQ and publish games;
  • A USD 150 mn investment from the National Technology Development Program to support four new accelerators;
  • A USD 80 mn infrastructure fund from Joa Capital ;
  • A USD 75 mn data-driven investment fund by Ula Capital ;
  • an accelerator from Singaporean Orbit Startups with a USD 60 mn ticket;
  • A USD 30 mn fund from Riyadh-based Sharaka targeting early-stage startups.

OVER IN STARTUP LAND- Six startups closed a combined USD 102 mn in funding yesterday, with UAE-based MeritIncentives raising USD 28 mn in a Series B funding round, according to a post on X from the Ministry. Hydra also secured a USD 3 mn investment in its upcoming Hydratac game, set for launch by the end of this year. Homegrown government service automation startup Lahint also raised SAR 4 mn in a pre-seed funding round.

** We have the lay-down on Saudi-based startup funding announced in Leap 2025 in the news well, below.

More highlights from Leap’s day three:

  • IBM and Lenovo signed an agreement to deploy generative AI solutions that help Saudi businesses and gov’t agencies enhance operations, security, and efficiency, according to a press release. IBM will provide the AI technology, while Lenovo will supply the computing infrastructure to support these models;
  • India-based IT services provider Redington plans to invest SAR 2 bn in The kingdom over the next decade to establish a new headquarters and a smart distribution center;
  • Zain KSA and Nokia signed an MoU with to develop 5G and advanced 5G solutions using Cloud Ran and AI Ran technologies;
  • Ericsson and Mobily inked an MoU to develop AI-driven 5G networks that can operate and adapt with minimal human involvement;
  • Microsoft Saudi partnered with Monsha’at to provide cloud computing services through Monsha’at Mazaya platform.

DATA POINT- Jobs in Saudi’s communications sector reached 381k by the end of 2024 as the Kingdom pushes to become a global AI hub and bridge gaps in the sector, Argaam reports citing remarks by Communications and IT Minister Abdullah Alswaha at Leap. Saudi’s digital economy has grown at an annual rate of 13% since the launch of Vision 2030, Alswaha added.

Tags: