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LEAP 2025: Saudi Arabia’s tech ambitions take center stage

Under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector. Supplied
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Updated 08 February 2025
Nirmal Narayanan
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LEAP 2025: Saudi Arabia’s tech ambitions take center stage

Updated 08 February 2025
Nirmal Narayanan

RIYADH: Saudi Arabia is set to host its flagship technology event, LEAP 2025, in Riyadh from Feb. 9, bringing together visionaries, innovators, and investors from around the world. The latest edition follows last year’s record-breaking LEAP 2024, which saw $13.4 billion in investments and project commitments.

Under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector. The event plays a critical role in Saudi Arabia’s ambition to become a global technology hub, aligning with its Vision 2030 plan to diversify the economy. As part of this initiative, the Kingdom has pledged $100 billion toward advancing its technology sector.

This comes as a World Economic Forum report projected that investment in research, development, and innovation will add $16 billion to Saudi Arabia’s GDP by 2030.

The government has committed to investing 2.5 percent of the nation’s annual GDP in the sector by 2040.

LEAP 2025 is co-organized by Tahaluf and the Ministry of Communications and Information Technology, in partnership with Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones, and the Events Investment Fund.

According to the event’s website, this year’s LEAP is expected to host more than 680 tech startups, 1,100 speakers, 1,800 technology brands, and over 170,000 visitors.

Driving tech aspirations

Industry leaders view LEAP as a catalyst for Saudi Arabia’s technological ambitions. 

“The future of technology is being shaped by ecosystems that blend digital innovation with real-world transformation. Saudi Arabia’s journey, highlighted at LEAP, showcases how technology is driving giga-projects such as NEOM, Red Sea Global, and Qiddiya,” said Mamdouh Al-Doubayan, managing director of Globant in the Middle East and North Africa.




Mamdouh Al-Doubayan, managing director of Globant in the Middle East and North Africa. Supplied

“These initiatives demonstrate that building a knowledge-based economy is not just about deploying cutting-edge tools — it’s about fostering environments where innovation solves tangible challenges and drives societal progress,” he added.

Globant is among the companies supporting the Kingdom’s Vision 2030 through tech-driven collaboration.

In December, Saudi Minister of Communications and Information Technology Abdullah Al-Swaha underscored the conference’s role in realizing the Kingdom’s economic transformation.

“The decision to move to a ticketed format this year makes LEAP more of an exclusive experience for attendees and relevant to today’s global technology elite,” Al-Swaha said.

“LEAP 2025 will showcase exceptional technology innovations, business opportunities, and content — ensuring Saudi Arabia becomes the world’s undisputed technology aggregator,” he added.

Thibault Werle, managing director and partner at Boston Consulting Group, emphasized LEAP’s role in positioning Saudi Arabia as a regional tech leader.




Thibault Werle, managing director and partner at Boston Consulting Group. Supplied

“In only three years, LEAP has become a flagship event uniting tech leaders, investors, and entrepreneurs, cementing the Kingdom’s role as a hub for transformative technologies shaping industries and economies alike,” Werle said.

Werle added that Saudi Arabia is not merely adopting technology but actively reshaping its future by building a dynamic ecosystem that fosters innovation and entrepreneurship.  

Programs and speakers

LEAP 2025 will feature the return of DeepFest, the region’s leading forum on artificial intelligence, as well as new segments such as the SportsTech Track and Tech Arena.

The SportsTech Track will highlight cutting-edge innovations in sports technology, featuring live demos, industry announcements, and insights from leading figures. Notable speakers include Patrice Evra, former Manchester United forward; Mathieu Flamini, co-founder of GF Biochemicals and former French international; and Iker Casillas, ex-Real Madrid and Spain goalkeeper.

Tech Arena, another new addition, will offer hands-on experiences with prototypes and live product demonstrations. The Startup Stage will serve as a platform for emerging entrepreneurs to pitch groundbreaking ideas in the technology sector.

LEAP 2025 will kick off with an opening address by Al-Swaha, followed by keynote speeches from Charbel Aoun, smart city lead at NVIDIA for Europe, the Middle East, and Africa, and Arvind Krishna, chairman and CEO of IBM.

Other prominent speakers include Prince Faisal bin Bandar bin Sultan Al-Saud, chairman of the Saudi Esports Federation; Alison Wagonfeld, chief marketing officer of Google Cloud; Kam Ghaffarian, executive chairman of Axiom Space; and Javier Tebas, president of La Liga.

Industry heavyweights such as Saudi Aramco, PepsiCo, Logitech, Lucid, NEOM, and the Royal Commission of AlUla will be among the key participants.

“We are thrilled to join LEAP 2025, a pivotal event that provides a unique platform highlighting the latest advancements in technology and innovation. We look forward to engaging with industry leaders, exploring new partnerships, and showcasing our innovations that empower users to create, collaborate, and bring their creative visions to life,” said Rocky Tang, general manager of enterprise development at Wondershare.

Håkan Cervell, vice president and head of Saudi Arabia at Ericsson Middle East and Africa, said the company’s presence at LEAP reflects its commitment to supporting Vision 2030.

“Like every year, we are truly excited to showcase Ericsson’s innovative technologies at LEAP 2025 and how they are empowering a sustainable, connected future for Saudi Arabia and beyond,” Cervell said.

Expanding opportunities 

Beyond panel discussions and keynotes, LEAP 2025 will provide a wide range of networking and investment opportunities. The conference will include investor matchmaking programs, exclusive networking lounges, and specialized workshops tailored to startups and enterprises looking to scale in Saudi Arabia’s burgeoning tech ecosystem.

Another highlight of this year’s event is the Future Mobility Pavilion, where companies specializing in electric vehicles, autonomous driving, and smart transportation solutions will showcase their latest developments. Industry leaders from Tesla, Lucid Motors, and Saudi Public Transport Company are expected to participate in discussions about the future of mobility in the Kingdom.

LEAP 2025 will also emphasize advancements in cybersecurity and blockchain technology, with dedicated panels on data privacy, digital identity, and decentralized finance. Experts from Microsoft, IBM, and Saudi Arabia’s National Cybersecurity Authority will provide insights into emerging threats and strategies for safeguarding digital assets.

Additionally, the conference will serve as a platform for universities, research institutions, and tech incubators to showcase cutting-edge research and development projects. Attendees will have the opportunity to engage with scientists and developers leading breakthroughs in artificial intelligence, biotechnology, and quantum computing.

The last edition was reportedly the world’s most attended technology conference, drawing over 215,000 visitors and driving Riyadh’s hotel occupancy rates to 99 percent.

With an agenda packed with industry-leading discussions, networking opportunities, and hands-on tech experiences, LEAP 2025 is poised to further cement Saudi Arabia’s position as a leading force in global technology.

Topics: LEAP2025 technology AI

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Saudi POS spending hits $4bn, fueled by increased spending across all sectors

Updated 23 sec ago
Miguel Hadchity
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Saudi POS spending hits $4bn, fueled by increased spending across all sectors

Updated 23 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s point-of-sale transactions climbed 36.2 percent to SR15.4 billion ($4.1 billion) in the week ending May 3, driven by increased spending across all sectors. 

The latest data from the Kingdom’s central bank, also known as SAMA, showed that education led the growth, registering the largest jump in transaction value, up 74.7 percent to SR239.7 million. The sector also saw a 32.4 percent rise in the number of transactions, reaching 192,000.

The clothing and footwear sector followed, recording a 51.2 percent increase in transaction value to SR917.6 million. Telecommunication spending ranked next, rising 45.1 percent to SR136.4 million, with transactions up 37.3 percent to 3.4 million.

Food and beverages — the sector with the biggest share of total POS value — recorded a 44.9 percent increase to SR2.4 billion.

Transportation spending rose 27.9 percent to SR852 million, while restaurants and cafes saw a 28.8 percent increase, totaling SR2.1 billion and claiming the second-biggest share of this week’s POS.

The smallest spending gains were on jewelry, rising by 12.6 percent to SR361 million, and construction and building materials, which increased by 13.1 percent to SR354.7 million.

The health and public utilities sectors also saw upward changes, increasing by 30.2 percent and 28.8 percent to reach SR953.3 million and SR56.5 million, respectively.

Spending on electronics followed the trend, rising 24 percent to SR189.3 million, and recreation and culture edging up by 38.6 percent to SR291.6 million. 

Miscellaneous goods and services claimed the third-largest share of total transactions value, with an uptick of 41.3 percent to SR1.9 billion.

The top three categories — food and beverages, miscellaneous goods and services, and clothing and footwear — accounted for 41.5 percent of the week’s total spending, amounting to SR6.4 billion. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR5.2 billion, a 28.5 percent increase from the previous week. 

Jeddah followed with a 27.2 percent rise to SR2.1 billion, while Dammam ranked third, up 28.1 percent to SR772 million. Hail saw the biggest increase, inching up 60.8 percent to SR268.9 million, followed by Tabuk with a 60.6 percent uptick to SR325.2 million.

Hail recorded 4.5 million deals in transaction volume, up 33 percent, while Tabuk reached 5.4 million transactions, rising 29 percent.

Topics: point-of-sale Saudi Pos

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Lucid sticks to annual production forecast even as tariff woes hit automakers

Updated 07 May 2025
Reuters
Arab News
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Lucid sticks to annual production forecast even as tariff woes hit automakers

Updated 07 May 2025
Reuters Arab News

LONDON: Lucid stuck to its 2025 production forecast on Tuesday despite the threat of tariffs forcing many automakers to pull back targets, while the luxury electric-vehicle maker reported first-quarter revenue below analysts’ expectations.

Demand for pure battery cars in the US has been slowing as consumers, hit with high interest rates and recession worries, gravitate toward cheaper hybrids.

Lucid — majority-owned by Saudi Arabia’s Public Investment Fund— lowered the prices of its vehicles and offered incentives, including cheaper financing, to entice customers to its Air sedans that start at about $70,000 in the US.

The company said it would produce nearly 20,000 vehicles this year, while Wall Street expects it to manufacture 18,370, according to an average of five analysts by Visible Alpha.

Revenue for the quarter ended March 31 was $235 million, compared with analysts’ average estimate of $248.9 million, data compiled by LSEG showed.

Lucid, which has been focusing on cutting costs, posted an adjusted net loss per share of 20 cents, narrower than the 27-cent loss a year ago.

The company is gearing up to expand its product line with a mid-size car expected to roll out next year, targeting a $50,000 price point, aiming to broaden its customer base and strengthen its position in the competitive EV sector.

Success of Lucid’s recently launched Gravity SUV, along with the midsize, is seen as crucial to its long-term outlook, as the company burns through cash ramping up production.

US automakers are grappling with tariffs imposed by President Donald Trump on vehicle and auto parts imports. The tariffs are expected to disrupt supply chains and raise prices of automobiles.

Automakers, including Tesla, have said they were reassessing their full-year targets in the face of tariff uncertainty.

Last week, Trump signed two orders to soften the blow of his auto tariffs, with a mix of credits and relief from other levies on materials.

In September 2023 it launched its first international manufacturing plant in Saudi Arabia.

Located in King Abdullah Economic City, the facility can currently assemble 5,000 Lucid vehicles annually during its first phase.

Once fully operational, it is expected to produce up to 155,000 electric cars per year.  

Topics: Lucid Motors Lucid

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Oil Updates — crude rises as market eyes US-China trade talks, lower US output

Updated 07 May 2025
Reuters
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Oil Updates — crude rises as market eyes US-China trade talks, lower US output

Updated 07 May 2025
Reuters

SINGAPORE: Oil prices rose on Wednesday, holding slightly above recent four-year lows, as investors focused on US-China trade talks and signs of lower US production.

Brent crude futures gained 76 cents a barrel, or 1.22 percent, to $62.91 a barrel by 10:08 a.m. Saudi time, while US West Texas Intermediate crude was up 84 cents, or 1.42 percent, at $59.93 a barrel.

Both benchmarks plunged to a four-year low recently after OPEC+’s decision to speed up output increases, stoking fears of oversupply at a time when US tariffs have increased concerns about demand.

“News that the US and China will start trade talks this weekend has Brent crude trading higher, extending a relief rally in oil,” said commodities strategists at ING on Wednesday.

“Yet while negotiations would help improve sentiment in the oil market, we’ll need to see significant progress on lowering tariffs to improve the demand outlook,” ING added.

Meanwhile, lower oil prices in recent weeks have prompted some US energy firms including Diamondback Energy and Coterra Energy to announce rig reductions, which analysts said should support prices over time by reducing output.

The latest announcements suggested output will weaken in the coming months, said ANZ Bank senior commodity strategist Daniel Hynes. “We warned last month that falling prices and declining drilling activity was raising the risk of US oil output falling.”

Crude stocks fell by 4.5 million barrels in the week ended May 2, market sources said, citing American Petroleum Institute figures on Tuesday.

US government data on stockpiles is due at 5:30 p.m. Saudi time. Analysts polled by Reuters expect, on average, an 800,000 barrel decline in US crude oil stocks for last week.

Prices also drew support from signs of demand improving. Consumers in China increased spending during the May Day celebration and as market participants returned after the five-day holiday.

In Europe, companies are expected to report growth of 0.4 percent in first-quarter earnings, an improvement over the 1.7 percent drop analysts had expected a week ago.

The Federal Reserve is widely expected to leave US interest rates unchanged on Wednesday as tariffs roil the economic outlook.

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Closing Bell: Saudi main index closes in green at 11,434 

Updated 06 May 2025
Nirmal Narayanan
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Closing Bell: Saudi main index closes in green at 11,434 

Updated 06 May 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward momentum for a second straight day, gaining 11.13 points, or 0.10 percent, to close at 11,434.08 on Tuesday. 

The benchmark index recorded a total trading turnover of SR4.51 billion ($1.20 billion), with 83 stocks advancing and 152 declining. 

Saudi Arabia’s parallel market Nomu, however, dropped 190.20 points to close at 27,952.79. 

The MSCI Tadawul Index edged up 0.16 percent to 1,457.72. 

The top performer on the main market was Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, which saw its share price surge 9.87 percent to SR15.58. 

Shares of Bupa Arabia for Cooperative Insurance Co. rose 3.59 percent to SR178.80, while Saudi Ceramic Co. gained 3.17 percent to reach SR29.30. 

Al-Etihad Cooperative Insurance Co. recorded the biggest decline of the day, with its share price slipping 7.69 percent to SR13.92. 

On the announcements front, United Electronics Co., also known as EXTRA, reported a net profit of SR103.44 million for the first quarter of 2025, marking a 10.2 percent increase compared to the same period last year.

In a Tadawul filing, the company attributed the rise to growth in its retail and consumer finance segments. EXTRA’s share price rose 0.11 percent to SR90.90. 

United International Holding Co. posted a net profit of SR57.81 million for the first quarter of 2025, up 10.42 percent year on year. The company said the increase was driven by a 25.3 percent rise in revenues, which reached SR174.65 million, compared to SR139.43 million in the same period last year. Its share price rose 0.59 percent to SR171.40. 

Saudi Printing and Packaging Co. widened its net loss to SR24.4 million in the first quarter of 2025, compared to SR22.62 million a year earlier. The company blamed the deeper loss on lower revenues from its printing and packaging divisions. Shares dropped 2.83 percent to SR12.34. 

Al-Etihad Cooperative Insurance Co. reported a net loss of SR11.91 million for the first quarter, reversing from a net profit of SR2.66 million in the year-earlier period. The insurer cited reduced revenue and a decline in gross earned premiums in the motor and medical segments as key reasons for the swing. Its stock closed down 7.69 percent at SR13.92.

Almoosa Health Co. announced a net profit of SR51.1 million for the first quarter of 2025, a surge of 272.99 percent year on year. The company said the sharp increase was driven by higher patient volumes and improved inpatient occupancy. Shares advanced 3.09 percent to SR167.

Saudi Arabian Mining Co., also known as Ma’aden, reported a net profit of SR1.54 billion for the first quarter of 2025, reflecting a sharp 57.88 percent increase compared to the same period in 2024. 

In a statement to Tadawul, the mining giant attributed the profit growth to higher commodity prices across all its product lines. 

The company’s revenue for the quarter reached SR8.51 billion, marking a 15.82 percent year-on-year rise. 

“We are off to a great start in 2025. We are building on the momentum of last year and continuing our progress across all operations, with strong production results, safety improvements, exploration success, project advancement and portfolio consolidation,” said Robert Wilt, CEO of Ma’aden.  

He added: “Looking ahead our strong financial position and focus on operational excellence positions us well to navigate the current market uncertainty. We will continue to drive value for our shareholders and develop mining as the third pillar of the Saudi economy.”  

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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Saudi Arabia’s revised 2024 capital investment rises to $355bn, surpassing target by 38%

Updated 06 May 2025
Dayan Abou Tine
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Saudi Arabia’s revised 2024 capital investment rises to $355bn, surpassing target by 38%

Updated 06 May 2025
Dayan Abou Tine

RIYADH: Saudi Arabia’s gross fixed capital formation reached SR1.33 trillion ($355 billion) in 2024, reflecting a 4.5 percent annual increase, according to updated data released by the Ministry of Investment. 

This figure exceeded the ministry’s original target of SR964 billion by 38 percent, underscoring strong momentum in the Kingdom’s capital investment cycle and signaling continued progress toward Vision 2030 objectives. 

The updated breakdown shows that private sector investments grew by 11 percent annually in 2024 to reach SR1.19 trillion, now accounting for 89.16 percent of total GFCF. 

Meanwhile, government sector investment declined by 29.4 percent to SR144.3 billion, representing just 10.84 percent of total capital formation. The figures highlight the country’s growing reliance on private investment to drive sustainable growth. 

GFCF rose to 29 percent of gross domestic product, surpassing the National Investment Strategy target of 26 percent, signaling growing investor confidence and effective policy implementation, according to the ministry. 

The GFCF metric—an indicator of long-term economic health—tracks net investment in fixed assets across infrastructure, industry, real estate, and tourism. Higher capital formation is typically associated with greater productive capacity and stronger future growth. 

These investment gains come amid a broader push by the Ministry of Investment and the newly established Saudi Investment Promotion Authority to strengthen Saudi Arabia’s position as a global investment hub. 

Through its InvestSaudi platform, the authority has launched wide-ranging initiatives to attract domestic and international capital. 

Efforts include a revamped national investment portal that highlights 15 priority sectors with tailored incentive packages, alongside the rollout of the 2025 Investment Law, which streamlines licensing and regulatory processes across industries. 

Internationally, Minister of Investment Khalid Al-Falih has led roadshows and delegations across Asia, the Americas, and Europe—regions that collectively account for a significant share of the Kingdom’s foreign direct investment inflows. 

Al-Falih has emphasized Asia as a key focus, noting that six of Saudi Arabia’s top 10 FDI source countries are from the region. Domestically, he continues to promote Saudi investment opportunities at major economic forums and sector-specific conferences, positioning the Kingdom’s transformation as a compelling investment narrative. 

Together, these outreach efforts, combined with a growing pipeline of mega-projects such as NEOM, the Red Sea, and Diriyah Gate, are shaping a dynamic investment landscape and reinforcing the Kingdom’s appeal to both regional and global investors.

Topics: Investment SaudiVision2030

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