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As oil revenues decline due to the output quota, non-hydrocarbon industries stepped up to the challenge to deliver steady GDP expansion.
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February 2025
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Building a robust local ecosystem, backed by global expertise, will not only benefit the electric car market but the entire automotive sector in the kingdom.
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THE SAUDI EXCHANGE
The kingdom’s exchange ended 2024 on a solid footing as it reaps the rewards from structural transformations that boosted investors’ confidence.
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The LEAP 2025 event in Riyadh has placed Saudi Arabia at the forefront of global technology and innovation, especially artificial intelligence (AI). The event saw investment commitments and projects worth over USD 14.9 billion in AI, underscoring the kingdom’s ambition to shape the digital future.
These strategic investments are not just about economic growth. They are about fostering innovation, nurturing talent, and building an ecosystem where technology can thrive. Saudi Arabia’s Vision 2030 is rapidly taking shape, and LEAP 2025 is helping shift the country toward an AI-driven, knowledge-based economy.
The lineup of investment included Groq and Aramco Digital’s USD 1.5 billion expansion in AI-powered cloud computing. Alat and Lenovo’s USD 2 billion commitment to build an advanced AI and robotics-based manufacturing centre in the kingdom is another major deal that will boost the country’s technology credentials. Meanwhile, Google has unveiled a global AI hub in Saudi Arabia, which will serve both regional and international markets.
Also contributing to the kingdom’s vibrant and expanding tech ecosystem are Qualcomm’s introduction of the ALLaM language model, Alibaba Cloud’s AI empowerment programme, Databricks’ USD 300 million investment in platform-as-a-service (PaaS), and SambaNova’s USD 140 million AI infrastructure development.
These projects will help the kingdom emerge as the region’s largest digitaleconomy. Saudi authorities are also creating an environment that attracts major players while fostering homegrown innovation. This is evident in the investments made by Salesforce, Tencent Cloud, KKR, and Gulf Data Hub, all reinforcing the country’s position as a digital powerhouse.
Like other countries, Saudi is also looking to gain an edge in the AI race, the challenge ahead is ensuring that these investments translate into jobs, talent development, and an innovation-driven economy. With Big Tech firms poised to spend over USD 300 billion this year alone in cloud computing, AI, and data centres, the kingdom is determined to get a slice of this high-value digital pie.
