RIYADH: Saudi Arabia on Tuesday extended the term for a $5 billion deposit the Kingdom made to Egypt’s central bank, Saudi Press Agency reported.
The extension comes at the directive of King Salman and Crown Prince Mohammed bin Salman and aims to enhance economic stability in Egypt.
There is continuous communication between authorities in the two countries in order to enhance coordination, especially with regard to pumping numerous investments in foreign currencies into the Egyptian market in addition to Saudi deposits, SPA said.
It is hoped that these investments will contribute to opening new funding channels with regional and international organizations, SPA added.
The Kingdom made the $5 billion deposit in Egypt’s central bank in March after the country came under increasing financial pressure following Russia’s invasion of Ukraine.
Tech giants from around the world take center-stage at Saudi Arabia’s LEAP conference
Second edition of the event, being held over Feb. 6-9, to have more than 700 leaders in technology and tech investment in attendance
LEAP’s inaugural conference broke the record for largest tech event ever held, with this year looking to be even larger
Updated 06 February 2023
RIYADH: More than 700 leading experts in technology investment from 50 countries are set to speak during the second edition of the LEAP technology conference, which will take place at Riyadh Front Expo Center from Monday to Thursday.
The conference is organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and UAE-based IT services and consulting firm Tahaluf.
It aims to spark discussions on artificial intelligence, the digital transformation and advancements in the field of technical and innovative entrepreneurship through immersive learning, storytelling sessions and lectures.
“The first edition of LEAP was surprisingly more than I expected from a debut event. I am excited to see how this edition will make an even greater impact on our industry and the creative economy,” Sujoy Cherian, group CEO of Option 1 Events, an event technology and content company, told Arab News.
“Besides speaking on the panel for future live events, I am honored with the opportunity for a solo session to share my insight on some of the latest in tech for hybrid events and content creation,” he added.
Cherian, a creative technologist and serial entrepreneur, is just one of the hundreds of speakers from more than 400 global and local technology companies speaking at the event.
Executives from Saudi Aramco, NEOM, Microsoft, Oracle, Huawei, Zoom, Ericsson and Hewlett Packard Enterprise are among the roster of speakers.
International tech figures include G.V. Ravishankar, managing partner of Sequoia Capital India; Tim Ringel, an investor and advisory board member at Adit Ventures; and William Bao Bean, general partner of venture capital firm SOSV.
Former world boxing champion Anthony Joshua, astronaut Susan Kilrain and West Ham United Football Club vice-chairman Karren Brady to also speak at LEAP.
Executives from leading firms such as Saudi Aramco, NEOM, Microsoft, Oracle, Huawei, Zoom, Ericsson and Hewlett Packard Enterprise are set to deliver speeches during the conference.
Some of the world’s leading tech figures will take to the Investor Stage, including G.V. Ravishankar, the managing partner of Sequoia Capital India, Tim Ringel, an investor and advisory board member at Adit Ventures, and William Bao Bean, general partner of venture capital firm SOSV.
Former world boxing champion Anthony Joshua, astronaut Susan Kilrain and West Ham United Football Club vice-chairman Karren Brady will also speak at the conference.
Some of the talks set to take place at LEAP will shed light on the creative economy, education, retail, the Fourth Industrial Revolution, future energy, smart cities, and health tech.
One of the companies that will discuss the creative economy during one of the many orbital talks is Sparkup, a real-time engagement platform for live streams and hybrid events. “Our experience combines virtual audience technology and interactive live streaming to offer attendees a front-row seat on an event and allow them to react in real-time,” Vincent Bruneau, founder and CEO of Sparkup, told Arab News.
The company is working toward scaling and integrating its real-time engagement platform, bringing the concept into different environments. “It’s quite exciting because virtual and hybrid events are becoming very popular, people are now used to it and it forces you to innovate, to level up your game and imagine what should the next experience be like,” Bruneau said.
The investors’ platform is expected to witness multiple investment deals with global tech industries.
The changing landscape of the Saudi design industry
Designathon competition encourages designers to consider modern challenges
Updated 05 February 2023
RIYADH: The first Designathon competition was recently held in Riyadh, gathering 500 designers and specialists to solve key issues facing the design industry, including social impact, health and sustainability.
Organized by the Architecture and Design Commission on Feb. 2-3, it brought together local creators to compete for awards collectively worth more than SR500,000 ($133,000).
Sumayah Al-Solaiman, CEO of the commission, said: “It is the designer’s role to really advocate for not just themselves but also society and the planet. We made sure that we have that responsibility reflected within the three tracks.”
Coming in first place in the wellness track was team “Sabeel,” followed by team “Mumtir” in second place, and team “Khutwah bi Khutwah” in third.
The sustainability design track’s winning teams were “Wasm” in first place, “Table Mo1” in second place, and team “Waste No More” in third place.
• Coming in first place in the wellness track was team ‘Sabeel,’ followed by team ‘Mumtir’ in second place, and team ‘Khutwah bi Khutwah’ in third.
• The sustainability design track’s winning teams were ‘Wasm’ in first place, ‘Table Mo1’ in second place, and team ‘Waste No More’ in third place.
• Finally, the social impact track awarded first place to team ‘Dreams,’ second to ‘Rans Team,’ and the third winning spot to ‘Hayyak.’
Finally, the social impact track awarded first place to team “Dreams,” second to “Rans Team,” and the third winning spot to “Hayyak.”
The initiative aims to encourage up-and-coming designers to consider real-life modern design challenges that truly impact community members, create awareness around participatory design concepts, and highlight the role of design in resolving global issues. Participatory design is a cooperative method that looks at solutions that involve all stakeholders, with a focus on the procedure of design rather than the style itself.
“This time, we will be learning from everything that happens. We want to use that design methodology and hear from all the participants (regarding) their experience…and how we can improve it for next editions,” Al-Solaiman explained.
One of the participants, Huda Al-Qahtani, is a senior architecture student at Prince Sultan University who is interested in the art behind design and its role in enhancing the microclimate.
“I actually was interested in the well-being track and the social impact track. For well-being here in Saudi specifically, we don’t have any chances for walkability or cycling. It’s very hard, whether you’re considering the width of the streets or the climate,” she told Arab News.
Al-Qahtani expressed her excitement at the new initiatives that cater to the growth of the local design scene. “I feel very proud. Now I’m seeing more opportunities in Saudi than...abroad,” she said. “It’s (expanding) very fast, which makes me relieved…Even the architecture here in Saudi is gaining its identity back.”
Raghad Fathaddin, one of the sustainability track mentors, told Arab News: “What (the Designathon) is telling us all as citizens of this nation is that there (are) new ways of thinking, and that’s what we’re calling upon in order to achieve the Saudi Vision 2030 and sustainable development goals.
“I’m very impressed by the ideas I’m hearing…Our nation shouldn’t be underestimated. I’m excited for our future.”
Al-Solaiman noted the possibility of expanding on the three tracks in the future, increasing the number of participants, or even venturing into a different city.
The Designathon is one of 33 initiatives undertaken by the commission, most of which look at enhancing education and job opportunities, incentivizing the design sector, highlighting the economic value of design and content development, and fostering community engagement and support.
Bollywood singer Kumar Sanu delights fans in Jeddah
Making his first ever appearance in the Kingdom, Sanu thrilled the audience of mostly Indian expats, serving up renditions of more than 20 songs
Updated 05 February 2023
JEDDAH: Bollywood singer Kumar Sanu wowed the crowds on Friday night as the latest celebration of Indian culture drew to a close.
Sanu was the star of the show for the two-day music festival at the Equestrian Club in Jeddah’s Al-Frosyah district, which was organized by Good Hope Events in cooperation with the General Entertainment Authority.
Making his first ever appearance in the Kingdom, Sanu thrilled the audience of mostly Indian expats, serving up renditions of more than 20 songs.
“I have been waiting to perform in Saudi Arabia and here we are in Jeddah for the first time,” he told his adoring fans from the stage.
“We have a great crowd and I am happy to see you enjoying the night.”
Also on the bill were Rachna Chopra, Biplab and Afsal, who helped ramp up the crowds with a host of Bollywood numbers.
“I am amazed by the energy that flowed from you guys,” Chopra told the crowd.
Fan Nadia Azmi, who went to the gig with friends, said: “We all are privileged to have Sanu among us in Jeddah today. We all have grown up listening to his songs since the ’80s and ’90s.
“It is wonderful to listen to him live today. I want to thank Saudi Arabia and the organizers for their efforts in making this possible.”
Junaise Babu, chairman of Good Hope Events, said the festival had been a huge success.
“It was a great feeling to see so many men, women, young and old, not only Indian expatriates but also other Asians enjoying the various musicians we brought.”
Amrina Qaiser, who introduced Sanu on stage, said: “It was an amazing experience hosting such a mega event in Jeddah for the first time.
“I felt overwhelmed and I was lucky enough to interact with the king of melody from Bollywood, Kumar Sanu.”
LEAP conference set to showcase Saudi Arabia’s tech and entrepreneurial ambitions
Over 100,000 innovators, investors and experts from around the world descending on Riyadh for four-day event
LEAP will be co-located with DeepFest, an AI event organized by Saudi Authority for Data and Artificial Intelligence
Updated 38 sec ago
Rebecca Anne Proctor
RIYADH: Artificial intelligence, digital economy, and digital metaverses may be terms the average technology aficionado expects to hear at a conference in Seoul or Silicon Valley. This week, however, all things tech will be the talk of the town in the Saudi capital, Riyadh.
From Feb. 6 to 9, over 100,000 tech innovators and leading experts will gather for the second LEAP conference, a global platform for tech professionals from around the world.
Held alongside LEAP will be DeepFest, the inaugural AI event powered by the Saudi Authority for Data and Artificial Intelligence. Both events demonstrate the Kingdom’s aim to take its place among the world’s most technologically advanced nations.
The Kingdom is projected to spend over $24 billion on various technologies by 2025 — the highest in the world, according to the Saudi Press Agency.
At last year’s LEAP conference, Saudi Minister of Communications and Information Technology Abdullah Al-Swaha announced that the country would be investing $6.4 billion in future technologies and entrepreneurship to further solidify the Kingdom’s position as the Middle East and North Africa region’s largest digital economy.
The growth of the Saudi tech industry, in line with the goals of Saudi Vision 2030, is a way for the Kingdom to diversify its economy away from oil and gas revenues.
According to a 2022 Economist Intelligence report, Saudi Arabia was the world’s fastest-growing major economy in 2022, “outperforming the dynamic Asian giants of China, India, Indonesia and South Korea, as well as the struggling G7 and other major emerging economies.”
LEAP broke records last year when its inaugural conference became the world’s largest tech event ever held. This year looks to be just as big, if not bigger, than last, with top professionals in the tech industry traveling to Riyadh from across the world.
“Saudi Arabia’s recent investments in its digital economy, as well as its information and communications technology sector, helped consolidate its position as the leading information and communication technology market in the Middle East and North Africa,” Imad Abuizz, digital and technology platform Llader at the business management consultant firm PwC Middle East, told Arab News.
Since the announcement of Saudi Vision 2030 seven years ago, the Kingdom has launched a series of initiatives that emphasize technology as a tool for social and economic reform.
Strategic agendas under Vision 2030 focus on regenerating the country’s digital infrastructure to boost economic growth, knowledge and enhance daily life. To this end, Saudi Arabia has committed to an annual investment of 2.5 percent of GDP in the sectors of development, research and innovation by 2040.
The Kingdom’s technological plans are supported by SDAIA, which was launched by royal decree in August 2019.
The same year, the Saudi government launched Absher, a smartphone application which enables citizens and residents of Saudi Arabia to access a variety of government services.
“Government spending demonstrates a big focus on digitalization,” Fadi Komati, a digital government consulting leader at PwC Middle East, told Arab News. “Why the sector is moving so quickly is because the majority of the population is young and eager to move forward and advance in cutting-edge technologies.
“The government’s digital transformation and continued investment in Information and Communication Technology (ICT) and innovation lay the groundwork for a lot of opportunities, both for the private and public sector.”
Komati underlines how government investment in tech is “encouraging the private sector to become more mature, thus also stimulating and incentivising international companies to visit and open in Saudi Arabia.”
“The increased progress in the private tech sector within Saudi Arabia is a result of government investment in the sector,” he said.
In the same vein, Saudi tech entrepreneur Hussein Attar, CEO at private investment firm Tech Invest Com, told Arab News: “In terms of Saudi Arabia, all the giga projects being launched, such as NEOM, have placed a strong focus on technological innovation. Every giga project has a funding side that is investing in tech. Saudi Aramco also has its own investment fund for technology.”
At last year’s LEAP conference, Saudi Aramco unveiled a billion dollars’ worth of investments in developing start-ups through entrepreneurship support fund Prosperity 7 Ventures. NEOM Tech & Digital Holding Co. stated it was investing $1 billion in future technologies and launching the new M3LD AI engine as well as the XVRS digital twin metaverse.
Technological investment in Saudi Arabia is also paramount to the country’s environmental goals. In October 2022, at the sixth edition of the Future Investment Initiative, Aramco unveiled a $1.5 billion sustainability fund, one of the world’s largest sustainability-focused venture capital funds.
Recent data demonstrates the rise of Saudi Arabia as a growing global center, both regionally and internationally, in both the private and public sectors. According to the 2022 Saudi Arabia Venture Capital Report produced by Magnitt, the Kingdom was one of the emerging markets that recorded year on year growth nearing the $1 billion mark.
Saudi Arabia’s tech evolution is a way for the country to connect with the wider region and the world. AI, which was a recent focus at this year’s World Economic Forum in Davos, Switzerland, is paramount to the Kingdom’s growth in the field of tech.
In September 2022, the Saudi Public Investment Fund’s Saudi Company for Artificial Intelligence announced an investment of $776 million in a joint venture with China’s SenseTime to develop the AI ecosystem in Saudi Arabia.
“The Kingdom’s advanced technological infrastructure, high-caliber developments in the field of AI, and high standards designed by government authorities encourage AI businesses to plug in and grow in a regionally leading market,” Dr. Turki Almugaiteeb, a Saudi expert in technological development and innovation, told Arab News.
Saudi Arabia has also signed a number of partnerships with global AI providers to find practical solutions to everyday problems, Komati said, adding: “AI is very high on the agenda in Saudi Arabia because it is considered a mechanism by which technology can provide much bigger benefits.”
Technological investment and the Kingdom’s numerous avenues being explored for technological growth and innovation are also about education and offering a better life for its citizens, residents, and all visitors to Saudi Arabia.
In the words of Almugaiteeb, the key ingredients in Saudi Arabia’s rise to tech giant status are “the great human resources being developed in the Kingdom, combined with educated young Saudis in the field, many of whom have gained experience abroad.”