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Technology

2 Feb 2022

Saudi Arabia Unveils over $6.4bn Investment in Future Technologies

The Index Today

Saudi Arabia has recently announced that the country have invested over $6.4bn in future technologies and entrepreneurship investments. The announcement were made during the opening day of LEAP22, the international technology platform, which is taking place in Riyadh until tomorrow, February 3 2022.

Reports from Guld Business mentioned that the investments and initiatives include the launch of Aramco Venture’s Prosperity7 fund with $1bn and a billion-dollar investment from NEOM Tech & Digital Company focusing on future technologies. Prosperity7 provides its portfolio companies with the funding and connections to scale and enter new markets to attain global reach.

Amin Nasser, president and CEO of Saudi Aramco, said: “Prosperity7 will connect the dots through big ideas, top talents and disruptive technologies from around the world as we look beyond the energy value chain to areas like healthcare, education and blockchain, for viable solutions to the world’s most pressing challenges.”

As part of its investment, NEOM also announced the plans in launching XVRS, a digital twin metaverse platform, where virtual reality merges with physical to create immersive mixed-reality experiences.

Joseph Bradley, CEO of NEOM Tech & Digital Company, said: “The future will be defined by cognitive meta cities. It is a vision focused on experiences rather than scale. XVRS puts human needs at its core – it is designed to give people more time, space and enhanced safety. M3LD, meanwhile, will place data ownership back in the hands of users and restore trust in the data economy.”

Saudi Arabia is also a known as the home of some of the largest investments in cloud technology, including Google, Alibaba, Oracle and SAP investing over $2.5bn in the cloud in the kingdom.

It is also noticeable that the entrepreneurship in the country is also prospering, with venture capital investment in Saudi Arabia in 2021 exceeding the total for 2019 and 2020 combined.

Clay pottery with table linens