Saudi Arabia Unleashes Investment in Artificial Intelligence

Saudi Arabia Unleashes Investment in Artificial Intelligence: The Digital Economy Surges from $111 Billion in 2021 to $123 Billion in 2023

🔸️As digital technologies advance at a pace surpassing any innovation in our history, Riyadh, the capital of Saudi Arabia, hosts the third iteration of the “LEAP24” tech conference, the most attended in the world, under the theme “New Horizons”. The event boasts participation from over 1,100 speakers, approximately 668 startups, and 1,800 exhibitors.

During the opening remarks at the “LEAP24” International Tech Conference, Abdullah bin Amer Al-Swaha, Saudi Minister of Communications and Information Technology, announced:
🔅 “The Saudi digital economy grew from $111 billion in 2021 to $123 billion in 2023, marking a growth rate of 10.3%.
🔸️” He pointed out that the tech workforce expanded from 200,000 to 350,000 in the past year.

🔸️Al-Swaha highlighted that despite a global downturn, venture capital investments in the country grew by 33%, with the Saudi digital market nearing $50 billion in size. This represents 40% of the regional market share and accounts for more than 52% in venture capital financing, underscoring Saudi Arabia’s leading role in shaping the future of digital innovation and AI investment.