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LEAP 2024 Sparks Tech Investment Surge

LEAP 2024 unveiled a further round of funding on its second totaling more than $888 million.

By Inc.Arabia Staff
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LEAP 2024, the globally acclaimed technology exhibition held at the Riyadh Exhibition and Convention Centre in Malham, has reached its halfway mark with a flurry of investments, with a record-breaking total investment approaching $13 billion.

Following the announcement of an astounding $11.9 billion in investments during LEAP's 2024 first day, it also unveiled a further round of funding on its second day, totaling more than $888 million.

Notable among the announcements is the launch of several funds aimed at bolstering local start-up ecosystems across various industries, including digital payments, e-gaming, and artificial intelligence (AI).

Investcorp announced a $500 million growth stage fund, Oasis Capital introduced Fund II with a capital injection of $100 million; the National Development Fund and the Social Development Bank jointly established the $40 million Gaming and Esports Investment Fund to be managed by Impact46; and Merak Capital established an $80 million fund to support gaming accelerators in Saudi Arabia.

In other news, Plug and Play announced the launch of its first fund to invest in technology startups, Takamol Holdings of Saudi Arabia established a $50 million investment arm to support early-stage tech companies, and X by Unifonic unveiled its first investment fund to support business software services for startups.

Furthermore, telecommunications giant Zoom announced a significant expansion of its services in Saudi Arabia, with plans to introduce innovative AI-driven solutions tailored for the Saudi market. These announcements included the availability of Zoom Contact Center by the end of the year, Zoom Phone by October 2024, and Zoom AI Companion for customers based in the Kingdom by the end of July 2024. 

In addition, the UK and Saudi Arabia have joined forces to enhance research collaboration and tackle global challenges in science and technology.

A capacity crowd heard an energizing update on the Saudi Space Agency's (SSA) plans to become one of the world's leading space exploration nations, as well as how KSA's space strategy will catalyze spin-off technologies for humanity on Earth, on LEAP 2024's Orbital Talks Stage focused on Space.

LEAP 2024 also provided a platform for  discussions on the future of technology, including the integration of AI in content creation, the exploration of space, and the development of cognitive robots.

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