LEAP 2024 witnessed the announcement of significant investment deals totaling more than $764 million by prominent Saudi and international companies, reaffirming Saudi Arabia’s status as a technology and innovation hub in the region.

During the ongoing tech event in Riyadh, Advanced Communications & Electronic Systems (ACES), a Saudi-based provider of managed ICT solutions and equipment innovation, disclosed its plans to invest $618 million in localizing special GSM and smart towers. This investment aims to support the company’s expansion efforts and promote the development and innovation of infrastructure equipment.

Aramco Digital, in collaboration with Intel Corp., revealed the establishment of Saudi Arabia’s first Open Radio Access Network (ORAN) development center. This strategic move aims to drive innovation and foster technological advancements within the Kingdom.

HONOR, a Chinese consumer electronics brand with a presence in Saudi Arabia, announced its intentions to expand regionally, accompanied by a $100 million investment.

These multimillion-dollar investments were announced during the third day of LEAP, a leading tech event in the Middle East and North Africa region. The event, organized by the Saudi Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones, and Tahaluf, is taking place in Riyadh from March 4-7.