LEAP’s final day sees multiple deals, announcements  

As many as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities attended the gathering in Riyadh. SPA
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Updated 12 March 2024
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LEAP’s final day sees multiple deals, announcements  

RIYADH: After three days of significant announcements, the LEAP conference saw major deals signed in artificial intelligence and innovation localization during its concluding sessions.  

Inaugurating the final day of the event, Ahmed Al-Suwaiyan, governor of the Digital Government Authority, pointed out that the LEAP has surpassed its previous editions, with agreements worth more than $12 billion being inked. 

Among them, the Saudi Data and Artificial Intelligence Authority, or SDAIA, signed three memorandums of understanding, including one with Samsung Electronics Co., focusing on the localization of digital technologies and innovations. 

The collaboration will also potentially involve integrating Tawakkalna, the Saudi citizen’s digital companion system, into all Samsung devices in the Kingdom. Additionally, it encompasses providing training services and workshops on the latest technologies used in the field of mobile application development. 

The authority also signed an agreement with PwC Middle East, with the aim of conducting pioneering research and experiments on the latest AI tools and large language models specifically designed for the Arabic language.  

In an effort to establish an advanced virtual laboratory for AI and a center for Generative AI experiments, the agreement aims to leverage GenAi to enhance SDAIA’s operations and capabilities. This includes organizing ideation workshops and proposing use cases for adopting advanced GenAi tools. 

In another boost to localization, the authority’s final agreement was with tech giant Intel. The partnership aims to build national capabilities in AI by providing programs to equip university students with knowledge and skills needed to utilize AI in various professional fields.

Demonstrating Saudi Arabia’s leadership in AI, and to address the worldwide shortage of semiconductors, King Abdulaziz City for Science and Technology, known as KACST, signed two strategic partnerships on the sidelines of the event. 

The agreements seek to establish a center of excellence in AI technologies and develop the semiconductor industry in the Kingdom.

In the field of localization of emerging technologies, the body inked a deal with Sense Time Middle East and Africa to establish a joint center of excellence in both generative and general AI.

The center will implement research activities, develop generative and general AI projects and train human capabilities, as well as deploy market research and development products and design training programs.

Meanwhile, in order to serve the localization of the semiconductor industry – which has been gaining prominence with the launch of the Saudi Semiconductor Program – the body signed an agreement with CDT International. 

This partnership seeks to establish a joint vision and action plan to support achieving the goals of the SSP, enhancing the Kingdom’s capabilities in the field of microchip manufacturing, and qualifying human cadres.

Also, following Saudi Arabia’s focus on localization, global telecommunications giant Huawei signed an MoU with King Khalid University to develop digital skills in the Kingdom.

The agreement, relying on the programs of the Huawei ICT Academy, aims to provide the university with the latest technologies to contribute to developing students and enhancing their abilities.

This comes as a testament to the important role that technical skills play in achieving digital transformation, which is one of the main components of Saudi’s Vision 2030.

Continuing the streak of major global players utilizing the LEAP platform, Hewlett Packard Enterprise also announced the introduction of HPE “Saudi-made” servers, following the opening of its new production facility in Riyadh.

HPE, in cooperation with Al Fanar, will produce thousands of servers annually from the HPE ProLiant computing portfolio, with the participation of the Ministry of Communications and Information Technology, the Ministry of Investment, and the Saudi Export Development Authority.

This comes as part the growing demand to produce technology that provides security and reliability.

On this occasion, Haytham Al-Ohali, the vice minister of communications and information technology, noted that this cooperative effort is an important step in highlighting the role of Saudi Arabia as a global leader in the field of technology manufacturing and a catalyst for the digital economy in the Kingdom.

Also on the sidelines of LEAP, TAWAL, one of Saudi Arabia’s leading providers of ICT infrastructure, signed an agreement to rent spaces in the holy sites for the construction and operation of telecommunications towers with Kidana Development Co.

The agreement includes renting 340 zones in the holy sites in order to provide advanced solutions to telecommunications service providers and enable them to accelerate the spread of technologies.

It takes into account aspects of visual identity, sustainability and raising digital performance.

This includes the enablement of future projects, such as the 5G network and the Internet of Things to further support the digital transformation program of the Kingdom’s Vision 2030.

In addition, it aims to enable communications service providers, government and private entities to develop communications networks, by providing a reliable, cost-effective digital infrastructure and operational efficiency.


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 22 February 2026
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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.