The News
Saudi Arabia’s LEAP tech conference has surpassed $20 billion in investment commitments this week, with major artificial intelligence deals signaling the kingdom’s ambitions in the sector.
Among the biggest: A $5 billion green AI data center in NEOM’s Oxagon, the futuristic industrial zone on the Red Sea. Riyadh-based data center developer DataVolt — which has offices in the US, Uzbekistan, India, and the UAE — will fund the first phase of the project, expected to be operational by 2028.
Other deals include a $1.5 billion commitment by US-based AI firm Groq, in collaboration with Aramco Digital, to establish what could be the world’s largest AI inferencing data center in Saudi Arabia, and a $500 million pledge from US-based Salesforce to expand its platform and enhance cloud services for regional customers.
With ample energy, capital, and land, the Gulf is emerging as a key player in the race to develop the world’s most advanced AI models, investing in both infrastructure and software locally and globally.