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Saudi announces over $6.4bn investments in future tech including several NEOM projects


Saudi Arabia announced on February 1st that they will spend more than $6.4 billion in investments in future technologies and entrepreneurship that will further secure the kingdom’s position as the Mena region’s largest digital economy.  The announcements were made during the opening day of LEAP, the international technology platform, which is taking place in Riyadh until February 3.  As part of its investment,
 
NEOM announced the launch of the world’s first cognitive metaverse, XVRS that will serve residents and visitors of the smart giga-project, and M3LD, a personal data management platform that gives back control of data to the user.
The kingdom's top telecom company stc has launched Mena Hub, a $1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector. 
 
LEAP also saw the launch of The Garage, a new platform for start-ups, investment and entrepreneurship by King Abdulaziz City for Science and Technology (KACST). The Garage will create a full-service environment for local and international start-ups, to help them grow to become the leading technology companies of the future.
 
J&T Express Group, one of the world's fastest-growing logistics companies, announced an investment of $2 billion with eWTP Arabia Capital and other partners.
 

Read the full story at Trade Arabia