Saudi Arabia attracts Investments through LEAP 2024
- LEAP 24 has attracted investment deals worth $888 million with Investcorp launching a $500 million fund for Saudi Businesses.
- The Tech event saw more than 50,000 guests from outside the country with the total number of attendees reaching 215,000.
- investments totaling $13.4 billion were seen at the event, the largest to date.
According to the state-owned Saudi Press Agency, the international technology conference LEAP 24 has attracted investment deals worth $888 million.
The investments include funds for venture capital and start-ups and are intended to support innovation and tech entrepreneurship in the region.
Investcorp launched a $500 million fund to target Saudi businesses in their growth stages.
The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46.
Merak Capital also established an $80 million fund to back game accelerators in the kingdom.
Furthermore, another fund worth $50 million was launched by Takamol Holdings to support early-stage firms, while Plug and Play and X by Unifonic announced two more funds to support technology start-ups and business software services for young businesses.
In addition, Saudi-based start-ups raised a total investment of $53.4 million. Among them, BRKZ, an international information technology firm secured $8 million in a Series A round.
FanZ, an AI-enabled sport tech secured $1.5 million in pre-seed funding, and Lawazem, an online B2B supplies player secured $8 million, among many others.
About LEAP 2024:
LEAP 2024 was a highly successful technological conference that attracted 50,000 guests from outside the Kingdom.
Al-Khamisi proudly declared it as the most attended conference of its kind in the world, with a total of 215,000 visitors.
This contributed to a surge in hotel occupancy rates in Riyadh, which reached 99 percent during the conference. Furthermore, many new projects were announced at the event.
investments totaling $13.4 billion, showcasing the Kingdom’s growing economy in the global tech landscape.
