Saudi Arabia announced investments totaling $6.4 billion in future technologies at the inaugural LEAP technology conference in Riyadh on February 1, 2022. Minister of Communications and Information Technology Abdullah Al-Swaha revealed the investment package, which included allocations across multiple technology domains relevant to quantum computing and digital infrastructure.
Major components included a $1 billion injection from Aramco’s Prosperity7 Ventures to support transformative startups, a $1 billion commitment from NEOM Tech and Digital Company for future technology projects, and a $1 billion investment from STC in regional digital connectivity infrastructure. KACST also launched The Garage, a new platform for startups, investment, and entrepreneurship.
While the package addressed future technologies broadly rather than quantum computing exclusively, it represented the Kingdom’s largest single announcement of technology-sector investment and established the LEAP conference as a recurring venue for Saudi technology policy signals.