Saudi Arabia attracts $14.9bn in tech investments
11 February 2025
International and local companies have pledged at least $14.9bn-worth of investments in Saudi Arabia at the ongoing Leap technology conference in Riyadh, according to the Saudi Press Agency and other local media reports.
A team comprising homegrown data centre operator DataVolt, along with Saudi gigaproject developer Neom, announced a plan to develop a 1.5GW data centre facility in the kingdom's Oxagon industrial cluster.
The renewable energy-powered, net-zero data centre project will require an investment of $5bn and is expected to be operational by 2028.
Another local firm, Alfanar Company, announced a $1.4bn investment to develop four data centres with a total capacity of 88MW.
Riyadh-headquartered telecommunications firm Mobily also committed $905m to develop key projects, including submarine cable networks and advanced data centres.
The First Day of #LEAP25 witnesses:
Major Announcements shaping the future of technology, Strategic Investments driving innovation, and Groundbreaking Partnerships demonstrating Saudi Arabia’s position as a global tech leader…reinforce Saudi leadership in AI, advanced… pic.twitter.com/k169Ml6aCR
— وزارة الاتصالات وتقنية المعلومات (@McitGovSa) February 9, 2025
US-based Zoom pledged $75m to drive artificial intelligence (AI) innovation and establish new data centres to strengthen support for tech enterprises and government entities.
Saudi Arabia Railways also announced a $51m investment in a private fibre optic network to enhance digital connectivity and expand the country's communications infrastructure.
Germany-based broadband services provider SkyFive also promised to invest $100m in non-terrestrial network services in the kingdom.
The other major planned investments announced during the fourth edition of the annual tech event in Riyadh include a $1.5bn pledge by Silicon Valley-based Groq, a company that develops language processing units (LPU). Groq said it plans to build the world's largest AI inference node in Saudi Arabia.
Not to be confused with Grok, a generative language developed by Elon Musk-headed xAI, Groq's LPU recently hit a record speed of 534 tokens a second, a token being the unit of data that is processed by algorithms.
Hong Kong-headquartered Lenovo Group also pledged $2bn towards establishing advanced manufacturing and data centre facilities in Saudi Arabia.
Lenovo and Alat Enate, part of Saudi sovereign wealth vehicle the Public Investment Fund (PIF), first announced this plan in May 2024, when Lenovo said it planned to issue $2bn-worth of zero-coupon convertible bonds to Saudi Arabia's Alat, the $100bn platform that aims to transform the kingdom into a global hub for electronics and advanced industries.
UAE-based GulfData Hub and US-headquartered private equity firm KKR also disclosed plans to build 300MW data centre facilities in Saudi Arabia.
Another US-based tech firm, Databricks, announced a plan to invest $300m in building a full platform-as-a-service facility in Saudi Arabia.
SambaNova, of Palo Alto, California, will also invest $140m in an advanced AI infrastructure to enable a large-language model (LLM)-as-a-service.
US semiconductor company Qualcomm and the Saudi Data & Artificial Intelligence Authority also launched Allam AI PC, a first-of-its-kind, "fully integrated AI personal computer with on-device AI and seamless hybrid AI cloud access".
US-based Google said it will invest in digital infrastructure for AI, while Beijing-headquartered Alibaba launched a so-called empowerment programme in Saudi Arabia with the introduction of its Qwen LLM, an advanced AI model.
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Exclusive from Meed
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Jordan sets market briefing for Amman water PPP10 April 2026
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Kuwait gives bidders more time for Al-Khairan IWPP10 April 2026
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The project covers the southern and southeastern areas of Amman and aims to reduce water losses and improve the efficiency of the capital’s distribution network.
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The planned market briefing is intended to provide early detail on the project’s PPP structure, procurement pathway and performance-based contracting model.
It is also expected to outline the project’s risk allocation and bankability framework to prospective investors, operators and infrastructure companies.
The Ministry of Investment opened prequalification for the scheme in March.
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Omani state energy conglomerate OQ Group has allowed contractors more time to prepare proposals for a major project to build a natural gas liquids (NGL) facility in the sultanate.
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The state enterprise issued the main tender for the feed-to-EPC competition “earlier in March”, setting an initial deadline of 8 April for contractors to submit proposals, MEED previously reported. The deadline has now been extended to 6 May, according to sources.
MEED previously reported that OQ had started the prequalification process for the feed-to-EPC contest for the planned NGL project in November last year, with contractors submitting responses by 15 December.
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Gulf national oil companies have been allocating significant capital expenditure to building or expanding NGL production facilities.
QatarEnergy, in September last year, awarded the main EPC contract for its project to add a fifth NGL train at its fractionation complex in Qatar’s Mesaieed Industrial City. The aim of the project, which is estimated to be worth $2.5bn, is to build a fifth NGL train (NGL-5) with the capacity to process up to 350 million cubic feet a day of rich associated gas from QatarEnergy’s offshore and onshore oil fields.
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Masdar’s move abroad will not be the last10 April 2026
Commentary
Mark Dowdall
Power & water editorMasdar’s new joint-venture agreement with France’s TotalEnergies will not be the last time we see regional energy investors use strong balance sheets and domestic growth to build larger positions overseas.
For Masdar in particular, the deal broadens its international exposure at a time when investors are asking questions about the Middle East’s geopolitical risk.
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READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.
Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
> AGENDA: Gulf economies under fire> GCC CONTRACTOR RANKING: Construction guard undergoes a shift> MARKET FOCUS: Risk accelerates Saudi spending shift> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race> LEADERSHIP: Shaping the future of passenger rail in the Middle EastTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16340038/main.jpg -
Turkish firm launches Mecca villas project10 April 2026
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Turkish real estate investment firm Emlak Konut has announced the launch of Hayat Makkah, its first development in Saudi Arabia.
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Kuwait gives bidders more time for Al-Khairan IWPP10 April 2026

Kuwait has extended bidding for the first phase of the Al-Khairan independent water and power producer (IWPP) project.
The project is being procured by the Kuwait Authority for Partnership Projects (Kapp) and the Ministry of Electricity, Water & Renewable Energy (MEWRE).
The facility will have a capacity of 1,800MW and 150,000 cubic metres a day of desalinated water. It will be located in Al-Khairan, adjacent to the Al-Zour South thermal plant.
The new deadline is 30 April. The original deadline was 31 March.
The main contract was tendered last September. Three consortiums and two individual companies were previously prequalified to participate.
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- Sumitomo Corporation (Japan)
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The winning bidder will sign a set of PPP agreements covering financing, design, construction, operation and transfer of the project.
The energy conversion and water purchase agreement is expected to cover a 25-year supply period.
Kapp extended another deadline recently for a contract to develop zone two of the third phase of the Al-Dibdibah power and Al-Shagaya renewable energy project.
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The ministry and Kapp are also preparing to tender the main contract for the 3,600MW Nuwaiseeb power and water desalination plant after plans were approved by Kuwait’s Council of Ministers last November.
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