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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> PROJECTS: Another bumper year for Mena projects
> GIGAPROJECTS INDEX: Gigaproject spending finds a level
> INFRASTRUCTURE: Dubai focuses on infrastructure
> US POLITICS: Donald Trump’s win presages shake-up of global politics
> REGIONAL ALLIANCES: Middle East’s evolving alliances continue to shift
> DOWNSTREAM: Regional downstream sector prepares for consolidation
> CONSTRUCTION: Bigger is better for construction
> TRANSPORT: Transport projects driven by key trends
> PROJECTS: Gulf projects index continues ascension
> CONTRACTS: Mena projects market set to break records in 2024
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Exclusive from Meed
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Gas-fired projects drive resilience in UAE power sector14 October 2026
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Riyadh awards $1.5bn metro rolling stock contracts14 October 2026
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Jeddah extends bid deadline for drainage scheme14 October 2026
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US initiates procurement for Expo 2030 Riyadh pavilion14 October 2026
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Oman invites bids for geothermal plant study14 October 2026
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According to MEED Projects, generation accounted for $3.06bn across three awards, while transmission contracts totalled $1.11bn.
Gas-fired focus
Emirates Water & Electricity Company (Ewec) signed the power-purchase agreement (PPA) for Taweelah C in June with a consortium comprising Abu Dhabi National Energy Company (Taqa), Saudi Arabia’s Al-Jomaih Energy & Water Company and Singapore’s Sembcorp Industries.
The scale of the 2.5GW independent power producer (IPP) provides a useful lens through which to view the wider market. Although the UAE continues to expand solar generation and battery storage, it is still investing heavily in flexible thermal capacity to support rising electricity demand and a grid with significant renewable generation.
Major gas-fired opportunities are also moving into the Northern Emirates, with state utility Etihad Water & Electricity (EtihadWE) preparing to receive offers from five contractor groups for the 2.6GW Al-Zawra CCGT project in Ajman.
The project follows the retirement of EtihadWE’s older 200MW Al-Zawra gas plant in 2023. With Ewec acting as offtaker, the scheme also points to a wider role for EtihadWE in developing large-scale generation.
It is understood that the Ajman project will be the first of at least three planned power plant projects procured by the utility under a new long-term roadmap for future projects across both power and water.
Abu Dhabi’s 3.3GW Al-Nouf IPP is another major gas-fired plant moving towards execution. Japan’s Sumitomo Corporation is expected to formally sign the PPA by the end of the year, while the joint venture of Spain’s Tecnicas Reunidas and Egypt’s Orascom Construction is also set to be confirmed as the engineering, procurement and construction (EPC) contractor.
To put this into context, the deal would make 2026 the second most valuable year for power sector investment on record, eclipsing both 2017 and 2018, when contract awards in the UAE reached $7.39bn and $7.27bn, respectively.
Solar and storage
The UAE’s renewable procurement is increasingly combining solar generation with storage to provide electricity beyond daylight hours.
Dubai Electricity & Water Authority (Dewa) is preparing to award the seventh phase of the Mohammed Bin Rashid Al-Maktoum Solar Park, with Abu Dhabi Future Energy Company (Masdar) submitting the lowest tariff for the project in July.
China’s BYD will act as a bess supplier for the project, which combines 2,000MW of PV capacity with a 1,400MW bess designed to discharge for six hours, equivalent to 8,400MWh of stored energy.
The storage component will allow Dewa to use more solar power after sunset, reducing the gap between daytime generation and the evening demand peak.
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Dewa has increased the planned capacity of the solar park to 7,260MW by 2030, from its earlier target of 5,000MW.
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Grid expansion
Multibillion-dollar IPP schemes have driven annual award values in recent years, while transmission work continues to provide a steadier flow of opportunities for contractors and equipment suppliers.
Transmission awards fell to $1.11bn across 22 packages in 2026, from $2.98bn in 2025, reflecting the absence of a comparable large-scale package rather than a halt in network investment.
Ewec and Taqa are expanding 400kV and 132kV networks across Abu Dhabi and the Northern Emirates, while Dewa continues to reinforce its cable and substation systems in Dubai.
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Earlier this year, the GCC Interconnection Authority awarded Omexom, part of France’s Vinci Group, a contract to build a 400kV overhead transmission line between the UAE and Saudi Arabia.
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Waste-to-energy
Waste-to-energy continues to become an increasingly important part of the UAE’s infrastructure pipeline as the country seeks to reduce landfill dependence and diversify its power mix through alternative generation sources.
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Riyadh awards $1.5bn metro rolling stock contracts14 October 2026
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Saudi Arabia’s Royal Commission for Riyadh City (RCRC) has signed contracts worth about SR5.5bn ($1.5bn) to procure 94 additional trains for the Riyadh Metro network.
Germany’s Siemens and France’s Alstom have been awarded the contracts. They cover rolling stock manufacture, onboard systems, equipment and related services.
The procurement will increase the metro fleet from 183 to 277 trains. Deliveries are due to begin in phases in 2028, with the additional units subject to testing and operational trials before entering service.
RCRC expects the programme to increase the network’s passenger capacity by 60%.
The additional trains will be distributed across the six metro lines based on current demand and projected ridership.
The Red Line will receive the largest capacity increase, at 142%, followed by the Yellow Line at 116% and the Blue Line at 60%. Capacity on the Orange and Purple lines will increase by 27% and 16%, respectively.
Daily capacity on the Blue Line is set to increase from about 340,000 to 533,000 passengers. Capacity on the Red Line will rise from 154,000 to 370,000 passengers a day, while the Yellow Line will increase from 133,000 to more than 288,000.
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Average metro ridership rose by about 25% in the first nine months of 2026 compared with the same period in 2025, he added.
The wider Riyadh public transport system, including buses and the metro, is approaching 500 million passenger journeys.
MEED’s October 2026 report on Saudi Arabia includes:
> COMMENT: Saudi projects hold steady
> GOVERNMENT: Riyadh looks to reset its regional defence outlook
> ECONOMY: Conflict bolsters case for Saudi economic diversification
> BANKING: Saudi lenders readjust to lower lending and deposit climate
> UPSTREAM: Aramco upstream spending gathers pace
> DOWNSTREAM: Sabic steps up Saudi petchems investment
> POWER: Saudi Arabia’s power award activity slows
> WATER: Saudi water sector hits sharp slowdown
> CONSTRUCTION: Saudi construction defies the headwinds
> TRANSPORT: Saudi infrastructure pushes forward amid conflict
> DATABANK: Saudi data indicates project spending shiftTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20582763/main.png -
Jeddah extends bid deadline for drainage scheme14 October 2026

Jeddah Municipality has extended the deadline for contractors to submit bids for the construction of a rainwater drainage network for the Prince Fawaz neighbourhood.
The new deadline is 15 November. The original deadline was 12 October.
The project aims to collect and convey rainwater away from residential streets and low-lying areas. It is valued at $60m and is intended to reduce flood risk during heavy rainfall.
The scope includes manholes, stormwater catch basins and connections to existing manholes, as well as the restoration of road surfaces.
Prince Fawaz is a residential district in southern Jeddah, divided into northern and southern sections.
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According to a source, bids were submitted for the project on 16 September.
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US initiates procurement for Expo 2030 Riyadh pavilion14 October 2026

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The US Department of State has initiated market research to procure a design-and-build contract for the US Pavilion at Expo 2030 Riyadh.
According to procurement documents released through the US federal contracting portal, the project covers the full design, construction, exhibition fit-out, maintenance, and eventual decommissioning and removal of the national pavilion.
The total cost for the design, construction and decommissioning packages is estimated at $55m to $65m.
The request for information notice was issued on 9 October.
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It spans 5,368 square metres (sq m), with a maximum permitted gross floor area (GFA) of 8,052 sq m and an overall building height limit of 20 metres.
The planned temporary structure will rise approximately three storeys and house between 5,000 and 6,000 sq m of exhibition space. The brief requires the facility to accommodate at least 23,000 visitors a day over the event’s six-month duration.
Additional programme elements include:
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Interested contractors and joint ventures have been invited to submit capability statements by 11 November. Bidders must demonstrate prior experience delivering major pavilions or large-scale immersive exhibition spaces completed within the past 15 years, alongside international logistics and regional project delivery capabilities.
UK-based engineering consultancy Buro Happold prepared the plot masterplanning and development guidelines for the zone.
Another UK-headquartered firm, Trivandi, was selected in April as the operations partner for the US Pavilion at Riyadh Expo.
Expo 2030 Riyadh will run from October 2030 to March 2031 under the theme Foresight for Tomorrow, with host authorities projecting roughly 42 million visits.
The masterplan covers 6 square kilometres, making it one of the largest sites ever designated for a World Expo event.
Situated north of the Saudi capital, the site will be near the future King Salman International airport and will provide direct access to Riyadh landmarks.
The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched Expo 2030 Riyadh Company – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.
MEED’s October 2026 report on Saudi Arabia includes:
> COMMENT: Saudi projects hold steady
> GOVERNMENT: Riyadh looks to reset its regional defence outlook
> ECONOMY: Conflict bolsters case for Saudi economic diversification
> BANKING: Saudi lenders readjust to lower lending and deposit climate
> UPSTREAM: Aramco upstream spending gathers pace
> DOWNSTREAM: Sabic steps up Saudi petchems investment
> POWER: Saudi Arabia’s power award activity slows
> WATER: Saudi water sector hits sharp slowdown
> CONSTRUCTION: Saudi construction defies the headwinds
> TRANSPORT: Saudi infrastructure pushes forward amid conflict
> DATABANK: Saudi data indicates project spending shiftTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20580855/main.jpeg -
Oman invites bids for geothermal plant study14 October 2026
Oman’s Nama Power & Water Procurement Company (Nama PWP) has issued a tender for techno-economic consultancy services for phases two and three of the sultanate’s first planned geothermal power plant project.
Known as the Hot Springs Geothermal Project, the tender covers geological, geochemical and deep geophysical investigations, geothermal resource assessment and three-dimensional conceptual modelling.
It also includes site selection, a preliminary techno-economic assessment and preparation of a temperature-gradient drilling programme.
The scope includes an optional phase three covering drilling tender support and supervision, post-drilling resource assessment, and detailed feasibility and development studies.
Bid submissions are due by 30 November.
The tender supports Oman’s efforts to assess geothermal energy’s potential as an additional source of renewable electricity. The country is seeking to diversify its energy mix as it expands its renewable energy programme under Oman Vision 2040 and works towards its net-zero emissions target for 2050.
Nama PWP previously tendered the first phase of the project in April 2025, with the initial consultancy scope covering selected locations between Wilayat Fanja and Al-Ansab in Muscat Governorate.
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