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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Lebanon sets October deadline for power generation projects23 September 2026
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Jedco maps next phase of Jeddah airport expansion22 September 2026
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Contractor wins $105m Medina university hospital deal22 September 2026
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Oman tenders Thumrait Industrial City infrastructure22 September 2026
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Kuwait halves drilling contractor pool22 September 2026
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The new deadline is 15 October. The original deadline was 30 September.
The regulator said the extension follows “requests received from interested applicants for additional time to finalise and submit the required documentation”.
The EoI covers up to five grid-connected solar photovoltaic projects with a combined installed capacity of 350 megawatts-peak. The projects are also expected to include battery energy storage systems with a combined capacity of 1,000 megawatt-hours.
The regulator is also seeking proposals for distributed dual-fired thermal power plants with net capacities ranging from 20MW to 100MW. The plants are expected to run on natural gas as the primary fuel and heavy fuel oil as a backup.
The ERA invited companies to submit EoIs at the beginning of August.
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The ERA also said key power purchase agreement (PPA) terms, including duration, tariff structure and indexation mechanisms, will be determined “during a future procurement process”.
Electricity reforms
The EoI comes as the government advances wider reforms to Lebanon’s electricity sector. On 4 September, the Higher Council for Privatisation and Partnership discussed steps to transform the state utility Electricite du Liban (EDL) into a company, including creating a new entity, transferring its assets, and taking measures to protect employees’ rights during the transition.
The government said the restructuring aims to improve the financial sustainability of the electricity sector, recover costs and improve electricity supply.
On 18 September, the council discussed a draft decree to establish the new EDL company, evaluate its assets and separate its activities. However, it deferred a decision for further study.
The ERA was established earlier this year, more than two decades after it was envisaged under Law No. 462/2002 but not implemented due to political delays. The Energy & Water Ministry and EDL previously oversaw the electricity sector.
Lebanon’s electricity sector continues to face insufficient generation capacity, fuel supply constraints, ageing generation assets and limited grid flexibility. These challenges have led to prolonged electricity shortages and increased reliance on private diesel generation and distributed solar systems, prompting the government to seek additional private investment in new generation capacity.
According to the EoI document, the projects are expected to be structured as independent power producer (IPP) schemes. The competent public authority will determine any future contractual arrangements, including PPAs, under the applicable legal framework.
The ERA said the EoI is open to private investors, IPP operators, engineering, procurement and construction contractors, equipment suppliers and consortiums. It aims to assess market interest, identify potential generation projects, and evaluate the technical and financial capabilities of prospective developers.
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Jedco maps next phase of Jeddah airport expansion22 September 2026

Jeddah Airports Company (Jedco) has outlined plans for the next phase of expansion at King Abdulaziz International airport (KAIA) in Jeddah.
The programme comprises six upcoming contractor packages spanning airside works, terminal upgrades and utilities as Jedco advances its long-term expansion plans.
The opportunities include airfield rehabilitation; a five-year construction framework covering multiple workstreams and facility types; a Terminal 3A (T3A) package; Terminal 1 (T1) optimisation; a fuel farm; and Concourse C works.
The packages cover terminal buildings and ancillary facilities, runways, taxiways and aprons, hangars, fuel systems, airside facilities, supporting infrastructure and utility networks.
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T1 optimisation is planned for Q4 2027, the fuel farm for Q2 2027, and Concourse C – currently the latest of the six milestones – for Q2 2028.
The new packages add detail to Jedco’s wider expansion plans disclosed in 2023, when it was reported that the company would invest SR115bn ($31bn) to increase KAIA’s capacity to 114 million passengers a year, with an overall completion target of 2031.
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These upgrades are expected to boost KAIA’s annual capacity in line with Saudi Arabia’s Vision 2030 and National Aviation Strategy, enhancing the experience for domestic travellers and millions of Hajj and Umrah pilgrims.
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Contractor wins $105m Medina university hospital deal22 September 2026

Riyadh-based construction firm Al-Mansouria General Contracting Company has been awarded a SR396m ($105.6m) contract to complete the remaining construction works on the Taiba University Hospital project in Medina.
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The contract duration is three years, with delivery targeted for late 2029.
The latest award follows a prolonged procurement cycle that began more than a decade ago as part of a public budget drive to expand Saudi Arabia’s higher education infrastructure.
The project’s first phase was initially signed in December 2011 with local firm Al-Muhaidib Contracting under a SR500m ($133.3m) contract.
Groundbreaking for the eight-storey complex took place in July 2013. The project covers a gross floor area of more than 200,000 square metres.
Progress stalled shortly thereafter due to reported structural delays and the reallocation of public capital budgets across the kingdom’s social infrastructure pipeline.
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Oman tenders Thumrait Industrial City infrastructure22 September 2026

Oman’s Public Establishment for Industrial Estates (Madayn) has tendered an estimated RO15m ($39m) contract to develop infrastructure for Thumrait Industrial City.
The tender was issued on 14 September, with bids due by 12 November.
The scope covers site-wide utilities and services, including an internal road network, stormwater channels and culverts. It also includes installing sewerage and water networks, along with landscaping works.
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The first phase of the development will cover about 120,000 square metres (sq m).
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In March, Madayn said it is preparing to invest more than RO245m ($637m) to upgrade and expand infrastructure across its industrial cities between 2026 and 2030, as part of efforts to attract new investment and advance economic diversification.
According to media reports, Madayn chief executive Dawood Bin Salim Al-Hadabi said the programme is part of an expanded, phased plan aligned with Oman Vision 2040 and the authority’s long-term Madayn 2040 strategy.
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Kuwait halves drilling contractor pool22 September 2026

State-owned upstream operator Kuwait Oil Company (KOC) has reduced the number of approved contractors for onshore drilling and shallow-well maintenance from 51 to 24.
Firms that are no longer qualified include major contractors such as Italy’s Saipem, Oklahoma-based Helmerich & Payne and Houston-based Patterson-UTI Energy.
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The full list of contractors that are now qualified to participate in tenders is:
- Burgan Company for Well Drilling, Trading & Maintenance (Kuwait)
- Kuwait Drilling Company (Kuwait)
- Sun Drilling Kuwait (Kuwait)
- TDL Kuwait for Oil Rigs & Natural Gas Extraction Activities, Services and Facilities (Kuwait)
- United Precision Drilling (Kuwait)
- Abraj Energy Services (Oman)
- Adnoc Drilling Company (UAE)
- Arabian Drilling Company (Saudi Arabia)
- Anton Oilfield Services (China)
- China Oilfield Services (China)
- Egyptian Drilling Company (Egypt)
- CNPC Bohai Drilling Engineering Company (China)
- Great Wall Drilling Company (China)
- John Energy (India)
- Kerui Oilfield Service (China)
- KCA Deutag Drilling (Germany)
- Mohammed Al-Barwani Petroleum Services (Oman)
- Nabors Drilling International (US)
- National Drilling & Services Company (Oman)
- Sea & Land Drilling Contractors (Oman)
- Sinopec International Petroleum Service Corporation (China)
- Karamay Jianye Energy (China)
- Modern Drilling Company (Egypt)
- Grey Wolf Drilling International (US)
An earlier list, which was published on 11 February, included 51 qualified companies.
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