Technology titans and some of the biggest global tech companies are gathering in Riyadh to power Saudi Arabia’s economy and transform the country into a global technology hub as LEAP 2023 kicks off today at the Riyadh Front Expo Center.

In 2022, more than $6 billion worth of business deals were signed, and LEAP23 is gathering tech leaders who see Saudi Arabia as a potential tech hub. Last year, Saudi Aramco unveiled a billion dollars’ worth of investments in developing startups through entrepreneurship support fund Prosperity 7 Ventures. TONOMUS announced it was investing $1 billion in future technologies and launched the M3LD AI engine.

Business leaders and innovators, more than 700 experts, will discuss economic potential, changing lives, reshaping work habits, and transforming work at the four-day tech event, while tech companies will showcase breakthrough products and ideas.

Some of the largest brands in the business, like Aramco, Zoom, Google, Oracle, SAP, and TONOMUS, and well-known business leaders and entrepreneurs, including John Lee, the chief executive of the Hong Kong Special Administrative Region and billionaire venture capitalist Tim Draper, are at the event.

For social media innovator Snap Inc, AR will hallmark its LEAP23 focus, said Abdulla Alhammadi, the company’s Regional Business Lead for Saudi Arabia. AR’s potential now extends well beyond social media, he added.

“Snap’s AR technology has evolved rapidly to facilitate virtual try-ons, catalog browsing, showrooming, and much more, while our AR lenses introduce new and improved shopping features and capabilities for brands, and experiences for Snapchatters.”

Sweden’s Ericsson believes Saudi’s investment in cellular technology and frontrunner 5G nation mindset are turning the country into “a breeding ground for innovation”. 

Håkan Cervell, Vice President and Head of the Customer Unit at Ericsson Middle East & Africa, said the company aims to nurture partnerships at LEAP23 to help Saudi Arabian businesses towards sustainability. 

“Ericsson research shows that ICT solutions can reduce global carbon emissions by up to 15% by 2030,” Cervell said. “Collaboration is the only way to meet sustainability goals across the board.”

More than 100,000 tech innovators and disruptors are at the tech event to help fast-track Saudi’s economic and societal transformation.