•  Saudi Arabia secures $888 million in investment deals through the international technology conference LEAP 24, including venture capital funds and fresh funding for startups, aimed at boosting innovation and tech entrepreneurship in the region.

•  Notable investments include InvestCorp’s $500 million fund targeting Saudi businesses in their growth stages, the establishment of the $40 million Gaming and Esports Investment Fund by the National Development Fund and the Social Development Bank, and Merak Capital’s $80 million fund to support game accelerators in the kingdom.

•  Startup funding reaches $53.4 million, with highlights including BRKZ securing $8 million in a Series A round, Lawazem platform completing its Pre-Series A investment round with $8 million, and Moyasar platform closing a funding deal of $21 million during the tech conference.

Saudi Arabia has secured $888 million in investment deals through the international technology conference LEAP 24.

These investments encompass venture capital funds and fresh funding for startups, aiming to bolster innovation and tech entrepreneurship in the region, according to the state-owned Saudi Press Agency (SPA).

Noteworthy among these investments is InvestCorp’s launch of a $500 million fund targeting Saudi businesses in their growth stages. Additionally, the National Development Fund and the Social Development Bank have established the $40 million Gaming and Esports Investment Fund, managed by Impact46. Merak Capital has also introduced an $80 million fund to support game accelerators in the kingdom.

Furthermore, Takamol Holdings from Saudi Arabia has initiated a $50 million fund to aid early-stage firms. Two more funds from Plug and Play and X by Unifonic were announced to support technology startups and business software services for young businesses.

In terms of startup funding, a total of $53.4 million has been raised. Notable recipients include BRKZ, an international information technology firm securing $8 million in a Series A round, and Lawazem platform, which completed its Pre-Series A investment round with $8 million. Lawazem operates in the e-commerce sector in Kuwait and the Middle East, focusing on household products and children’s needs.

Additionally, Moyasar platform announced the completion of a funding deal totaling $21 million as part of a seed investment round during the second day of the tech conference.

Meanwhile, Digital Planets, the Egyptian company specializing in information security and digital transformation, has announced the signing of a cooperation agreement with “KeyTime,” the Saudi company, aimed at deploying its advanced security solutions in the Saudi market.

It’s worth noting that cybersecurity in Saudi Arabia has become one of the most important fields recently, given the kingdom’s ownership of the largest market for information technology and communications in the Middle East, and its continuous efforts to develop it. After being subjected to millions of cyberattacks, the kingdom has witnessed a 19% decrease in cyber threats in 2023. However, attacks targeting online banking services data have increased by 51%.