Saudi Arabia's flagship technology event LEAP 2025 Tech Conference witnessed pledged investments worth $14.9 billion on the first day, bolstering the country's pursuit for economic diversification in the digital era with its Vision 2030 plan.

The investments aim to foster digital skills development, support the growth of tech startups, and encourage innovation within the kingdom, Abdullah Alswaha, Saudi Arabia's minister of communications and information technology, said at the four-day event's opening ceremony on Sunday.

"These initiatives are integral to empowering the technology sector and accelerating Saudi Arabia's transition toward an innovative, AI-driven economy," said Alswaha. They are also aligned with the objectives of "Vision 2030" proposed by Crown Prince and Prime Minister Mohammed bin Salman Al Saud.

Saudi Arabia is witnessing significant growth in the digital industry. "As a digital economy collectively, we (the Middle East and North Africa region, or MENA) have grown by 73 percent to $260 billion in the region from 2021 to 2024. Saudi Arabia represents 50 percent of it," Alswaha said, adding the number of jobs jumped from 150,000 in 2021 to 381,000 in 2024 in the country.

With the theme "Into New Worlds", the event attracted more than 1,800 global tech brands, 680 startups and 1,000 expert speakers — showcasing next-generation solutions in sectors such as space, gaming, education and smart cities, according to the organizers.

During the event, Tencent Cloud, a subsidiary of Chinese technology company Tencent Holdings, announced plans to construct its first Middle East data center in Saudi Arabia. It plans to invest over $150 million in the Middle East region in the coming years, driving digital economy innovation in the area.

Dan Hu, vice-president of Tencent Cloud International for MENA, said the company's expansion aligns with Saudi Arabia's push to attract foreign investment and establish itself as a global technology hub under Vision 2030. "Cloud computing can be the underlying infrastructure to support the prosperity of AI applications in the Kingdom and also in the region," he said.

The event also witnessed Alat, owned by Saudi Arabia's Public Investment Fund, and China's Lenovo joining hands to establish an advanced manufacturing and technology center based on AI and robotics. Chinese tech giant Alibaba said it will launch an AI empowerment program in cooperation with Tuwaiq Academy, the training arm of the Saudi Federation for Cybersecurity.

The King Abdullah Financial District Development and Management Company has signed a memorandum of understanding with Chinese tech giant Huawei on the sidelines of the conference to implement smart city solutions, artificial intelligence, and advanced technologies.

Alswaha said Saudi Arabia is trying to avoid division and polarization as innovation takes center stage globally. He said the digital economy is currently valued at $16 trillion. However, 2.6 billion people remain excluded, including 100 million in the Global North and 2.5 billion in the Global South.

Highlighting the necessity to avoid polarization, the minister said: "We have to celebrate the ChatGPT moment of 2022, but we also have to appreciate the DeepSeek moment. The world does not need polarization in the intelligent age. We need to work collectively to celebrate these advancements."

AbdulHakim Mansour Shar in Riyadh, Saudi Arabia, contributed to this story.