Welcome to this week’s Fortune Gulf Brief. We’ll be covering:
- Saudi’s $15 billion tech deals put AI ambitions on show
- Dubai airport’s wartime fightback
- Washington turns the screws on UAE banks over Iran
- Syria’s ‘Coffee Visa Swipe’ signals a financial comeback
- And, the three things we enjoyed reading this week
LEAP, Saudi’s biggest tech conference, kicked off on Monday with $15 billion worth of planned technology investments and strategic commitments being unveiled, helping make up for lost time after the event was delayed by four months due to the Iran war.
San Francisco-based AI cloud platform Together AI signed an agreement with Saudi-backed HUMAIN to build a 250 Megawatt (MW) AI data center in the kingdom. It is expected to yield over $5 billion in gross annualized revenue in its first year.
Also notable is Amazon Web Services’ (AWS) expanded partnership with HUMAIN—the key vehicle for Saudi’s AI ambitions which aims to provide up to 50 MW of capacity in the kingdom’s first AI Zone by 2028.
Meanwhile, Elon Musk’s xAI announced plans to build its first data center outside the U.S., initially targeting 50MW of capacity before scaling to 500MW.
Riyadh is increasingly competing with its Gulf neighbors, most notably the UAE, to become the region’s AI hub.
In a clear endorsement of its ambitions, LEAP 2026 has seen senior leaders from global tech behemoths, including NVIDIA, Google, Roblox, Uber, Meta, Lenovo, Nokia and Luma AI, fly in for the event despite the ongoing geopolitical instability.
Since LEAP launched in 2022, Saudi Arabia’s digital economy has grown by 69%, from $118 billion to $199 billion, according to the kingdom’s Communications and Information Technology Ministry.
This year’s event features 1,800 global technology brands exploring the future of AI, cloud computing, cybersecurity, smart cities, fintech, healthcare, space, gaming, and mobility. And, of course, the now seemingly mandatory robots to showcase the latest technological advancements.
Melissa Hancock As ever, thanks for reading, and do keep in touch with your thoughts and ideas. [email protected]
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