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Saudi Arabia faces a decision. The goal is to move away from the nation’s reliance on oil exports and toward a more sustainable and diversified economy. Leap 2024 and FII7 Saudi Arabia are strategic projects the Saudi government initiated to accelerate economic development and innovation in the Saudi startup ecosystem. It is a crucial part of this change. Leap 2024 is taking place on 4-7 March 2024 in Riyadh, Saudi Arabia.
Let’s explore the intricacies of the Leap 2024 event for Saudi Arabia:
What is Leap 2024
Leap 2024 is a strategic initiative launched by the Saudi government to accelerate innovation and economic growth. The initiative is focused on seven key areas:
We are thrilled to share the exciting news that Top 50 Keynote Speaker 2022 @_heathermonahan (CEO, Elite Minds) is joining us on stage at #LEAP24 🎤
She’s recognised as one of the Most Influential Women in Radio 2017. Register for your LEAP ticket now – https://t.co/rTEifED465 pic.twitter.com/xXOkTkfxZ2
— LEAP (@LEAPandInnovate) November 2, 2023
- Technology
- Education
- Healthcare
- Tourism
- Entertainment
- Financial services
- Logistics
What are the key goals of Leap 2024
Here are the key goals of Leap 2024:
- Increase the contribution of the non-oil sector to GDP from 40% to 65%
- Create 1 million new jobs
- Attract and retain top talent
- Make Saudi Arabia a global hub for innovation
- Diversify the economy and reduce the country’s reliance on oil exports
How is the Saudi government supporting Leap 2024
The substantial resources the Saudi government is allocating to Leap 2024 demonstrate its dedication to the project. Over the next years, the government has committed to investing billions of dollars in Leap 2024. Additionally, the government is attempting to establish a regulatory framework that encourages entrepreneurship and innovation.
What role is the startup ecosystem playing in Leap 2024
| Role of the Startup Ecosystem in Leap 2024 | Description |
| Driving innovation: Startups are at the forefront of innovation, developing new products and services that can help to solve some of the world’s most pressing challenges. | Leap 2024 aims to make Saudi Arabia a global hub for innovation, and the startup ecosystem is playing a key role in this effort. |
| Creating jobs: Startups are a major source of job creation, especially in the technology sector. | Leap 2024 aims to create 1 million new jobs, and the startup ecosystem is expected to play a significant role in achieving this goal. |
| Attracting and retaining top talent: Startups are attractive to top talent because they offer the opportunity to work on innovative projects and make a real impact. | Leap 2024 aims to attract and retain top talent, and the startup ecosystem is essential to achieving this goal. |
| Boosting the economy: Startups contribute to the economy by generating revenue, creating jobs, and attracting foreign investment. | Leap 2024 aims to diversify the Saudi economy and reduce its reliance on oil exports. The startup ecosystem is playing a key role in achieving this goal by helping to grow the non-oil sector of the economy. |
What are some of the challenges faced by Leap 2024
Overcoming bureaucracy and red tape:
Saudi Arabia is known for its complicated regulatory framework and bureaucratic government. Startups may find it challenging to function and expand as a result.
Developing a skilled workforce:
The educational system in Saudi Arabia is not suited to the demands of the private industry. This can result in a scarcity of qualified personnel in vital sectors like healthcare and technology.
Attracting and retaining foreign investment:
For Saudi Arabia to meet the objectives of Leap 2024, it must draw in outside investment. Nonetheless, the nation is up against rival nations in the area that are vying for international investment.
Changing the mindset of the Saudi population:
A large portion of Saudis still depend on government employment and handouts. For Leap 2024 to be effective, this way of thinking must alter.
Implementing and monitoring the initiative:
Leap 2024 is a complicated project that will need to be carefully planned and carried out. It is crucial to keep an eye on the initiative’s development and make any modifications.
What are the implications of Leap 2024 for the Saudi Economy
The Saudi economy might be significantly impacted by Leap 2024. The program aims to lessen the nation’s reliance on oil exports and diversify the economy. In the long run, this may result in a more robust and successful economy.
The following are some particular effects of Leap 2024 on the Saudi economy:
- Increased economic growth: Leap 2024 seeks to raise the non-oil sector’s GDP share from 40% to 65%. Given that the non-oil sector is predicted to develop faster than the oil sector in the upcoming years, this might result in a notable acceleration in economic growth.
- More jobs: The goal of Leap 2024 is one million additional employees. This has the potential to lower unemployment and foster more prosperity in society.
- Greater wages: Wages should increase as the economy expands and becomes more diverse. Saudis may benefit from a greater level of living as a result.
- Improved infrastructure: Leap 2024 intends to make investments in energy and transportation infrastructure. As a result, Saudi citizens may live better, and the nation may attract more international investment.
- More opportunities for entrepreneurs: Leap 2024 is fostering an atmosphere that is more favorable to entrepreneurs. The Saudi economy may see an increase in innovation and entrepreneurship as a result.
What are the Investment Opportunities in Leap 2024
Here are some specific investment opportunities in each of these areas:
· Technology: Investing money into Saudi firms creating cutting-edge technologies like blockchain, robotics, and AI. Putting money into Saudi venture capital businesses that finance startups in the technology sector. Putting money into Saudi infrastructure initiatives, such as data centers and internet networks, that foster the technology industry’s growth.
· Education: Putting money into Saudi educational institutions that provide cutting-edge and pertinent courses like entrepreneurial training and STEM education. Putting money into Saudi businesses that are creating computer solutions for education.
· Healthcare: Placing money into Saudi healthcare companies that deliver cutting-edge, reasonably priced care. Putting money into Saudi businesses that are creating novel medications and medical devices. Putting money into Saudi infrastructure initiatives that help
· Tourism: Investing money into airports, hotels, and resorts that serve the Saudi tourist industry. Putting money into Saudi businesses creating cutting-edge travel experiences, like adventure and cultural travel.
How can entrepreneurs can get involved in Leap 2024
There are several ways that entrepreneurs may participate in Leap 2024. One approach is to launch or expand a company in one of the following seven major sectors: financial services, travel and entertainment, healthcare, education, technology, and logistics. Startups can get a variety of support from the Saudi government, such as money, mentoring, and training.
What are some of the most promising Saudi startups in the context of Leap 2024
| Startup | Industry | Focus |
| Bazaar | E-commerce | An online marketplace for Saudi businesses to sell their products and services to consumers and businesses. |
| Captain | Transportation | A ride-hailing app that connects passengers with drivers. |
| Foodics | Restaurant management | A cloud-based restaurant management platform that helps restaurants to manage their operations more efficiently. |
| Jadwa Investment | Financial services | A leading Saudi investment bank that provides a range of financial services to businesses and individuals. |
| Najm | Insurance | A leading Saudi insurance company that provides a range of insurance products and services to businesses and individuals |
| Noon | E-commerce | A leading Saudi e-commerce platform that sells a wide range of products to consumers. |
| STC Solutions | Technology | A leading Saudi IT company that provides a range of IT solutions and services to businesses and government agencies. |
| Tamer for Services | Online services | An online platform that connects customers with service providers, such as plumbers, electricians, and handypersons. |
| Yelo | Online services | A leading Saudi online directory that provides information on businesses and services in Saudi Arabia |
| Zain Saudi | Telecommunications | A leading Saudi telecommunications company that provides a range of telecommunications services to consumers and businesses. |
| Zaheen | Education | A leading Saudi online education platform that provides a range of online courses and tutorials. |
How is Leap 2024 aligned with Saudi Vision 2030
There are several ways in which Leap 2024 and Saudi Vision 2030 are compatible. Both programs aim to lessen Saudi Arabia’s dependency on oil exports and diversify the country’s economy. In seven primary areas, technology, education, healthcare, tourism, entertainment, financial services, and logistics, Leap 2024 aims to accelerate innovation and economic growth. According to Saudi Vision 2030, these sectors are essential to the nation’s economic development.
How will Leap 2024 impact the lives of Saudi citizens
Leap 2024, the Saudi government’s strategic initiative to accelerate innovation and economic growth, is expected to have a significant impact on the lives of Saudi citizens.
Here are some of the ways in which Leap 2024 is expected to impact the lives of Saudi citizens
- Job creation
- Higher wages
- Improved infrastructure
- More opportunities for education and training
- More opportunities for entrepreneurship and innovation
How will Leap 2024 position Saudi Arabia in the global economy
It is anticipated that Leap 2024 will establish Saudi Arabia’s economy as one that is more inventive and diverse within the global economy. In seven important areas, technology, education, healthcare, tourism, entertainment, financial services, and logistics, the program aims to accelerate innovation and economic growth.
What are the Key Performance Indicators (KPIs) for Leap 2024
| Key Performance Indicator (KPI) | Description |
| Contribution of the non-oil sector to GDP | Increase from 40% to 65% |
| Number of new jobs created | 1 million |
| Number of top talents attracted and retained | Significant number |
| Global ranking of Saudi Arabia in innovation | Top 20 |
| FDI inflow | Increase from $1.48 billion in 2022 to $100 billion in 2030 |
| Number of startups | Increase from 1,100 in 2022 to 10,000 in 2030 |
| Funding raised by startups | Increase from $500 million in 2022 to $10 billion in 2030 |
| Number of exits by startups | Increase from 100 in 2022 to 1,000 in 2030 |
| Number of unicorns | Increase from 1 in 2022 to 10 in 2030 |
| Number of patents filed | Increase from 1,000 in 2022 to 10,000 in 2030 |
| Number of R&D centers | Increase from 100 in 2022 to 1,000 in 2030 |
| Number of international conferences and events hosted | Increase from 100 in 2022 to 1,000 in 2030 |
| Number of tourists | Increase from 15 million in 2022 to 100 million in 2030 |
| Tourism revenue | Increase from $20 billion in 2022 to $100 billion in 2030 |
| Number of employment opportunities created in the tourism sector | Increase from 1 million in 2022 to 5 million in 2030 |
Which Twitter account provides the most informative updates on the progress of Leap 2024
SaudiVision2030
| Characteristic | Description |
| Twitter handle | @SaudiVision2030 |
| Name | رؤية السعودية 2030 (Saudi Vision 2030) |
| Official account of | Saudi Vision 2030, the Kingdom of Saudi Arabia’s national transformation program |
| Number of followers | Over 2.1 million |
| Number of tweets | Over 1.8 million |
| Primary language | Arabic |
| Topics covered | Economic development, social development, cultural development, upcoming events, and initiatives related to Saudi Vision 2030 |
Leap 2024
“Learn something new, try something new. No one is stopping you then yourself.” – @gitanjaliarao
Time’s Kid of the Year 2020 – Gitanjali, shared her advice and encouragement for young people in tech at #LEAP23 👏
Join us at #LEAP24. Register here: https://t.co/rTEifED465 pic.twitter.com/yfAWRJFzyk
— LEAP (@LEAPandInnovate) November 6, 2023
| Characteristic | Description |
| Twitter handle | @LEAPandInnovate |
| Name | LEAP |
| Official account of | Leap 2024, the Kingdom of Saudi Arabia’s global tech event |
| Number of followers | Over 45,000 |
| Number of tweets | Over 3,600 |
| Primary language | English |
| Topics covered | News and updates about Leap 2024, insights into the Kingdom’s innovation and entrepreneurship ecosystem, thought leadership on innovation and entrepreneurship, upcoming events and initiatives related to Leap 2024 and the Kingdom’s innovation and entrepreneurship ecosystem. |
Conclusion
Leap 2024 is a bold initiative by the Saudi government to accelerate innovation and economic growth. The initiative is about the Saudi startup ecosystem and focuses on diversifying the economy and reducing the country’s reliance on oil exports. Leap 2024 has the potential to transform the Saudi economy and make it more competitive and attractive to foreign investment.
