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Wednesday, 2 September 2026

Saudi fires up Gulf AI race with $15bn tech deals at LEAP

Fortune 46

LEAP kicked off in Saudi Arabia with announced technology investments and AI data-center plans tied to HUMAIN, including Together AI’s agreement and AWS and xAI expansion signals. The conference disclosed $15 billion in planned technology investments, and Together AI expects over $5 billion in gross annualized revenue in its first year. These deals expand AI cloud and data-center capacity across Saudi Arabia while reinforcing Saudi Arabia’s push to become a regional AI hub.

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TLDRocket 16 October 2026

AI finance took center stage: the IMF warns that the build-out’s most immediate market risk isn’t model capability, it’s leverage. In a review of 14 publicly disclosed deals since 2023, the fund found hyperscalers backing AI with about $650 billion in debt against roughly $300 billion in equity, while committing to spend $1.4 trillion going forward. The prescription is blunt—limit sector leverage and liquidity risk through sector-specific capital requirements and constraints on bank lending concentration—because when funding rests on borrowed money, sentiment swings turn into funding crunches.

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Together AI

Key players

Wednesday, 2 September 2026

Saudi fires up Gulf AI race with $15bn tech deals at LEAP

Every AI story that matters, in your inbox by 8am.

Every AI story that matters,
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