The annual LEAP technology summit — held on Feb. 9-12 in the Saudi capital Riyadh — saw on Wednesday billions of dollars' worth of investment poured into artificial intelligence projects, data centers, and fiber optic and submarine cable networks, many of them in the kingdom.

On the first day of the conference alone, the Saudi Press Agency reported $14.9 billion in investments in the AI sector.

LEAP is the largest tech event in the Middle East, attracting more than 170,000 delegates from over 100 countries. Among them are more than 680 start-ups and over 1,800 tech brands, according to the conference website.

Gulf investors are bullish on AI, with sovereign wealth funds — including Saudi Arabia’s Public Investment Fund — increasing their investments in the sector. AI is also a cornerstone of Saudi Crown Prince Mohammed bin Salman's Vision 2030 agenda to diversify the kingdom's economy away from oil by the end of the decade. Saudi Arabia aims to have AI contribute to 12% of its gross domestic product by 2030, the government has said, with the PIF spearheading this effort.