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Aramco Expands Global Venture Capital Program with $4 Bln Funds Injection

Aramco considers innovation key to addressing some of the fundamental challenges facing the world today, including the energy transition. (The company’s website)
Aramco considers innovation key to addressing some of the fundamental challenges facing the world today, including the energy transition. (The company’s website)
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Aramco Expands Global Venture Capital Program with $4 Bln Funds Injection

Aramco considers innovation key to addressing some of the fundamental challenges facing the world today, including the energy transition. (The company’s website)
Aramco considers innovation key to addressing some of the fundamental challenges facing the world today, including the energy transition. (The company’s website)

Aramco has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. It will more than double the capital allotted to Aramco Ventures, increasing its total investment allocation from $3 billion to $7 billion.

It will take Aramco’s overall venture capital allocation to $7.5bn, which also includes the $500 million venture capital fund Wa’ed Ventures that focuses on the start-up ecosystem in the Kingdom of Saudi Arabia.

The decision reflects the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative start-ups. In doing so, it aims to help advance the Company’s long-term strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.

“Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition. Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life,” said Aramco Executive Vice President of Technology & Innovation Ahmad Al Khowaiter.

“By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level. This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s own long-term objectives.”

Prior to the new capital allocation, Aramco Ventures managed three funds. These are a Digital/Industrial Fund, which stood at $500 million, investing in technologies of strategic importance to Aramco; the Prosperity7 Fund with $1 billion, investing in disruptive technology ventures beyond the energy sector; and the Sustainability Fund, which stood at $1.5 billion and invests in start-ups with the potential to support Aramco’s ambition to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050.

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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)

US Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in US talks with China's top economic officials to de-escalate a damaging trade war, but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.
Bessent told reporters that details would be announced on Monday and that US President Donald Trump was fully aware of the results of the "productive talks."
US Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion US global goods trade deficit.
"And this was, as the Secretary pointed out, a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said, adding that the Chinese officials were "tough negotiators"
The meeting was the first face-to-face interaction between Bessent, Greer and He since the world's two largest economies imposed tariffs well above 100% on each other's goods.
Although Bessent has said the bilateral tariffs were too high and needed to come down in a de-escalation move, he did not offer any details of reductions agreed and took no questions from reporters, Reuters said.
Earlier, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the United States.
Hassett also told Fox News that more foreign trade deals could be coming with other countries as soon as this week.
Overnight, Trump gave a positive reading of the talks, saying the two sides had negotiated "a total reset... in a friendly, but constructive, manner."
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform.
"We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!," Trump added, without elaborating on the progress.
Speaking on "Sunday Morning Futures" on Fox News with Maria Bartiromo, Hassett said Beijing is eager to re-set trade relations with the United States.
"It looks like the Chinese are very, very eager to play ball and to re-normalize things," Hassett said.
Hassett also said more trade deal announcements could be imminent following last week's announcement of an agreement with the United Kingdom. He said he had been briefed by Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer.
"They all look a little bit like the UK deal but each one is bespoke," Hassett said.
GATED VILLA
The negotiating teams met at the gated villa of Switzerland's UN ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, which was bathed in bright sunshine.
Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the United States.
Washington is seeking to reduce its $295 billion goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms.