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Aramco’s Investment Arm Allocates $100 Million to Artificial Intelligence

Aramco fully owns the Wa’ed Ventures Fund, valued at $500 million.
Aramco fully owns the Wa’ed Ventures Fund, valued at $500 million.
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Aramco’s Investment Arm Allocates $100 Million to Artificial Intelligence

Aramco fully owns the Wa’ed Ventures Fund, valued at $500 million.
Aramco fully owns the Wa’ed Ventures Fund, valued at $500 million.

The investment arm of Saudi Aramco has allocated $100 million to invest in startups in the field of artificial intelligence, with the aim of accelerating Saudi Arabia’s ambitions to become a leading global force in AI, according to Bloomberg.

Wa’ed Ventures, Aramco’s venture capital arm, has established an advisory board comprising former employees from companies such as Meta and Amazon to explore early-stage investments in this sector. The $100 million will be deployed over the next three years.

Wa’ed Ventures is a venture capital fund with a total value of $500 million and is fully owned by Saudi Aramco.

“Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem,” said Anas Al-Gahtani, acting CEO of Wa’ed Ventures.

“By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in artificial intelligence. This investment will not only incentivize local entrepreneurs but also support the localization of global talent, ultimately unlocking the immense potential of AI,” Al-Gahtani added.

This year, Aramco’s investment arm has doubled its investments in artificial intelligence. Recently, Wa’ed invested $15 million in South Korean chip manufacturer Rebellion and participated in funding rounds for the AI platform aiXplain and Tenderd, a company supported by Peter Thiel, one of the most prominent names in tech investment.

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Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
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Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)

Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data.

Growth was driven primarily by a 4.6% increase in non-oil activities, while oil activities declined by 3.5% over the same period, data from the Gulf nation's Information and eGovernment Authority showed.

For 2024, Bahrain's real total gross domestic product grew by 2.6%, according to the statement.

According to projections from the ministry, Bahrain's real GDP is expected to grow by 2.7% in 2025, due to a 3.4% expansion in non-oil activities, coinciding with the operation of the Bapco Modernization Program.

The Bapco Modernization Program, one of Bahrain's largest energy investments, is expected to significantly raise refinery output, bolstering fiscal revenues amid efforts to diversify the economy.

Growth is forecast to reach 3.3% in 2026, supported by a 3.9% increase in non-oil activities.

"However, the forecasts will be closely monitored and updated to account for the ongoing global uncertainty and escalating turmoil that may affect the economic projections," the ministry said.

Last month, global ratings agency S&P Global downgraded Bahrain's outlook to "negative" from "stable", citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden.

Escalating trade tensions have added to global economic uncertainty, clouding macroeconomic forecasts and weighing on investor and policymaker confidence around the world.