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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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Alkhorayef: Major Saudi Companies Excel in Implementing Social Responsibility

The Minister of Industry and Mineral Resources speaks at the International Social Responsibility Forum. (Asharq Al-Awsat)
The Minister of Industry and Mineral Resources speaks at the International Social Responsibility Forum. (Asharq Al-Awsat)
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Alkhorayef: Major Saudi Companies Excel in Implementing Social Responsibility

The Minister of Industry and Mineral Resources speaks at the International Social Responsibility Forum. (Asharq Al-Awsat)
The Minister of Industry and Mineral Resources speaks at the International Social Responsibility Forum. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, emphasized that corporate social responsibility (CSR) is a key tool for connecting companies with their communities, highlighting the success of major firms like Aramco, SABIC, and Ma’aden, which have demonstrated this approach through various development projects across the Kingdom.
Alkhorayef made these remarks during a panel at the inaugural International CSR Forum, held under the patronage of King Salman bin Abdulaziz, as part of the Vision 2030 initiative aimed at promoting social responsibility by advancing the Kingdom’s development sector.
The minister clarified the fundamental difference between social responsibility and environmental, social, and governance (ESG) standards, noting that CSR is inherently voluntary, whereas ESG entails compliance with environmental and social regulations.
He underscored the importance of partnerships between governments and the private sector in implementing CSR projects, pointing out the government’s role in providing a supportive regulatory environment.
Alkhorayef noted the evolution of CSR over time, with companies now exploring innovative ways to contribute to society, focusing on sustainability and digital transformation. He also highlighted the role of the mining sector in advancing Vision 2030 goals, as it contributes to sustainable development and job creation.
The minister emphasized the importance of technology in making the mining sector more efficient and safe, helping position it as a crucial third pillar of the national economy.
The forum aims to showcase the achievements of CSR partners and offers a comprehensive program that highlights successful case studies locally and internationally. It facilitates interaction among participants, promotes knowledge-sharing, and provides insights into adopting global sustainability policies, with over 40 panel discussions led by more than 100 experts from 60 countries.