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.
