Saudi Aramco to Establish Center for Date Products in Al-Ahsa

 Saudi Aramco to Establish Center for Date Products in Al-Ahsa
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Saudi Aramco to Establish Center for Date Products in Al-Ahsa

 Saudi Aramco to Establish Center for Date Products in Al-Ahsa

Saudi Aramco announced establishing a date products center in Al-Ahsa Governorate.

The center will embrace up to 100 beneficiaries, where people with low incomes and special needs in the province will benefit from this center.

Aramco signed a Memorandum of Understanding (MoU) with the Petroleum and Natural Gas Higher Institute of Technology and Training and the Al-Ayoun Charitable Society for Social Services to establish the center.

Saudi Aramco Vice President, Nabeel Al-Jama’, said that "this initiative is part of Saudi Aramco’s objectives to contribute to empowering the community through a series of community-based programs to support people in dire need to enable them to support themselves and their families. It also serves an estimated segment of the people of the province of Al-Ahsa by supplying jobs that provide them with sustainable financial income."

He added “the agreement will promote sustainability, citizenship and local added value and the company will continue to provide development projects that contribute to increasing GDP in partnership with private and government institutions.”

He also said the agreement will preserve natural resources and benefit from the competitive advantages of the Kingdom’s regions, inorder to develop them to benefit future generations.



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.