Saudi, Egyptian Housing Ministers Review Urban Projects

Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)
Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)
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Saudi, Egyptian Housing Ministers Review Urban Projects

Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)
Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)

Egypt’s Minister of Housing, Utilities, and Urban Communities, Assem el-Gazzar, visited Saudi Arabia and inspected major housing projects in Madinah.

A press statement issued by the Egyptian Ministry said that the Minister listened to a detailed explanation of the residential projects in the city and other housing projects that the company is undertaking in the Kingdom.

The Madinah Region Development Authority (MRDA) hosted the Egyptian Minister to review the projects implemented to develop the al-Masjid al-Nabawi.

Gazzar also visited the Makkah Islamic Museum.

Later, the Egyptian Minister met Saudi Minister of Municipal and Rural Affairs and Housing Majid al-Hogail, and Undersecretary of the Ministry of Municipal and Rural Affairs and Housing for customer experience and service Prince Saud bin Talal bin Badr.

The meeting reviewed Cairo’s urban experience and the most important projects implemented in Egypt.

The statement explained that the officials also examined the ongoing housing projects in Jeddah and the overall housing strategy in Saudi Arabia.

They also visited two housing sites, several housing units of various designs, and the historic sites in Jeddah.

The Egyptian Minister was accompanied by Deputy Minister of Housing for National Projects Khaled Abbas, Assistant Minister and Supervisor of the Minister’s Office Major General Mohammad Essamedin Ramadan, and Assistant Minister of Housing for Technical Affairs Abdul Khaliq Ibrahim.

The Saudi delegation included General Supervisor of Housing Affairs Nedal Alem, Public Relations and Media Supervisor in Makkah Region Ahmed al-Koudari, and Bilateral Relations, International Relations Manager Mazen al-Saadi.



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.